yes, senator judd gregg. >> mr. chairman, i had been chairman of the budget member and ranking member of the budget committee. and in my experience, having seen as many tricks, and games, smokes, mirror, misdirection, shell activities, this ranks right up there at the top of alleged for pure deception relative to treating the american taxpayer in an inappropriate way and significantly increasing our deficit and our debt. a lot is pretty clear. the law said -- i know this because i wrote it -- volos says that the t.a.r.p. funds will go to reduce the deficit and the dead. as they are paid back. why did we to say that? you are there and congressman frank were there. we recognize that we were doing something extraordinary. our people are going have to pay that back, the american people, but we expected and demanded in that bill that the banks pay the money back. we also decided, we should not spend it but use it to pay down the debt which which -- which we encourage and we owed to the chinese or who ever loaned it to us

gregg jr.ld dress up like him sometimes in go to school and work around the apartment. >> and what is barack obama's position on charter schools? >> he is pro-school choice. his race to the top fund is a really historic stance on the need for more options for parents, and that includes charter schools. he is very positive in that regard. >> we will not show the very end because they give away what happens in the lottery itself. what is the procedure? we've got the official. what is the procedure about finding out whether you are chosen? jayden is a random, computerized process. but they ask that the parents go in order to show their support. they say to the parents in information sessions, we think it is important for you to be fair to prove to people that you want something better, because your voice is important. how would that no i did that this was happening. >> it is already happened. here is a minute of the video near the and, not to be interpreted as who the winner is and not. >> you hav

gregg. >> aye by proxy. >> the clerk will report. >> 5 ayes, 7 nays. the measure is not passed. >> i have several and i will try to be very brief with them. >> comment on all of them, and most of them we will accept. >> section 165 allows the board of governors to impose mightn't credential standards and reporting disclosure requirements on non-bank financial companies. obviously, in some of these situations, the subsidiaries are the largest piece of it. they are actually regulated by some other regulator. all my amendment does is that it says -- it sets the capital requirements. they have to consult with people that do regulation, and i think it is a good government amendment. i hope they will just take it and we don't even have to vote on it. >> i think it is a good amendment, i commend my colleague for it. unless otherwise objected, it will be accepted. >> i think you are aware of the effect that accounting has had on our banking system throughout this time. i have not been one to want to

gregg. >> no. >> mr. chambliss. >> no. >> the clerk will report. >> 7 aye, 5 nay. the bill is passed. >> i thank my colleagues. [applause] >> with the votes of the house and senate conferees in favor of passage of the bill, i declare the bill passed and the conference committee is now adjourned. [applause] >> nice to meet you. take care. >> i'm on the cleanup crew. >> congratulations. >> congratulations. >> we recognize the tremendous efforts of staff. barney frank and i have worked together for the last few years. it has been nothing quite like this. as is as good as it gets in terms of a legislative effort. this makes a huge difference. no one thought we could get this done. it is a tough environment to operate in. to establish a consumer protection bureau for the first time in the history of our country, to stop the too big to fail, to ensure that we do not end up with another near financial collapse. we will provide an early- warning system. it is another of the great pillars of this bill. >> how will this work? >> we believe it was needed for a long time. it t

the republicans who said they supported it and some democrats -- the republicans who had told judd gregg some they supported it, and of not supporting it. we did not get a commission -- a formal commission appointed which would have statutory authority. the president did what he could do by executive order to create the commission. thirdly, which as you know to reach a substannive recommendation, we support those recommendations and the united states senate. i hope united states senate deals with them. and that they pass them, the speaker and i say that we will put those recommendations on before the house of reppesentatives, which i expect before the end of the year. thirdly, the president sent down to the congress a budget that was as freezing non-defense discretionary spending. fiscal discipline and thistle -- fiscal responsibility is a critical part of thiss administration. whether or not mr. orszag is the director of omb arr not, i think the policy of the administration will pursue this goal -- fiscally responsible alternatives. >> you worked on deeming resolution? to what extent ha

