joining any now, democratic massachusetts congressman barney frank. thanks for joining me tonight, congressman. there was a moment when the president was talking about the example of warren buffett's tax return and how his secretary pay as higher tax rate. the camera was on the president, but i could hear some laughing. you were in the chamber. was that republicans laughing at that? >> that was scornful laughter from the republicans. here's the logic of it. what they say is if warren buffett thinks he should pay more taxes, he can do it voluntarily. of course that's not a policy the republicans follow. they would cut medicare. many of them would cut social security. they would cut a lot of other programs. they don't voluntarily refuse to do it. i haven't heard paul ryan say, you know what? under my plan if you're not yet 55, you'll never have made care. i haven't heard paul ryan promise he'll never use medicare and he'll go with one of his own vouchers. that was the reason for laughter of the republicans at the notion there would be wealthy people thi

joining any now, democratic massachusetts congressman barney frank. thanks for joining me tonight, congressman. there was a moment when the president was talking about the example of warren buffett's tax return and how his secretary pay as higher tax rate. the camera was on the president, but i could hear some laughing. you were in the chamber. was that republicans laughing at that? >> that was scornful laughter from the republicans. here's the logic of it. what they say is if warren buffett thinks he should pay more taxes, he can do it voluntarily. of course that's not a policy the republicans follow. they would cut medicare. many of them would cut social security. they would cut a lot of other programs. they don't voluntarily refuse to do it. i haven't heard paul ryan say, you know what? under my plan if you're not yet 55, you'll never have made care. i haven't heard paul ryan promise he'll never use medicare and he'll go with one of his own vouchers. that was the reason for laughter of the republicans at the notion there would be wealthy people thi

that was all barney franks work. when asked what to do with the mess he said, "the way to cure that is to give us broader powers." [laughter] [applause] you can't make this stuff up, but the amazing thing is ayn rand did 54 years ago. frank is more like mooch thane can imagine. you might remember mooch was in the government in the first place as a lobbyist for henry, one the great heros of "atlas shrugged". this is one of these things when liberals are corrupt, it doesn't get well reported, 10 you might be surprised to know that barney frank was sentured by the congress for a scandal in which he ended up admitting to have used male prostitutes and paid them and sustained them in his apartment in washington as the base of operations for them. did you know that as a member of congress, regulating fannie mae and freddie mac, he placed one of his gay lovers as a financial analyst at fannie mae. i have no problem with the sexual preferences, but a serious objection to corruption. we're talking about a deeply, deeply corru

barney frank was my chairman. it is difficult to get a mortgage and get the credit that a business needs. michael will be to fully be appealed the dodd-frank bill as well. -- my goal will be to fully repealed the dodd-frank bill as well. here is something we can do immediately to turn the economy around. there is $1.20 trillion in earnings that are overseas that american companies have already earned. we have the second highest corporate tax rate in the world. why not have the repatriation tax -- when you take money earned overseas that you have to pay tax on overseas -- when it comes into the united states to have to pay an extra tax. why not have a 0% repatriation tax. you will immediately bring $1.20 trillion in money that taxpayers do not pay tax or interest on and you would have that money wash across the american economy, not through government fingers, but through the people who aren't in the most efficient and effective way you -- who earned it in the most efficient and effective way you could. legalize am

barney frank was doing a slip and slide i had to attend to.e ripped his wet suit on a sprinkler head tore it down the right. we laughed. we laughed. >> it's just a lie -- >> are you a hampton kind of guy? >> i lover the hamptons. if you ask me if i am going to get in the death match traffic to play a little croquet with sean colmes no. >> you live in an affluent place in southern california. do you mingle freely with them? how do you see the very wealthy? >> i think the -- i dig the wealthy. i dig poor people in t i dig people in the middle. i don't like some people. i don't judge it on what they earn. >> people who like people are the luckyest people in the world? >> you are going to make me cry. you are going to make me cry. >> oh. what i don't dig is polo. it's like miniature golf meets the kentucky derby. what's happening? >> and the wind millwright in the middle. the horses could smack right into it. by the way what about jessie standing next to notch yah. how does it feel riding around the horse? >> i am happy to be playing polo and doin

