barney frank is angry and barney frank is here. you're watching special coverage of washington on the brink. we're there, following your money. turn left. you have arrived. sweet belt. e-reader for textbooks. gps. hd video cam for lectures. game pad. have you considered this by motorola ? it's got all that and more than 200,000 apps. technology to learn and play on-the-go. only at verizon. get the latest smartphones like the more powerful than ever droid x2 by motorola. buy one for $199.99, get another one free. the two trains and a bus rider. the "i'll sleep when it's done" academic. for 80 years, we've been inspired by you. and we've been honored to walk with you to help you get where you want to be ♪ because your moment is now. let nothing stand in your way. learn more at keller.edu. >> welcome back everybody, neil cavuto reporting from washington where we're just watching with only days to go whether they come up with an agreement here. but as you probably heard some of the ratings agencies today, if it's investors, moody's hav

but having said that, barney frank did raise an interesting issue and one i want to talk up with a colleague and friend, house producer, just because that happens, it doesn't mean you just unload en masse triple-a securities because you're under the assumption, let's say you're a bank or brokerage house, chad, that you have to. what do you make of that? >> that's the interesting thing. it doesn't work like the government shutdown where the law funding a certain branch of the federal government expires at 11:59 p.m. at a certain day and 12:01 a.m. you don't have the money to run that. this is so long as the money is in the treasury to go out the door and cut the checks, social security checks, what have you, ostensibly nothing happens. and moody's signaled nat u.s. would likely retain the triple-a credit rating so long as they didn't miss a bond payment and standard of poor's is sort of only one they think something, so we keep saying august 2nd, august 2nd, there's some degree of consequence, but not where we're shut down 11:59, they lock the gates. >> neil: right, right. in the meantime, th

tonight, the latest with massachusetts congressman barney frank and ohio senator brown. senator reid's plan may be the last hope to avoid default. >> last train leaving the station. >> republicans are signaling they may get onboard. >> have you figured out a way to make changes to make it stronger, you could figure out a way to make this different. >> unless washington can get its act together less than 98 hours from now, the u.s. of america will default the first time in our 235-year history. shortly after 6:00 p.m. eastern, john boehner's third attempt at a budget bill gesqueaked by the house. speaker has spent the last 48 hours trying to quell a rebel-on from the tea party members of the caucus. >> to the american people i would say, we tried our level best. we've done everything we can to find a common-sense solution that could pass both houses of congress. we tried to do the right thing by our country. some people continue to say no. i stuck my neck out a mile to try to get in agreement with the president of the united states. i stuck my neck out a mile. i put reven

his name is barney frank. now, i don't normally use notes, and i apologize for waiving these around, but i have them because i want to be able to make exact quotations without air. you might remember one of the refrains his every time leslie mood stood some ridiculous thing that made the economy even worse he and his cronies would be in washington and would say we need broader powers. okay. reno government is the only enterprise that when it makes a mistake it repeats the mistake bigger. well, let me quote party frank. after the collapse of the u.s. housing industry in the u.s. mortgage -- mortgage industry collapsed. he engineered from his position in the u.s. congress getting fannie and freddie to loan money to and subsidized loans of money to people who could not possibly ever own a home, could never pay back the mortgages. that was all barney frank's work. when as will the city to clean up the mess he said the way to cure that is to give us a broader powers. you can't make this stuff up. the amazing thing

barney frank talked about the top earners in the country. the top 1% of earners in this country have an effective tax rate on their income of 19%. think about that as we listen in to senate minority leader mitch mcconnell right now. >> in the hopes we can come together behind something that can pass both the senate and the house and be signed into law before tuesday. now, i don't blame anybody for being confused about what's been going on here in congress this week. but i'd like to take a moment to explain what's going on right now. last night, the democrats who control the senate, proposed a bill that would lead to the largest debt ceiling increase in the history of the united states and which completely ignores the root of this crisis. this bill has one goal -- to get the president through this next election without having to have another national debate about the consequences of his policies. the president wants to make sure this kind of debate doesn't happen again even as he gives democrats in congress permission to add trillions more to

