ms. velazquez for five minutes for questions. >> thank you, madam chair. director cordray, in the small business committee, we have heard a great deal of concern among merchants and retail businesses who fear that their financial transactions with other businesses could be subject to cfpb oversight. what can you say to rest their worries that new regulations will affect purely commercial transactions? >> the authority that's given us under the law has to do with consumer financial products and services. and it's defined in the law to only affect matters used for personal purposes. and it's a broad array of products, mortgages, credit cards, student loans. pay-day loans. it goes on into debt collection, debt settlement, credit reporting in other areas. but we are not -- you know, contrary to views about the breadth of our authority, we do not have authority over commercial transactions, transactions between businesses that don't involve credit to consumers. so i would simply reiterate that's

ms. velazquez: i rise in strong opposition to the ryan budget. seniors an working families in new york struggle with rising rent, food and health care costs, now is not the time to squeeze working families in order to provide tax giveaways to the most fortunate among us. this budget will mean deep cuts to the supplemental nutritional assistance program which provides food assistance to 1.8 million new yorkers for students looking to secure an education -- new yorkers. for students looking to secure an education, this budget will mean drastic cuts to higher education, meaning higher costs for students, new york's small businesses and to that effect, small businesses across the country, will see federal programs they rely on for access to credit and technical assistance reduced by $80 million, exactly the wrong direction to go as we seek to hasten our economic recovery. nowhere does this budget fail our nation more than in the area of health care. medicaid will be slashed by $810 billion, meaning the disabled people, working poor and low-income chi