barney frank was doing a slip and slide demo up here i had to attend to. suit on a submerged sprinkler and tore it down the right haunch. laughed, we laughed. >> bill: that's just a lie, miller, that's just not true. [ laughter ] >> bill: are you a hampton's kind of guy, miller. >> lionel hampton. i always dig him. if you are asking me friday afternoon i'm going to get in that death trap traffic to play crow swha sean colmes no, i have some paint to ogle. >> bill: you live in affluent place in southern california. do you mingle freely with them? how do you see the very wealthy. >> i dig the really wealthy. i dig poor people too. i dig people in the middle. i dig people and then i don't like some people. and i don't judge it on on what they earn. >> bill: people who like people are the luckiest people in the world? >> you are gonna make me cry you're gonna make me cry. listen what i don't dig is polo. miniature golf meets the kentucky derby. what's happening there? >> bill: wind mill horses could smack into it. >> what about jesse standing next to nacho. wa

barney frank joins me to talk about that. and we are watching events as they unfold outside a prison in jackson, georgia. the united states supreme court is currently deciding the fate of a man whose supporters absolutely insist his innocence. ben jealous, president of the naacp on the troy davis case, coming up. stay with us. [ beep ing ] ♪ hush, little baby ♪ don't you cry ♪ soon the sun ♪ is going to shine ♪ [ male announcer ] toyota presents the prius family. ♪ walk if i want, talk if i want ♪ [ male announcer ] there's the original one... the bigger one... the smaller one... and the one that plugs in. they're all a little different, just like us. the world needs more energy. where's it going to come from? ♪ that's why right here, in australia, chevron is building one of the biggest natural gas projects in the world. enough power for a city the size of singapore for 50 years. what's it going to do to the planet? natural gas is the cleanest conventional fuel there is. we've got to be smart about this. it's a smart way to g

candidate rick perry but rather, the top democrat on the house finance committee, congressman barney frankiminate the bank's regional presidents attempt to go reform the way the bank determines interest rates but is this good policy or just more washington politics? for more on this, we turn to fox business senior correspondent charles gasparino better known as charlie, better to see you this morning. is this a way for barney frank to get more political control of the fed? >> of course. listen, the fed has a dual mandate. fight inflation and promote growth. what he's saying by getting rid of these guys and making them appointees of the president, remember, those guys are elected from within. >> like czars. >> yeah, but they're elected from within. they're independent of politics. if they're appointed by the president, guess what? they'll be more likely to basically print money, to basically get rid of, ignore the one side of the dual mandate the inflation fighting side and promote growth and when you talk about growth with the fed, not talking about lowering taxes, we're not talking about

i'm going out as a monster called barney frank and stein. it's a creertd that's put together with the parts out of all his microconstituency groups and croaks his victims through drowning them with projectile spittle. that's what i'm going as barney frankenstein. >> bill: district close to mohican sun. we are sending the congressman frank comp tickets. >> if you come to that show natural, i will gouge my eyes out with hot pokers. >> bill: a little too chilly that time of year. miller and i if you would like to see us in person check bill o'reilly.com for richmond, virginia: by the way we are doing the factor october 11th in boston sold out in 24 hours. in a moment, singer tony bennett says the 9/11 attach might have been america's fault. then ted turner talking about private jets. wait until you hear this. upcoming. nationwide insurance, what's up ? what's vanishing deductible all about ? guys, it's demonstration time. let's blow carl's mind. okay, let's say i'm your insurance deductle. every year you don't have an accident, $100 vanishes. th