joining us now is democratic congressman barney frank of massachusetts, the ranking member of the houseinancial services committee and co-sponsor of the dodd-frank wall street reform and consumer protection act passed last year. nice to see you. >> thank you, rachel. >> right before the show tonight, news crossed that standard & poor's has put the u.s. on credit watch with a one in two chance it could lower the u.s. credit rating. what do you think of the impact of this is? >> it's going to be negative. but i have to say i have been very critical of the ratings agencies, and i think they did a terrible job of overrating mortgage securities. they are unfair to states. but in this case, i think they had no choice. it's important to note, and you made this clear, it's not because our economy is in any serious trouble or that we can't repay. it is that the right wing that has taken control of the republican party might temporarily refuse to pay because they don't think it will make any difference. and there may be some sense on the part of some that, oh, people can't be that crazy. but they

barney frank would be in there hectoring, shouting-- "we don't have a safety and soundness problem. we should care more about housing." >> reporter: representative frank rejects the charge, thinks morgenson is getting back at him for his complaints about her coverage of the dodd-frank financial reform law. >> i made the mistake of being very critical of her, i guess, to her editor, because i thought she misreported on the financial reform bill. so she's been very angry. that simply isn't true. i asked her for the evidence that i was constantly hectoring. there was one case, one hearing she cited. in fact, the bill in question that passed in '92 was signed by george bush. it was non-controversial. one version passed the house with only eight negative votes. the second was a voice vote. she simply is describing a debate that never happened and, as i said, i know there are reporters that think you should never criticize them, and they get even. that's what she's doing. >> reporter: frank's response to other charges in the book is on our web site. others point out that the sub- prime bo

his name is barney frank. now, i don't normally use notes and i apologize for leaving these notes around, but i have them because they want to make exact quotations without error. you might remember one of the refrains is every time he wesley milch did some ridiculous thing and the economy even worse, he and his cronies have made in washington and david say, we need broader powers. we know government is the only enterprise makes the mistake bigger. let me quote her in a frank. after the collapse of the housing industry, a collapse any other engineered from his position in the u.s. congress getting fannie and freddie to loan money and subsidized loans of money to people who couldn't possibly ever own a home, could never pay that mortgage is. that was all barney frank's work. when asked what we should do to clean up the mess he said quote unquote, that we could carry that is give us broader powers. [applause] you can't make this stuff up. the amazing thing is ayn rand did 54 years ago. frank is more like a mooch

that is if i were to stipulate that that it was entirely or half half the cause have caused by barney frank chris dodd bill clinton and the other have caused by the bankers let's restrain both of them. with the stream of government from bailing them out if you if you see right now if you buy bad paper and it goes bad you can't really start of that money you're stuck with it i mean with you we have found a point of medicare the house reached what. some people call a grand agreement to present a problem a consider republican proposal raise the eligibility age of medicare from sixty five to sixty democrats are freaking out at the president even talked about this kaiser family foundation ran the numbers on this this. it's going to cost seniors five point six billion bucks it's going to cost employer retirement programs five and a half or a half billion dollars in federal cost savings are going to be very slim was that less than a couple billion dollars because you know people are not that expensive at that age and they start getting expensive about a decade later so in fact we actually have a q

joining us now is democratic congressman barney frank of massachusetts. the ranking member of the house financial services committee, and co-sponsor of course of the dodd frank wall street reform bill that passed one year ago. congressman frank, nice to see you. >> thanks, rachel. >> can you give me your understanding of where the current negotiations are on the debt ceiling? >> yeah. i don't know. i mean, i can be very honest with you. there's a lot of going back and forth. look, we have this problem. there are a substantial number of republicans in the house who have a serious problem with reality. a large number of members of the house republican caucus agree with michele bachmann that we shouldn't raise the debt limit, which would be of course an economic disaster, which even ronald reagan understood was crazy. another substantial chunk don't agree with michele bachmann, but they are afraid of losing a primary to someone who does agree with her. so we have this reality problem, and i do not know what will happen. these are people who are in the mediev

