but his yorkshire accent was baffling at first, biggert wrote. kept talking about edam position until some of us began drawing outlines of a spherical dutch cheese with wings. [laughter] later it developed he was referring to aircraft approaching from ead on. cronkite remembered the tribute to the hurricane fighter. this ear, the raf man explained, is the -- [inaudible] a mighty nice aircraft. it helped our troops when rommel had them on the run in the desert. it protected the boys getting out of greece, and it was a big help in getting out of norway. the hurricane, as a matter of fact, was essential in all our defeats. [laughter] anyhow, they get back in one piece. of the three planes, the only one hit by either a german fighter or by, or with flak is rooney's b-17 banshee. cronkite survives an s for sugar, biggert survives an old soldier, there are about eight, 0s in that old soldier. and they meet up with harris in salisbury and the top public relations officers at the eighth air force, and they get some very bad news. robert perkins' post, wh

biggert: mr. speaker, i i rise to congratulate david bonner on earning the president deppings award for excellence in mathematics and science teaching. he's a physics teacher at a high school in illinois. as a former school board member for the school district, as well as a member of the education and science committee, i have seen how important the education is preparing our students to succeed in the 21st century. i also know how special it is to have a great teacher who can inspire our students to get excited about a future in science, physics, math, and engineering. mr. bonner should be very proud to join the ranks of only 97 teachers from across the country who have been selected for this award by a panel of distinguished scientists, mathematicians, and educators. he is a very important asset to our community, our children, and our future. i wish him the best of luck in the future. i yield back the balance of my time. the speaker pro tempore: the gentlelady yields back. for what purpose does

. >> miss biggert for give minutes. >> thank you. >> the model which was used to estimate losses that occurred a particular trade or portfolio. the press has reported that j.p. morgan changed its model which allowed its london traders to take on more risk and then j.p. morgan changed its model again and then to top it off this change occurred in january which seemed to be material in nature, but was not included at value at risk model. the sec has said that when a public company changes its model those changes must be disclosed. so why, exactly, have the risk models changed? >> we have hundreds and thousands of models and they're periodically changed and updated and it usually makes them better and constantly trying to be improved and back in june of the prior year and an independent model risk group, they're trying to improve a model. it was approved and implemented in january and as of april 13th, we had no reason to say -- clearly, when things started to go south several weeks later, we felt that the new model was not better and went back to the old model which we thought was bette

miss waters -- miss biggert for five minutes. >> thank you. what went wrong with j.p. morgan's value at risk model which was used to estimate losses that occur on a particular trade or in a portfolio? the press has reported that j.p. morgan changed its model which allowed its london traders to take on more risk and then j.p. morgan changed its model again and then to top it off this change occurred in january which seemed to be material in nature, but was not included in its value at risk model. the sec has said that when a public company changes its model those changes must be disclosed. why exactly was the risk model changed? >> we have a hundred models and the intent is usually to make them better and constantly trying to be improved. back in june of the prior year. the cia- the cia and an independent model risk group was trying to update and improve a model. it was approved and implemented in january. as of april 13th, we had no reason to think it was a better model and didn't reflect the risk being taken there. clearly when things started going south, we felt that

all right so which is it and what biggert issues to need to be pulled out of this decision here to talk about it as karl denninger he is traitor and author of leverage how cheap money will destroy the world and he is here which is so wonderful thank you for being in studio what a pleasure we usually speak from florida yeah thank you very much warren for having me on absolutely it's a pleasure is all ours so let's start with health care because this was at the end of it will mandate was in the supreme court decision found to be a tax what do you think of of that aspect of this to begin it's frightening if you think about what chief justice roberts said it was that what congress had devised which was to call the supreme leader get around to infirmities the most important one being the direct taxes are barred by the constitution unless they're a portion meaning they are in relationship to the census. chief justice roberts said oh no that's not a penalty now we're going to call the tax and this is how we make this entire law constitutional the problem with doing this is that now congress ca

sharewoman biggert. >> thank you, mr. chairman. following up on this little bit, miss cantley. there is a survey described in your written testimony, significant drop in commercial account takeovers between 2009-2010. what do you attribute this reduction? >> the answer may surprise you. you see the most recent survey, customer education was the most specific driver. >> any idea about current corporate account takeovers? >> it is specific to corporate account takeover. >> mr. -- information sharing groups that you have, it seems there might be too many of these groups, each slightly different so that we might have a lot of information flowing back and forth. potentially the correct information may never get to the right place. is it possible -- should we be streamlining information sharing as we seek to improve this flow of information? >> i think the answer is probably on two levels. in terms of the initiative we take around best practices and improvements and resiliency i think we do work closely together across a number of organizations and associations we had and we try to m

chairman biggert, this concludes my statement might be happy to answer any questions. >> thank you so much. mr. rogers. you're recognized for five minutes. >> madam chair, ranking member gutierrez, thank you for the opportunity to testify today. i'm the executive director of the north carolina probe ordered currently president of the association of regulatory officials, which is comprised of real estate licensing agencies. my testimony with focus on issues relevant to state regulators. lack of resources. licensing programs established as a result through credentials and oversee compliance with standards and state laws. part of an approach agency handles all occupational licensing as a state often use investigators and a signed legal counsel on a per case basis. other standalone agencies handle real estate and may have her staff investigators in full or part-time medical assistance. it has an autonomous board. these do not receive state funding and did not hire the staff. programs that share staff they lack sufficient resources and may not be able to comply with federal requirement. st