that seemed to be what barney frank was saying to me last night. >> i think a majority of the caucus will probably do that. i think the -- there are sort of two issues here. the free trade -- the free trade is such a loaded term and sort of a propaganda term. the trade deals are trying to push through. the fact is, forget about ideology, ground you're in the empirical work on the trade deals, they are not massively job-producing agreements in any way, shape, or form. i understand the white house thinks they've tinkered around the free trade -- the free trade is such a loaded term and sort of a propaganda term. the trade deals are trying to push through. the fact is, forget about ideology, ground you're in the empirical work on the trade deals, they are not massively job-producing agreements in any way, shape, or form. i understand the white house thinks they've tinkered around such they are going to be more beneficial than prior ones, but it's plausible to say these are job creating. in terms of the medicare issue, i think everyone's kind of waiting for the other shoe to drop, which

. >> bill: that's barney frank's district by the way. think barney would want to ban the pledge of allegiance. >> they are proactive in the local community. >> bill: you think this is just foolish. i know you do. >> of course. >> bill: alicia, you are kind of a liberal person, you think it's foolish. >> i think this is bana thans. i think the pledge of allegiance is one of the -- i think it's a wonderful thing to teach to children. i have no idea. >> bill: got god in there alicia, got that god guy in there. >> so what? something we have been saying for hundreds of years. i think it's fantastic and important part of history and important part of being an american citizen. right now these kids get to opt out. i don't understand what the big deal is. >> bill: go ahead? >> what they said and this is a thing of the far left and of course alease shah a very reasonable liberal not a far left fringe liberal but what they say, basically is that citing the oath of the pledge of allegiance is an oath that is tantamount to mccarthyism. it's a long w

that seemed to be what barney frank was saying to me last night. >> i think a majority of the caucus will probably do that. i think the -- there are sort of two issues here. the free trade -- the free trade is such a loaded term and sort of a propaganda term. the trade deals are trying to push through. the fact is, forget about ideology, ground you're in the empirical work on the trade deals, they are not massively job-producing agreements in any way, shape, or form. i understand the white house thinks they've tinkered around such they are going to be more beneficial than prior ones, but it's plausible to say these are job creating. in terms of the medicare issue, i think everyone's kind of waiting for the other shoe to drop, which is the speech that's going to be next week, a apparently about the deficit side of this, the fiscal outlook, and it really matters a lot, i can't stress this enough, and lawrence, i think you would agree with this, the devil is in the details. there are a whole bunch of different ways to bend the curve, to bring down long-term medicare costs and how you do

my chairman was barney frank.hat has been my time in washington, d.c., and i saw how he dealt with this financial meltdown and is not pretty. they have taken all the elements from government that led to the economic meltdown in september 2008 and they decided to make them law, institutionalize them. now we see credit seize up, it is very difficult to get a mortgage and credit that a business days. my goal will be to also fully repealed dodd-frank as well. [applause] we have some free trade agreements out there that need to get past. here is something else that we do immediately to turn the car -- the economy around. there is $1.2 trillion in earnings overseas that american companies have already earned. we have the second highest corporate tax rate in the world. one that have that tax -- it is called a repatriation tax, would you take money overseas, you have already paid tax on it overseas. when it comes into the united states right now, you have to pay an extra tax on it in the united states. why not have a 0% r

i would like to see barney frank in handcuffs. led off to prison of course.gs. [ talking over each other ] >> sean: it has to be him. >> that is true. as far as the base, the perception on the public's part goes somebody has to be held accountable. carville is giving him advice. he should do some of that. tap into the public anger. >> he should come up with a plan that has faith in the private sector not in the public sector. he keeps coming up with plans that trusts government to rescue this economy. >> he needs just to get the momentum, some momentum back. he needs to fire everybody. he feeds to clean house. >> sean: not going to do it. >> it is him. at the end of the day the buck stops here. it is about him, voters can fire him next year. it is about his view of how to rescue this economy and it is him. it really is the -- [ talking over each other ] >> he has a chance to do something radical and bold and do real -- >> sean: you are saying all along you have been right hannity? >> i think you have. >> sean: for the 46.2 million americans that are in povert