fellow gang member senator warner and barney frank. breaking news in norway, an explosion rocks the prime minister's office building. two people are reported dead. 15 injured and an historic change here for the military. a major step towards finally getting rid of don't ask, don't tell. >>> plus unspeakable tragedy unfolding half a world away in the horn of africa. the faces of famine. pictures that are hard to watch, but impossible to ignore. actress and human rights advocate kristin davis just returned from the region and will join us this hour. >>> good day, i'm andrea mitchell live in washington. the balanced budget amendment now shot down in the senate. and the mcconnell-reid fall back plan short of votes, there's only one plan left the plan crafted by the president and speaker boehner. but it's already underfire from the left and right. luke russert covers capitol hill and joins me now. luke, you've been doing a lot of reporting. there was an exclosive meeting yesterday and they were still venting this morning. that and the repub

. >>> congressman barney frank. a response to that next. looks like american performance is doing just fine. ♪ carry on. ♪ time to mix it up with new philly cooking creme. it'll make your chicken creamier, dreamier, with lots of flavor. spread the love in four fabulous flavors. spoon in a little new philly cooking creme. spread the love in four fabulous flavors. somewhere in america, a city comes to life. it moves effortlessly, breathes easily. it flows with clean water. it makes its skyline greener and its population healthier. all to become the kind of city people want to live and work in. somewhere in america, we've already answered some of the nation's toughest questions. and the over sixty thousand people of siemens are ready to do it again. siemens. answers. >>> the dodd-frank bill was used to bring this country to the verge of financial collapse. kw one year later the republicans are doing all they can to block the law. block the president nominee to head up the consumer protection bureau an agency that protects investors of being st

there is a statute from what barney frank was saying that is not the case. that could give institutions wiggle room or not? >> i don't think that dodd frank can override a mutual fund perspective. the by laws say you have to hold a certain amount of triple a securities. be honest about the debate. we have one rating agency moody's investor service that came out yesterday and said unless we default, we are likely to keep the triple a. s&p. it sounds like they are going to downgrade and let's say s&p lowers us to a double a . that is a split rating? i covered the bond market all of the time and institutions go with a higher rating. i will say this, neal and your last guest hit the nail on the head. we have a chance right now to do some good things and cut the budget. this august 2nd deadline. >> we are going to be up against the deadline. >> it may not mean anything. we are not going to default. people are going to get their social security checks. >> i am sorry we are having serious audio. and we remind you we are back on sunday with special coverage especial

congressman barney frank represents the fourth congressional district of massachusetts and he is also the ranking member of the house financial services committee. he helped pass the dodd-frank consumer protection act last year. welcome, congressman frank. >> thank you. those of you who cover the financial services committee might ask your editors for dual pay because you will also be covering the republican presidential campaign. for the first time in history, three declared republican presidential candidates set up and -- financial services committee, ron paul, thaddeus mccotter, and michelle bachmann. we have ever had three declared presidential candidates in one congressional committee before. on the financial reform bill -- i want to do this because it is one year. i want to begin by saying that i believed that the one-year study, examination, a study, criticism, leaves this legislation holding up very well. the republicans have had a number of hearings. there have been very few calls for any substantial amendment on the part of the financial services committee. one of the things

i talked just a little while ago with congressman barney frank, who is the top democrat on the house financial services committee. and he gave me an idea of what he believes needs to be in any bill that could get support from both democrats and republicans this weekend. listen up. >> significant reductions going forward, not immediate, in domestic and military spending, deferring the tax issue for when the bush tax cuts expire, so we can fight over that top 2%, and not cutting medicare and social security benefits, including in my point, further taxation of the upper income social security and medicare benefits. i think that's a package that could pass. >> reporter: now, what barney frank does not think will pass the house is the bill that passed the house last night. that, of course, is the bill that was put forward by the speaker of the house, john boehner. boehner said he did everything he could and he really stuck his neck out. listen to him. >> and to the american people i would say, we've tried our level best. we've done everything we can to find a common sense solution that co