when i told charlotte, michelle, billy, gregg, if you have something in your not feeling you are getting a response, call me. i did call and i talked to rahm emanuel at the white house. now that i have had a meeting with pat allen and lisa jackson, i am trying to find a balance on deepwater drilling between that spill, baby still and a drill, baby drill. we need to make their -- make sure there is a conscious effort for safety. i think it will devastate louisiana's economy. it has been the lowest unemployment rate in the country for how long? probably two years. with the fishermen, marinas, tramp processors, -- shrimp processors, i don't think johnny's location is doing better than the rest of them. it is like a ghost town. from memorial day onward as when they usually make good money. you have shrimpers' not making money, restaurants are not making money, the grocery stores. >> all right, congressman. we have got to go. >> what about thad allen? >> is mostly getting updated on the way they are. i need to know that he is feeling better. if he is feeling better, i am feeling good. it is n

gregg, no. >> the clerk will report. >> the votes are 7 aye, 5 nay. the bill is passed. >> i thank my colleagues, immensely. [applause] >> will the house and senate conferees in favor of passage of the bill, i declare the bill passed and the conference committee is now adjourned. [applause] [inaudible conversations] >> i think chairman frank and his team. we recognize the tremendous effort of the staff, representative barney frank and i worked together the last couple of years. it is a big legislative effort. we have a lot of work to do. this makes a huge difference. we thought we could get this done, but to establish a consumer protections bureau for the first time in the history of our country. stopped too big to fail, provide for the protections and see to it that we don't end up in a kind of cataclysmic event that brought our country to the brink of financial collapse. that kind of early warning, there are other items that are included. we believe we have something that has been needed for a long time. it took a crisis to bring us to the point whe

gregg, republican. should we keep drilling? caller: indeed, we should. thank you for taking my call. i think a lot of the democrats in particular should get a grip and pay attention and listen to details. first, let me make a quick analogy. not saying this is completely analogous to a plane crash, but if a 767 jumbo jet crashes because there was a lot of human error, people did mechanical things wrong, and the plane went down and 500 people lost their lives, should we stop flying airplanes? should we do -- stop drawing -- driving cars because 10,000 people a year die driving cars? of course not. if i remember correctly, there are something like 30,000 oil wells in the gulf of mexico. host: 35,000 oilwells, not necessarily all being drilled right now. caller: i understand, ok? but here is the point. somebody out here, help me out. do the math, out of 30,000, i think we had one and i think one back in the 1970's. do the math. it is the typical this several emotional reaction to this absolute tragedy, ok, which is completely understandable. bp said -- we al

senator gregg. >> the goal here is to have. >> speak up into the microphone. >> the goal here is to havebot market that does not have systemic risk in it to the extent we can accomplish that. the way you get to that point of course is by having transparency and by moving as much as you can onto clearinghouses and exchanges, which this bill attempts to do. is spinning out of the swap disk basically does very little in the area of putting more soundness and safety into the system. and is the senator fromeorgia pointed t it will probably lead to a fairly significant contraction in credit and derivatives that a nobody in this country. for no apparent gain. i mean it is not going to make it safer, does not going to make it sound or. state ian soundness in the derivative market will come from higher margins, responsibili, hier liquidity as a result of clearinghouse activity for having these instruments on exchanges. so there really isn't a substantive gain in this proposal. there is obviously a political gain. you can use this phraseology, how banks to banking business, but what you are going

supported it, some democrats supported it, some democrats who didn't, but the republicans who told judd gregg they supported it ended up not supporting it. we didn't a commission, formal -pcommission appointed which wod have had statutory authority so that the president did what he could do by executive order created a commission. thirdly which i, as you know, and can garner from what i have said, hope, a, reach a resolution, reach concrete substantive recommendation, report those recommendations to the united states senate, i hope the united states senate deals with them and if they pass them, speaker pelosi and i both indicated we'll put those recommendations on the floor of tte house of represeetatives which i expect to happen before the end of the year. thirdly, the president sent down to the congress a budget that was first nondefense, nonsecurity discretionary spending. so the president i thhnk has made it very clear that he believes that fiscal discipline and fiscal responsibility is a critical component of his administration. whether or not mr. or zag is -- orszag is the director or n