the bill that was co-authored by congressman barney frank of boston. but i don't think that's going to be any real protection for scott brown, and scott brown is going to be in an odd situation of trying to cite the praise of barack obama who did praise scott brown after that vote in order to try to survive up there. so if elizabeth warren can draw on her roots, which by the way, go back to sort of middle class, lower middle class, childhood in oklahoma city, a woman who worked her way up the ladder. she wasn't born at harvard as she said the other day, she wasn't born a harvard law professor. if she could connect to the middle class in boston, connect to what we used to call reagan democrats on the notion that the democrats really have their interests at heart, in terms of jobs, in terms of dealing with wall street, the big banks, the big economic forces, raid against the interest of the middle class, then she'll not only have a chance to win but she'll be able to articulate, help articulate a message for the democratic party as a whole. >> howard, yo

. >> the failures of fannie mae, freddie mac and barney frank and chris dodd are so prevalent we needs is a failure for america is great for his own personal bank account. the "boston globe" reports romney has up to $500,000 in mutual funds that invest in fannie and freddie. last year alone romney made up to $50,000 in interest from that investment and romney seems to be fully aware of this investment. the "globe" says, quote, unlike most of romney's financial holdings which are held in a blind trust this, particular investment was among those he would have been knowing -- known to him. did romney think we wouldn't notice that he'll publicly attack agency but privately profit from them? nice try, willard, but we got you. [ venus ] what are they doing to stufy? they're making him triple double. why? this! new triple double oreo. ♪ yo stufy, come here! [ shoes squeaking ] looked better on paper. [ strike! ] >>> the georgia board of parole was the only thing standing between death row inmate troy davis and his execution by lethal injection, but this morning the board denied him clemency.

everyone loved it, and then they have barney franks of the world make bad people to loans.nst their houses. permanent prosperity they flame, -- they claim, but it burst. both parties went and said, we have got to bail them out or we will have a depression. if they had not bail them out, wall street would have a depression and not the people. we bailed out the people who made a lot of money. they were in the mortgage business. they were in the derivatives business, and they dump it all on you, so they bailout of the off.e who rrippped us the federal reserve system holds one trillion dollars of derivatives and worthless assets. that is why your money value goes down. that is why medicare cost so much. that is why education cost so much. it is this whole idea of government coming to the rescue. how often do we get blamed for people saying, you do not want the people who did the government taking care of everybody. now you have no compassion, but true compassion comes from and liberty. free-market, sound money is the effort to our economic woes. it will not create economic equa

it was barney frank and a lot of democrats in 2003 calling republicans racist for trying to raise standards. they hated poor, black people. it's why they were trying to put tougher standards on fannie and freddie. but, it was a limited few. a lot of republicans talking about an opportunity society. everybody wanted everybody in houses. this was a conspiracy of a lot of people in both parties to lower standards for fannie and freddie. the question is, when is the left going to give up an protecting fannie and freddie and sago after them? >> i'm not privy to what's going to happen to fannie and freddie in terms of capitol hill, with respect to "the new york times" story, it seems like fannie and freddie overseers are trying to protect them and going after the bank is part of it. it's fair to say the banks misguided or disguised the assets and they should be forced to pay for that. the problem is it's not helping the homeowner. the homeowner who is under intense pressure does little for that. we have to wait to see what the attorney generals are doing. they are probably going to try to bring s

it is not just barney frank guard ron paul supporting this. charlie rangel, he is now on the fight with us. jesse jackson, now on the side with us. african-american members of congress, the leaders and many state legislatures, people of color, latinos who of seen the drug war, what the drug war has done to their community, and they are against it. kandahar gathering in los angeles. you'll see people that have fought for 20 years and said they did put my people behind bars. i have two brothers, one as a heroin addict and the other is marijuana. why does one get prison and the other get treatment? you need to get out more. >> another huge myth -- these 850,000 arrests for marijuana is , it can be as little as a petty find. many are there for possession or use of marijuana that had been played down from more serious offenses. on a first offense, the people that are rare for drug offenses are either our total non- violence population. >> 850,000, and each one you talk about the nose. each one represents several thousand dollars in adjudication cos