describe it to you. >> reporter: and joining us now from capitol hill is massachusetts congressman barney frankhor of the dodd/frank act. great to have you with us, representative frank. good morning. >> thank you. >> so clearly, this is something that can help people. it certainly helped teresa acampora. but it wasn't very well publicized. now the deadline is tomorrow. why not get the word out in a more big way? >> well, i'm very disappointed in hud. i generally work well with the obama administration hud, but they really were guilty of great incompetence on this one. this is a program which i tried to start -- i started trying to sell this to the obama administration two years ago. and i want to make just two points if i can about it. first of all, this is not for people who made a bad mortgage deal. i have some seem for people who borrowed more than they should have, who were imprudent, but they don't have a claim on federal money. these go to mortgages that were reasonable when they were made but are in trouble now because the people are unemployed and you can't pay a mortgage out of unempl

today, house financial services committee chairman barney frank gives an update on the consumer regulation law would live coverage at 10:00 a.m. eastern here on c-span. ♪ >> this week our guest is nick gillespie herded>> nick gillespie, i want to read some words back to you from your book. >> i hope i recognize them. >> senate minority leader, tom daschle, democrat, south dakota, former senator. "precisely the sort of well- coiffed nonentity who passes for a wise man in washington, d.c." nonentity? >> yes, i'd say so. let me put it this way. a couple years ago i read a piece called "the league of undistinguished gentlemen" about the senate, and tom daschle had a long record of service, does anybody really miss him? in the end he was just a time- passer and he wasn't even a big enough presence for the obama administration to fight for him to be their secretary of health and human services. i don't necessarily mean it as an insult to him or to the senate but let's face it, most of our elected officials even in the world's greatest deliberative chamber are interchangeable. >> you wrote this.

i am pleased to have an architect of this reformation, barney frank. and i welcome the panel to discuss steps they have taken to implement the provisions of this important law to enhance your agency's oversight of the services industry. but congress must also do its part. as chairman of this committee, i am committed to rigors of oversight of the implementation process of restoring american's trust in a credible, financial system. well, as it appears that the meeting on wall street and even some here in washington have already forgotten the real cost of inadequate financial regulations, i have not. and neither have the millions of americans who lost their jobs, their homes and their savings and who are still waiting for their recovery. unfortunately these reforms have been under constant attack since the bill was signed into law. . . passing the act was a monumental achievement. there is much work to be done. this will take time, but we know it to the american people to get it right. i think are -- i think our witnesses again for being here today, and

tomorrow, house financial service committee barney frank is an update on implementing the regulations law. watch live coverage at 10:00 a.m. eastern on c-span. they talk about the deficit reduction plan. they put forth a package of $4 time with the cuts. earlier today, the leader of the republicans in the senate that could the house speaker remark, they are raising taxes is a bad idea. he did you continue to press for his plan. he wanted a deal that includes entitlement reforms and tax increases. there indicating that there could be more talks tomorrow. there is a press conference with president obama and the white house briefing room tomorrow morning at 11:00 a.m. eastern right here on c-span. right here on c-span.

i am pleased to have one of the architects of the current legislation, representative barney frank, with us today. i would also welcome our panel of distinguished regulators to discuss steps they took to implement provisions of this important law for oversight of the financial service industry. congress must also do its part. as chairman of this committee i am committed to rigorous oversight of the implementation process in restoring americans trust in a credible financial system. it appears meeting on wall street and some in washington have forgotten the cost of inadequate financial regulations. i have not. the means of americans who lost their jobs, homes and savings and still waiting for the recovery. unfortunately these reforms have been under constant attack since the bill was signed into law. opponents of wall street reform continually repeat misleading claims that the new law was hastily conceived and burdensome and will harm the economy. the american public disagrees. a poll released this week by research partners show that americans support wall street reform. they support the l

