mr. shelby: mr. president? the presiding officer: the senator from the great state -- the great state of montana. mr. tester: than thank you. i rise in support of the troop pay. it is common sense much we owe it to our nation's troops from suffering the consequences at the -- if the house of representatives shuts down this government. if we don't pass this major while we still have time, our troops will continue to serve us overseas. they will always be essential to the united states, but if the government shuts down, our troops won't get paid. that's unacceptable. america's troops are america's heroes. they're serving us in difficult, t-shirty, dangerous -- dirty, dangerous conditions. they're away from their families, away from their homes and communities, they're risking their lives to answer the call of duty. yet, they still hav responsibils that we all have here at home, they have mortgages to pay, car payments to make, families to take care of. we do our service men and women right by passing this bill. i

mr. shelby: mr. president, i rise today to once again inter-- mr. lautenberg: if i might. mr. shelby: go ahead. i'll yield to the senator. mr. lautenberg: i ask time until 4:00 p.m. be equally divided between the two leaders or their designees remaining with the other provisions of the previous order remaining in effect. and if my friend from alabama will excuse me. the presiding officer: without objection. mr. shelby: mr. president, i rise today to once again introduce my flat tax bill. the smart manageable and responsible tax act referred to as the "smart" act. in the united states, mr. president, there are few if any days that are viewed with the same resentment and contempt year after year as april 15, national tax day, which happens to be, i believe tomorrow. our current tax code totals more than 70,000 pages, making tax compliance unnecessarily complex and costly. during the past few years there have been over 4,000 changes to the tax code including an estimated 579 changes in 2010 alone, mr. president. the inclusion of the additional 1099 requirements in the health refor

shelby? >> thank you, mr. chairman. assistant secretary miller, on our second panel today we will hear from the treasurer of fmc, a large manufacture, manufacturing company here in the u.s. who has grave concerns are going to his testimony about the excessive regulations mandated by dodd-frank. his testimony indicates that these regulations will increase operating costs, making it more difficult for his company to both create jobs and manage risk. do you believe that fmc manufacturing company end user is a type of company that should be regulated under dodd-frank? and the treasury had any concerns about the potential consequences of dodd-frank derivatives regulation on job creation? have you done any work in this area? >> thank you for the question. we've heard a great deal from end-users, nonfinancial and financial comment in the markets. and i think that there's sufficient flexibility in the dodd-frank legislation to work with a company like fmc in terms of providing flexibility under derivatives regulation. >> in oth

shelby. >> thank you, mr. chairman. today the committee will examine the implementation of the dodd-frank act's new derivatives regulatory schemes. there's particular need for oversight in this area because dodd-frank has needlessly i believe briefed widespread uncertainty about the regulation of derivatives and threatens to impose huge costs on main street businesses as well as on our overall economy. the irony is that the proponents of dodd-frank told us that the new law would bring certainty to the market and stimulate economic growth. instead, dodd-frank has set in motion a massive regulatory rulemaking process that is on an unrealistic timetable. predictably, the result has been regulatory confusion and market uncertainty. regulators are hastily proposing rules to meet the extra me short deadlines without fully considering the of the economic impact or how they interact with rules proposed by other regulars. meanwhile, market participants are screaming to understand how the numerous and complicated rules will impac

having to fund terry goddard margin payments with all the unintended certainty of the. >> senator shelby? >> mr. deas come in your testimony today, you warned that regulators could impose costs on companies that would inhibit their ability to use goods and hire workers in the united states. chairman gensler has begrudgingly i was a agree to make some accommodations for companies that use derivatives to hedge their business risks like yourself. but he also argues that doing so, and i quote, only benefits wall street and doesn't benefit main street or the corporation that provides service to america. you agree with chairman gensler's assessment here? >> no, sir. i don't. as i've indicated in my testimony, we are manufacturing the goods that are consumed in the u.s. and we've been able to export successfully overseas, and we do that -- >> helps you can be, doesn't? >> yes, sir it does. and it helps us offset risks that we can't otherwise control. >> in the consequences i think you alluded to it earlier, what would be the consequences of imposing unnecessary regulatory burdens on companies like you

shelby. >> thank you, mr. chairman. assistant secretary miller, on our second panel today we'll hear from the treasurer from a large manufacturing company in the u.s. who has grave concerns about the excessive regulations mandated by dodd-frank. his testimony indicates that these regulations will increase operating costs making it more difficult for his company to create jobs and manage risk. do you believe that f.n.c. manufacturing company end user is the type of company that should be regulated under dodd-frank? and does treasury have any concerns about the potential consequences of dodd-frank derivatives regulation on job creation? have you done any work on this area? >> thank you for the question. we've heard a great deal from end users nonfinancial and financial and the markets i think there is a way to work with a company like f.n.c. >> in other words, a company that's an end user that's managing risk but not end fewer financial separation, is that right? >> yes -- speculation, is that right? >> yes. and we have n

mr. she did not focus on fighting fannie and freddie. there were some real heroes like senator shelby who wanted to reform those. dodd and frank fought against in the reforms. when everything went wrong because of the collapse of those institutions, they passed a reform that did not change anything of what went wrong. they regulated wall street and not the government problems. when the government takes something over, they do not watch it or do it well. fannie mae and freddie mac should be broken into pieces and privatized. it should be clear that if you invest in them, you are on your own. the government will not back them. host: that is one issue congress and the white house agrees to. guest: really? that would be progress. i am waiting to see that happen. host: let's go back to another tweet. guest: we have about a hundred thousand donors through -- 100,000 donors through direct mail. some are donors and some are activists. host: atr.org if you want to get more information. glenn beck joins us. -- belinda joins us. caller: social security is a concern for me. the baby boomers have