i am old enough to remember when barney frank was in the legislature.he government unions, which drive the cost up, when you tell people you were taking their money for roads, and they know you are not. they know where the money is going to go. they do not believe that anymore and they do not believe it because there were not born yesterday and they have seen what the virginia democratic governors did to them and they see what has happened in other states. >> i want to respond to a few quick points. the original stimulus was not a hundred billion dollars in spending. $350 billion of it, 40%, was tax cuts. >> refundable tax cut. >> i did not interrupt you. pennsylvania's corporate income tax is stated at 9.9%. are affected rate is under 4% because 74% of our corporations pay zero. 0. you can look it up. you can go to harrisburg and looked it up. taxpayers do favor spending money on infrastructure. in the 2010 election, the single most conservative anti-spending election in my lifetime, a 64% of transportation referendums called for either borrowing, taxa

. >> barney frank renewing his push to overhaul the federal reserve. thrown out and replaced with appointees. frank going alone so far. he can't find a co-sponsor for the bill. one fed reserve official calls frank's plan "a tragic mistake." >> a birthday surprise this sister will never forget. >> the 14-year-old completely shocked to find her brother back from afghanistan and right at her school in new york. >> come home for my birthday and i was waiting for a call from him this morning and i didn't get one so i was kind of upset. he's here now. >> words can't really explain how it makes someone feel. i love them just as much as they love me. >> senior airman damien beeman planned the birthday surprise over a month ago with his mom. the mom was on that stuff. >> updating our special election coverage in new york. you had voters in brooklyn and queens deciding who replaces congressman anthony weiner today. tyra hernandez live in queens with the latest. a lot of excitement in queens? >> a lot of excitement in terms of the candidates who they're really wo

my chairman was barney frank. that has been my time in washington d.c. saw how he dealt with this financial meltdown. it is not pretty. they have taken all of the elements from government that helped lead to the economic meltdown and they decided to make them law. to institutionalize them. now we are seeing credit seize up. we are seeing it is difficult to get a mortgage and credit a business needs. my goal will be to fully repealed the dodd-frank bill as well. [applause] we have some free trade agreement out there that need to get past. here is something else we can do a immediately. there is $1.20 coleen of earnings that are overseas -- dollars of earnings that are overseas. we have the second highest corporate tax rate in the world. why not have a repatriation tax when you take money earned overseas, you have already paid tax on it overseas, when it comes into the united states you have to pay an extra tax -- why not have a 0% repatriation tax? you would bring a $1.20 trillion worth of money that taxpayers do not pay tax on and you would have that mon

and when we interviewed barney frank for this book, he -- we asked him, you know, why were you taking the side of the companies all these years when you could have been really helping the regulator do its job? and he said i felt like there was becoming an adversarial relationship there. and we said, well, that's what it's supposed to be! [laughter] we're not supposed to be, you know, friends and colleagues here. they're supposed to be overseeing. so, you know, go ahead -- >> no, no, no. i think, you know, if i were to summarize the book in a sentence -- that doesn't mean you don't have to read it -- [laughter] it really would be how fannie and freddie taught the financial service industry that if you capture congress, you've captured the regulator. and the industry learned that lesson. so with fannie and freddie as a perfect example, you had the director of the regulator in 2002 write a white paper of the possible future systemic risks posed by fannie and freddie, and the white house asked for his resignation within 24 hours of that, okay? you had the regulator after an accounting sca