on fox business network, barney frank and become on saturday, the budget bull, taking it to the limitan congressman ben quayle and more. so much more, including don imus, and all you need to know i am there, we are watching your money, because we care. but, first, compromise, consider what the president got in the works for your car. [ jelani ] neither of my parents went to college. something that was drilled in me early on, you know, college is the place for you. it's my number one go. ♪ students like me, who take these ap math and science classes and have these opportunies, this is where the american dream lies. when i write that book, you know, i plan to dedicate it to my school. ♪ when i write that book, those hopes and dreams that you have, you know, they're within reach. and i'm living proof. >>neil: and president obama is scheduled to announce a fuel efficiency plan that had audit to -- automakers they were so mad they were ready to launch a plan against him. but they cooled their jets and dropped the ads and agreed to 1.7 miles per hour less than what the administration wanted

talked to one top democrat from the house this morning about what he thinks, that's congressman barney frank, the chairman of the house financial services committee. let's listen. >> significant reductions going forward, not immediate, in domestic and military spending, deferring the tax issue for when the bush tax cuts expire and not cutting social security and medicare benefits are things we can look at including, in my point, further taxation of the upper income, social security and medicare benefits, i think it's a package that could package. >> reporter: it may look like an exercise in frustration for the congress. also an exercise in frustration for the house speaker, john boehner. we all know he worked very hard to try to push his bill through the house of representatives and finally got it though he had to give concessions to conservatives to do that. let's listen to him talk about how hard it was to do it. >> this will be the second bill we sent over to the senate and yet not one piece of legislation out of the senate that's passed that deals with this crisis. and my colleagues, i c

a program like this is that sometimes a guest will misstate my opinion or misstate the facts, barney frankhappens, i have to correct the record instantly, which leads to cross talk. and i hate that. remember, we're a fast paced program that sometimes gets a bit raucous. >> bill: is there a breathalyzer for that? >> bill: going liberal? [ laughter ] >> bill: well, that's very kind of you, phil, let's see how the first bolder fresher tour goes on. i would love san diego and love to get out there. details on long island deal on bill o'reilly.com. finally tonight pinheads and patriots new movie captain america outgrossed harry potter pulling in $65 million here in the u.s.a. alone. the thing about captain america is it makes the u.s.a. look good. >> our goal is to create new breeds of super soldiers. ♪ ♪ >> what makes you so special? >> nothing. i'm just a kid from brooklyn. ♪ ♪ >> bill: wow, there is a lot of dialogue there. while many movies denigrate america. captain puts us in a good light therefore is he a patriot. that is it for us tonight. please check out the fox news factor web site b

somewhat adversary yal relationship with these companies you oversee, and when we interviewed barney frank the book, we asked him, you know, why were you taking the side of the companies all these years when you could have. really helping the regulator do its job? he said, i felt like there was becoming an adversary relationship there, and we said, well, that's what it's supposed to be. we're not supposed to be, you know, friends and colleagues here, but to be overseeing, so, you know -- go ahead p >> no, no, no. if i were to summarize the book in a instance, that doesn't mean you don't have to read it -- [laughter] it really would be how fapny and freddie talked the financial service industry that if you capture congress, you capture the regulator, and the industry learned that lesson, and fannie and freddie is the example. you had the regulator in 2002 write the possible future systemic risks posed by fannie and freddie, and the white house asked for his resignation within 24 hours of that. you had the regulator after an accounting scandal it didn't do because frankly in my mind there wa

. >> i want to show you congressman barney frank during the debate just this afternoon. take a watch and respond to this. >> i remember speaker o'neil when i got here. there's one thing he and speaker boehner seem to have in common. that's a theme song. speaker o'neil's theme song was i will be with you in apple blossom time. speaker boehner is allowed to have the song, it's my party and i'll cry if i wanted you. >> gerald connolly of virginia during the debate as well. >> this bill is greatant cynical exercise in raw political muscle and nothing more. to the house republicans bent on turning our founding fathers into deadbeat dads, i would respond using speaker boehner's own words from last year. hell, no, you can't. >> david, any winners in this process? the president re-emerged earlier today. took some of the spotlight back. it's hard for me to identify those coming out of this politically gaining? >> well, it's not john boehner's party. he has not been able to do what he wanted. he was not in a position to negotiate a grand bargain, whether it was good, bad or indiff