biggert: i ask unanimous consent to address the house for one minute. the speaker pro tempore: without objection, the gentlelady is recognized. mrs. biggert: madam speaker, i rise today to salute the hardworking individuals who striving every day to protect the safety -- strive every day to protect the safety of air passengers. these are the men and women of the national air traffic controllers association, naca, who yesterday celebrated their 25th year as the guardians of the u.s. national air space system. on june 19, 1987, the federal labor relations authority certified naca as the exclusive bargaining representative for the federal aviation administration air traffic controllers. naca now represents more than 20,000 air traffic controllers, engineers and other aviation safety professionals. they have the safest record in history, guiding 70,000 flights per day and protecting over 700 million passengers per year. madam speaker, i would ask all of my colleagues in the house today to join naca in celebrating a quarter century of hard work, keeping amer

biggert: i ask unanimous consent to address the house for one minute and revise and extend my remarks. the speaker pro tempore: without objection, the gentlelady is recognized. mrs. biggert: too often people in washington forget it's the small businesses that create jobs, not government. they are doing what they can to bring about growth. they have created an impressive 65% of all new american jobs -- jobs over the last 10 years. i urge my colleagues to join me in celebrating the successes of our local job creators, including two individuals from my district, who are being recognized by the u.s. small business administration illinois department of commerce and economic opportunity. congratulation tosca thi kwan, c.e.o. of a plastics recycling company on being exporter of the year and a hearty salute to the mike rohan president of all trust home incorporated who has earned the entrepreneurial success of the year award. these achievements are important reminder to congress that we must put politics aside and work together to create an environment where leaders like mike and kathy can do

. >> miss biggert for give minutes. >> thank you. >> the model which was used to estimate losses that occurred a particular trade or portfolio. the press has reported that j.p. morgan changed its model which allowed its london traders to take on more risk and then j.p. morgan changed its model again and then to top it off this change occurred in january which seemed to be material in nature, but was not included at value at risk model. the sec has said that when a public company changes its model those changes must be disclosed. so why, exactly, have the risk models changed? >> we have hundreds and thousands of models and they're periodically changed and updated and it usually makes them better and constantly trying to be improved and back in june of the prior year and an independent model risk group, they're trying to improve a model. it was approved and implemented in january and as of april 13th, we had no reason to say -- clearly, when things started to go south several weeks later, we felt that the new model was not better and went back to the old model which we thought was bette

. >> miss biggert for give minutes. >> thank you. >> the model which was used to estimate losses that occurred a particular trade or portfolio. the press has reported that j.p. morgan changed its model which allowed its london traders to take on more risk and then j.p. morgan changed its model again and then to top it off this change occurred in january which seemed to be material in nature, but was not included at value at risk model. the sec has said that when a public company changes its model those changes must be disclosed. so why, exactly, have the risk models changed? >> we have hundreds and thousands of models and they're periodically changed and updated and it usually makes them better and constantly trying to be improved and back in june of the prior year and an independent model risk group, they're trying to improve a model. it was approved and implemented in january and as of april 13th, we had no reason to say -- clearly, when things started to go south several weeks later, we felt that the new model was not better and went back to the old model which we thought was bette

biggert come gentlelady from illinois. >> thank you mr. chairman for holding this hearing. dr. holdren, the administration's big deal of research and to submit initiative announced earlier this year focused on improving our ability to derive new insight and knowledge from large and complex collections of scientific and other data. the growth of the big data and data intensive computing is going to require compare will advance his and high indoor high performance computing platforms if we are going to effectively and efficiently and affordably extract value from large growing volumes of data. the power demands a limit of the eve of larger and faster supercomputing systems and their ability to process the data. and i don't view this as an either or proposition while the administration is proposing new financial commitments to the data we have yet received a report from the administration on the strategy for achieving the exit scale computing, and it's my understanding that a report was due out in february of this year outlining the research development engineering efforts to achi

. >> miss biggert for give minutes. >> thank you. >> the model which was used to estimate losses that occurred a particular trade or portfolio. the press has reported that j.p. morgan changed its model which allowed its london traders to take on more risk and then j.p. morgan changed its model again and then to top it off this change occurred in january which seemed to be material in nature, but was not included at value at risk model. the sec has said that when a public company changes its model those changes must be disclosed. so why, exactly, have the risk models changed? >> we have hundreds and thousands of models and they're periodically changed and updated and it usually makes them better and constantly trying to be improved and back in june of the prior year and an independent model risk group, they're trying to improve a model. it was approved and implemented in january and as of april 13th, we had no reason to say -- clearly, when things started to go south several weeks later, we felt that the new model was not better and went back to the old model which we thought was bette

. >> thank you, miss biggert. mr. stivers. >> thank you, mr. chairman. my question, i guess is for miss cantley and mr. weiss. under regulation e, the consumers get third party liability protection up to, they can't lose more than $50 for unauthorized electronic transfers and i know some people have talked about expanding that to business customers to help protect small business from these account takeovers. that would essentially shift the liability to the financial institutions. and potentially i suppose make the small businesses less interested in some of their protection although i guess reg e does require them to immediately notify which maybe would benefit the system. is that a good idea or a bad idea? >> currently, commercial and small business customers are covered in every state by uc c-4-a and we feel that has stood the test of time in addressing this issue. >> what is the coverage amount under ucc? >> that the standards need to be commercially reasonable. >> mr. weiss, do you want to -- >> really nothing else to add to what michelle stated. >>