a lot of high profile democrats, including barney frank, others in congress, passed -- on challengingey have elizabeth. this is the congressional race of 2012. these are two heavy contenders, scott brown, in the state of massachusetts, he has over $10 million in his campaign war chest, elizabeth warren, a lot of people think she's very smart, set up the consumer agency that republicans don't like, the left is going to give her a lot of money. will it be enough to beat scott brown, who recently has broken with republican leaders on some high profile issues. that remains to be seen. but it's good news that democrats could win back that seat. as far as then retaining the senate, they're going to have to win one of these republican seats, whether it's in massachusetts or in arizona or in nevada. otherwise, it looks like republicans could take back the senate. jon: elizabeth warren also has pretty close connections to president obama. the question is whether his support will mean a whole lot this time around. we'll see. bob cusack from the hill, thank you. >> thank you. jenna: new details

already people on the other side of the aisle say if you have t want to do that you have to look at barney frankand so forth. is this serious he wants to start indicting people. >> absolutely. one of the reason why there are tea party people like david and a backlash against the bail out is there was no act built. megyn: no heads rolled. >> we bailed them out. the american people are art smart. they said this doesn't add up. megyn: in president obama's defense it was president bush who approved tarp, which has widely been said to have worked. it saved wall street and they say it saved main street but it didn't solve the problem. press came in and started to regulate main street more. but -- >> people have moved on. short term memory in politics and in the american public, the fact is you're right, tarp questions we can argue that will be debated for decades in the history books. but now it's obama's economy, now it's the guy at the top. megyn: what do you think when you see somebody like carville coming out and saying, panic, panic. >> he's a really start strategist which james carville is. he's

the failures of fannie mae, freddie mac, barney frank, chris dodd are so legion, we have to rethink aboutpport a growing housing industry. >> would you repeal the community reinvestment act? >> absolutely. that was a disaster from the get-go. look, i understand -- and by the way, this is not just democrats. there's people on both sides of the aisle who touted for a long time the idea that we want to put people in homes and we're going to encourage people getting in homes and get banks to make loans to people who otherwise wouldn't qualify. and recognize, wh enyou make loans to individuals or businesses that don't qualify on their merits for a loan, you're adding risk. and maybe you can do that with 1% of the population. when you start doing it for half of all the loans going out, you're putting such risk in the system that when something happens, when one of the cards in this house of cards gets pulled out, the whole enterprise could fall and we're still recovering from it. >> sarbanes/oxley. >> that's the worst example to what has happened in what is known as the middle market in america

i am old enough to remember when barney frank was in the legislature and was a leader in pointed out waste in the subway system and all of the things people decided to discover 30 years later as problems in the way mass transit is operating. the government unions drive costs up and when you tell them you are taking money for roads, they know you are not. they know where the money is really going to go. you have a huge lead if you are going to try -- if you are trying to tell them that if you give us a dollar, we will spend it on roads. they do not believe it because they were not born yesterday and they have seen what the virginia government -- virginia democratic governors have done to them. >> governor? >> the original stimulus was not a hundred dollars billion in spending. 40% was tax cuts. let's be clear about that. >> a refundable tax cut is spending. >> the pennsylvania corporate income tax is stated at 9.9%. our effective rate is 4% because 70% of our corporations paid zero. you can look it up. you can go to harrisburg and look it up. 70% paid zero. number 3, taxpayers do favo

energy costs, please desist from what you're doing on the other side for the democrats, you have barney frank other words, they're attempting to put too much of a control on inflation versus unemployment. so everything at this stage is politicized in the name of the middle class. can i just say big name for tech today. we've got reports out that the iphone 5 will be released october the 4th. >> really? >> that gives a spike to apple's stock. goldman has raised its price target on apple, it thinks you can get 26% on the up side. >> that is unbelievable. apple continuing to sky rocket, with iphone 5 coming out. and rimm collapsing. just absolutely -- isn't it astounding what has happened to that company over the past three, four, five years? they almost had a monopoly the market. >> yeah. >> and it's really, i think less about -- and we're blackberry users. it's less about the iphone being great than it is about the blackberry being so unreliable now. >> or expectations of where those companies are going. i think research in motion's market cap is 2 to 3% of apple. and this points to american e