i spoke to barney frank and he was livid. >> i think you're right, andrea, and one of the indicators of that on the democratic side is they never had caucus meetings. they never brought anything to caucus meetings in the senate or house to say look, this is the general shape of what you might be asked to vote on in a couple of days. that means there isn't anything serious being discussed, but what the president has won successfully all the way through here is the perception, especially as the polls indicate, the perception among independent voters and swing voters that he is the one that's trying to cooperate. he's the one that's trying to find a bipartisan partnership and he has very successfully, at the same time he's won the perception of being the reasonable man, he has very successfully portrayed the republicans at the same time as being unreasonable, and they always do him the favor of literally walking out as now john boehner has done. >> the timing is not an accident either. the fact there were four telephone calls from the white house, the president trying to reach john boeh

barney frank says, i didn't vote for these damn wars. >> the reality is, we're not even talking about the real problem. that, i think, is a testament to the effective political strategy of a small group of people, whoever they may be. and i wish we were talking about other things. tax reform, trade reform. i don't know the answer. i just want to talk about it. >>> one party whose debt creel end game, make sure we kick the can down the road far enough that barack obama can win a second term. that will be the democrats. >>> up next, the republicans, who's planning to kick the can down the road to make sure this president never gets re-elected. that would be the republicans. >>> meantime, nobody is talking about the chill solution, job creation, restructuring, and long-term our nation's debt, why are we not working on what puts people back to work? >>> and the young folks who can't find a job. ordinary americans stepping up to the plate where washington will not. [ groans ] [ marge ] psst. constipated? phillips' caplets use magnesium, an ingredient that works more naturally with your col

. >> bosh i interviewed barney frank on friday, and he and other members of the democratic caucus werese for having put medicare, medicaid, social security on the table. how does the president deal with his angry base? >> well, i think the base will come around. look, i agree with michael, a sentence i don't utter all that often. i agree with him that people are distressed about the irresponsiblity and the fact that people aren't behaving like adults in washington. i think the one person who's an exception to that right now pretty clearly in all the polling data is all the presidentç who has been reasonable. who has been willing to take on his own base. and frankly, i think there's a huge difference between saying wealthy people should pay more in terms of co-payments for medicare and replacing medicare with a voucher system where $5600 is year is a new price tag for every senior. i think there's a huge difference. between changing the cost of living provisions for social security and raising the age drastically for social security. so i think what the president put on the table and i

story and the congress will work and the clock on this and we will work and the clock we have barney frank and ron paul one of the gang of sex members and mike crapo in an hour and a half on the same subject and we are back live tomorrow with some of those fine gentleman including congressman scott of south carolina who some say was strong-armed by speaker boehner to go ahead and he was not impressed. this was then. this is now. he will be back with us. ron johnson will be here, as well. what happened? all the parliamentary rules and how they handle it. [ male announcer ] to the 5:00 a.m. scholar. the two trains and a bus rider. the "i'll sleep when it's done" academic. for 80 years, we've been inspired by you. and we've been honored to walk with you to help you get where you want to be ♪ because your moment is now. let nothing stand in your way. learn more at keller.edu. >> what is clear is any solution to avoid default must be bipartisan. >> this is not a situation where the two parties are miles apart. >> the president indicating what he addressed to the country, that maybe this is not

police congressman barney frank on what he thinks of the deal.s historic move towards ending don't ask, don't tell. >>> we talk to kristin davis joining us about the tragedy unfolding in the horn of africa. ten million people starve manager the word's worst food crisis in years. we'll see you in 15 minutes on "andrea mitchell reports." >>> michele bachmann surged to the head of the presidential pack could be running into some potential road blocks. today an influential republican fundraiser gave her a thumbs down. he said bachmann just doesn't have the executive experience to be president. earlier this week bachmann faced questions about her physical fitness for the office. the daily caller reports she suffers from possibly debilitating migraines. bachmann's team responded with a note from the congressional held team clipping her fit. >> i'd like to be abundantly clear, my ability to function effectively will not effect my ability to serve as commander in chief. >> in this week's "time" magazine my next guest reports that even though bachmann's r