it's part of the banking reform bill of christoff -- chris dodd and barney frank. it has protection and says there shall be in office for financial literacy education. the majority right now are blocking it and of blocking it. folks, there are solutions by the new administration thinking out of the box. but if we had the last years before wasn't worth a darn because we've gone down and down and down in graduating minorities. last call i want to say this. the reason you gave the statistics that we have made this great increase in the students going to community colleges and universities is because obama allowed us to make the biggest investment ever in the history of the united states bigger and better than the g.i. bill of 1945. it has to $.5 billion from the minority serving institutions including a three big ones, hsa and asian american colleges. is spread out over ten years. that means they can get an extra $100 million a year on top of what we now half which is $170 million to regroup what he does and what team has to go to college and be added to that the pell

went on for a good many years and inflated the currency, everybody loved it, then the head the barney franke to have this community, the reinvestment act and force banks to give bad loans. sure. people bought the houses and the price of the house borrow more money against their houses in the prosperity they claim. but guess what, the bubble that is predicted by the austrian free-market economist first it collapsed. so, both political leaders or both parties mind and they said we have to bail them out. it's a disaster. we will have a depression and the truth is they haven't bailed them out and wall street would have had a depression, not the people. [applause] so we bailout the people who made a lot of money. they were in the financing business. they were in the building business. they were in the mortgage business. they were in the derivatives business, and they taught this country and unfortunately they dumped it all on you. so they bailed out the people that ripped us off and on to their securities on us. the federal reserve now with money created clean air. they hold $1 trillion of deriv

financial literacy education is part of the banking reform bill of chris dodd and barney frank.mer financial protection and it says that there shall be an office for financial literacy education. but the people in the majority right now are blocking it and blocking it and blocking it. folks, there are solutions by this new administration thinking out of the box. whatever we had for the last 30 years before wasn't worth a darn because we have gone down and down and down in graduating minorities. lastly, i want to say this, the reason you gave the statistics in pew that we have made this great increase in students going to community colleges and universities is because obama allowed us our committee i was chairman of, to make the biggest investment ever in the history of the united states, bigger and better than the g.i. bill of 1945. it has $2.55 billion for minority-serving institutions including the three big ones, hsies, hbcus and asian-american colleges. it is spread out over 10 years. that means that hsies get an extra 100 million dollars a year on top of what we had which i

s barney frank of massachusetts. [inaudible conversations] [inaudible] >> thank you. witnesses on the first panel are the of ma willry sh -- honorable mary shapiro who was not there during madoff. and mr. saumya. partner and managing director of boston consulting group. i welcome our witnesses. do we have two others/ ? we will have two other -- we will have michael shanahan, a senior partner managing for the questions and answers, but not for opening statement. and to assist you with the -- and then shanderarshka hura, whatever. managing director of the boston consulting group. at this time, chairman shapiro, you are recognized for your opening statement which you don't have to limit to five minutes if you wish. get yourself in as much trouble as you need. i am kidding. [laughter] >> that is very good advice, mr. chairman. thank you chairman, ranking member, members of the committee. >> we are having trouble with our mics. pull that closer to you. >> thank you for the opportunity to discuss the organizational assessment of the securities and exchange commission perfor

financial literacy education is part of the banking reform bill of christopher dodd and barney frank. consumer financial protection, and it says, there shall be an office for financial literacy education, but the people in the majority right now are blocking it. folks, there are solutions by this new administration thinking out of the box. whenever we had for the last 30 years was not worth a darn thing because we have gone down and down in graduating minorities. lastly, i want to say this. the reason you gave the statistics in pew, that we have this great increase in students going to community colleges and universities, is because president obama of us, on the committee which i was a chairman of, to make the biggest investments ever in the history of the united states, bigger than the gi bill. it has $2.55 billion for minority serving institutions, including the three big ones, hsi, hpcu, and asian american colleges. that means they can get an extra $100 million a year on top of what we now have, which is $117 million to recruit latinos and latinas to go to colleges. we added on tha