and tomorrow on the show, congressman barney frank and amy kremer.p next is tamara hall on "newsnation." >> thank you, andrea. in less than 24 hours, rupert murdoch goes before parliament to answer questions about the big hacking scandal. can murdoch save his company's brand? as other british officials are resigning. and who is going to step down or be arrested next in the scandal? >>> and plus, 40 states are feeling the heat wave today and no relief in sight. meteorologists say three more weeks of heat could hover over much of the nation. >> and why major giuliani says that republicans should get the heck out of people's bedrooms. "newsnation" is minutes away. [ male announcer ] this...is the network -- a network of possibilities. in here, the planned combination of at&t and t-mobile would deliver our next generation mobile broadband experience to 55 million more americans, many in small towns and rural communities, giving them a new choice. we'll deliver better service, with thousands of new cell sites... for greater access to all the things you wa

rod, senator charles schumer and senator john kerry and massachusetts democratic representatives barney frank, and steven lynch and john tear nee, but if she, but she want ts to go for a run she can't spend the next year angry at the filibuster republicans, but spend part of it for her candidacy. meanwhile, cordray doesn't have anything to run for until the ohio governorship opens up in options. so at some point, the republicans have to make a choice and do they want someone to run the agency that exists and is in law now, or do they want to freeing potential democratic candidates to spend their time running against, well, republicans. and we have delon from the "washington post." good to see you. >> hi, ezra. >> by this time next year, will this agency have a permanent director? >> well, as you mentioned before, it is unclear if anyone can be confirmed for the position. the reason that it is so important for this agency in particular is because without a director, the agency can't make full use of the powers, and it does not have the power to write new rules or the power to oversee what many

whether it's ron wall or rand paul or mike lior even somebody like dennis cue soon itch, barney frank bernie sanders. >> yeah, these are people, they are gaining in prominence and they are screwing around with the, you know, the kind of settled categories. if somebody like tom coburn, got to be four big military. in fact, he's one of the lead be republicans, leading senators, questioning whether or not the military industrial complex should have a blank check. >> everybody shis bernie sanders is a big left. can't find a stronger capital for a more conservative point of view than capital requirements than bernie sanders. i think as we understand the narrative collectively better about what it means to be conservative what it means to have investment innovation and problem-solving in a way that is fair and collaborative, i think that finding these values to all systems, assigning them, becomes more and more possible and i suspect the two of you are very much a part of that and i congratulate you on the book. absolute pleasure. have a great independence day. there's the book. "declaratio

last thing you need is being on tv every day fighting with barney frank and maxine waters over guns and abortion. you need to get on the commerce committee. i went and saw chairman hyde and he invited me to join the committee and i am flattered but the answer is no. have to get on the commerce committee. i will deal with you on the vote. i am a social conservative but i don't need to get into the infighting. the next year henry kept coming and approaching me saying you are the guy i want on the committee. i would love to have you and for the same year i kept rebuffing him a nice way and for the end of my first year in congress, he said you are a member of -- you have got most of those hollywood movie studios in your district, the entertainment industry. their lifeblood is intellectual property and protecting intellectual property. he says we have an intellectual property subcommittee on the judiciary committee. that is good for your district. you could be protecting their economic interest. he said okay. we have no opening but we have an opening in a year-and-a-half when we get the next

barney frank entered questions about congressional funding for the bill. here it is a portion. >> dozens of deadlines have been missed. >> not all of them would have been done in time. as long as they are working on them all, i am ok with them taking them their time. $200 million about within the context of the wars in iraq. by the way, when people worry about why we wanted it not to be subject to the appropriations process, we would have been much further along. democrats -- i think you should not hold off on it. i got to see some analysis in infrastructure in afghanistan and some of the other things that they are for. i think it is a reasonable thing to do. as long as the cost includes, of course, the financial crisis and the terrible lost revenue and jobs and turmoil. that is the cost. the cost is the terrible crisis that we had. about how much money we made over the intervention, the combination of the tarp and the federal reserve rate it is about $100 -- it is about $100 billion for the american government. >> there has been some criticism for not wri

we'll hear from barney frank and ben bernanke, and several agencies, tim johnson chairs this two-hour hearing. >> good morning, i would like to call this hearing to order. today marks the first anniversary of the dodd-frank reform and consumer protection act. the act was a direct response to the worse financial crisis to the great depression. it created a foundation to protect consumers and investors to mitigate future crises. i am pleased to have an architect of this reformation, barney frank. and i welcome the panel to discuss steps they have taken to implement the provisions of this important law to enhance your agency's oversight of the services industry. but congress must also do its part. as chairman of this committee, i am committed to rigors of oversight of the implementation process of restoring american's trust in a credible, financial system. well, as it appears that the meeting on wall street and even some here in washington have already forgotten t

[applause] >> barney frank defended the financial regulations measure signed into law one year ago. he was critical of efforts to change parts of the new banking law. he spoke into questions at the national press club for just over an hour. >> thank you, and that reference to my colleague, michelle laughlin -- michele bachmann, reminds me that you might ask your editors for dual pay because you will also be covering the republican presidential campaign. three declared republican presidential candidates sit on the financial-services committee. i hope people will not have to get past secret service to get to our committee meeting, but i don't think we have ever had three declared presidential candidates on the committee before. i want to begin by saying that i believe that the years of study, that examination, advocacy, etc., please this legislature holding up very well. there have been few calls for any substantial amendment on the part of the financial-services committee. one of the things that people were pointing to as criticism is the fact that what the bill does in many cases is

also thanking member barney frank. h.r. 1309, the flood inchshurens reform act of 2011 re-authorizes the national flood insurance program for five years, but provides much needed reforms to the national flood insurance program. my district in long island, especially the community of valley stream, was included in the early rounds of the fema's implementation of the flood map modernization process and we have experienced much of the frustrations associated with the process. the whole idea of redoing what we are doing in this flood map is hopefully to present other members of congress -- prevent other members of congress from being frustrated as much as i have when they are trying to help their community. since our maps were enacted in 2009, i hear daily from our frustrated homeowners who are required to purchase flood insurance because of the updated maps and who feel they did not have the time or tools necessary to understand and respond to the map's results. h.r. 1309 contains provisions to better inform homeowners wh

. >> on monday, house financial services committee ranking member barney frank defended the reasonable regulations measures signed into law a year ago. in his remarks, congressman frank said he was concerned that house republicans were undermining the law by cutting the budgets of regulators implementing it. his remarks and the q and a with reports are about an hour. >> thank you. and that reference to my colleague, mr. bachmann, remind you that those of you who cover the financial services committee might ask your editors for dual pay. because you will be covering the republican presidential. because i think for the first

barney frank just keeps talking. >> you step in long before aig -- >> reporter: it appears neither her abc news, ryan owens, dallas. >> i got to go, bye. >> why do you need the phone on you when you're doing -- >> i know. my mom's went off in church. she's in the front row. are you serious? >> i'll never win. coming up. miranda lambert, out in central park. the stronger the rapids, the more we loved it. took some wild risks when i was young. but i was still taking a risk with my cholesterol. anyone with high cholesterol may be at increased risk of heart attack. diet and exercise weren't enough for me. i stopped kidding myself. i've been eating healthier, exercising more, and now i'm also taking lipitor. if you've been kidding yourself about high cholesterol, stop. along with diet, lipitor has been shown to lower bad cholesterol 39 to 60 percent. lipitor is fda approved to reduce the risk of heart attack and stroke in patients who have heart disease or risk factors for heart disease. [ female announcer ] lipitor is not for everyone, including people with liver problems and women who ar