chambliss. >> no. >> the clerk will report. >> 7 aye, 5 nay. the bill is passed. hank my colleagues. [applause] >> with the votes of the house and senate conferees in favor of passage of the bill, i declare the bill passed and the conference committee is now adjourned. [applause] >> nice to meet you. take care. >> congratulations. >> congratulations. >> we recognize the remendous efforts of staff. it has been nothing quite like this. as is as good as it gets in terms of a legislative effort. this makes a huge differencee no one thought we could get this done. it is a tough environment to operate in. to establish a consumer protection bureau for the first time in the history of our country, to stop the too big to fail, to ensure that we do not end up with another near financial collapse. we will provide an early-warning system. it is another of the great pillars of this bill. >> how will this work? >> we believe it was needed for a long time. it was exciting to bring it to where we could get this done. it is a terrible way to have to do this. we

let me turn to senator chambliss for any comments. >> thank you very much mr.rman and while i appreciate the comments of both chairman peterson as well as chairman lincoln with respect to section 716, you know we have just passed a very strong volcker rule. the volcker rule that came out of the senate was in and of itself pretty strong rule but here tonight, we have according to the chairman himelf, we have strengthened that rule even more. the end result of the volcker rule is the exact same end result that sought be achieved by section 716 and that is to eliminate the speculative risk-taking associated with proprietary derivatives trading by banks. what section 716 does is it moves outside of tanks the swaps desk. the volcker rule in effect does that by eliminating the ability of banks to trade in a proprietary way. since the volcker rule specifically does not allow banks to use their capital to engage in proprietary derivatives trading this means the speck of a risk-taking associated with oprietary trading is thereby eliminated. 716 is bad policy. it is good

chambliss. >> aye. the amendment does not pass. >> any transaction for the indians would be exempt from the requirement. even if the transaction is not due to be cleared because one of the end user is one of the counterparties, the dealer counterpart will be subject to this transaction which means that a dealer counterparty will pass this margin and pass the cost to the end user. under the senate bill provision, there would have been assured that there was no margin requirement on the transaction. this is an unintended consequence that have been in the last minute. i have an amendment that would cure this problem and ensure that no end user that is declared as exempt is going to have to post margins, which was the original intention. it was in the senate bill originally. that is what will intended to have take place. there was no discussion about that provision in the amendment that was ultimately accepted in the conference. i would ask consideration to my amendment and vote in support that air of -- in

chambliss. >> no. >> the clerk will report. >> 7 aye, 5 nay. the bill is passed. >> i thank my colleagues. [applause] >> with the votes of the house and senate conferees in favor of passage of the bill, i declare the bill passed and the conference committee is now adjourned. [applause] >> nice to meet you. take care. >> i'm on the cleanup crew. >> congratulations. >> congratulations. >> we recognize the tremendous efforts of staff. barney frank and i have worked together for the last few years. it has been nothing quite like this. as is as good as it gets in terms of a legislative effort. this makes a huge difference. no one thought we could get this done. it is a tough environment to operate in. to establish a consumer protection bureau for the first time in the history of our country, to stop the too big to fail, to ensure that we do not end up with another near financial collapse. we will provide an early- warning system. it is another of the great pillars of this bill. >> how will this work? >> we believe it was needed for a long time. it t

and i sort of got kicked out of my first senate hearing because i said something to saxby chambliss that didn't like. and i didn't know the hearings weren't interactive. i thought they were more like a q&a situation. not so much. >> larry: well, it is. >> but not for me. >> larry: you now throw fancy dinner parties. i've never been invited by the way. you have a-listers at your house last weekend. jackie collins, suzanne somers, lily tomlin, chris bodie and sidney poitier. >> in your face, king. that's got to hurt. that's got to be like a dagger in your heart. >> larry: i've had dinner with sidney many times. >> come on. >> larry: how did this come about, you, a d-lister, what are you doing with these people? >> it's a sham. it's a traf es ti, but yet i'm determined -- here's why. i'm friends with sue mangers. she used to be a big power agent and gives these incredible dinner parties. i thought i would try one there is a lot of people in what i call the beverly hills mafia, and one of them is suzanne somers and jackie collins who between them have so much money it's ridiculous. they migh

chairman. >> thank you, senator chambliss. senator burris. >> i would like to thank you for your service to our country. will we still be able to respond to a provocation if our nuclear arsenal is reduced to the level indicated in the treaty? >> the analysis done prior to and in support of the negotiations with respect to that from a military capability standpoint was extensive. the uniformed leadership was aware of that and it certainly took that into consideration as we arrived at our positions. and our comfort level with the provisions in the treaty. >> secretary chu, you just heard secretary -- senator hagan is the question of training of our nuclear engineers. does the department need to be assisted in their training process? so they have the brain power to deal with this new technology? >> anti-american research university has trained the type -- i think the american research universities train the type of people we seek. it is really a matter of recruiting the best of those people -- . . >> the new treaty is in agreemen

chairman. >> thank you, senator chambliss. senator burris. >> i would like to thank you for your service to our country. will we still be able to respond to a provocation if our nuclear arsenal is reduced to the level indicated in the treaty? >> the analysis done prior to and in support of the negotiations with respect to that from a military capability standpoint was extensive. the uniformed leadership was aware of that and it certainly took that into consideration as we arrived at our positions. and our comfort level with the provisions in the treaty. >> secretary chu, you just heard secretary -- senator hagan is the question of training of our nuclear engineers. does the department need to be assisted in their training process? so they have the brain power to deal with this new technology? >> anti-american research university has trained the type -- i think the american research universities train the type of people we seek. it is really a matter of recruiting the best of those people -- >> is money a problem? >> no, i thin

it is part of homeland security, saxby chambliss, max cleland. you do not redo an agency without some bitter battles over obscure topics. the battle lines have not been drawn. that goes back to one of those things about, how do you, taking into account all the information, how do you do it in one month? maybe they will pass it and we'll be fixing this for the next 10 years. >> we have talked about what should and should not be added. i do not agree that -- i agree completely that we need to reduce our dependence on foreign sources for energy. i do not necessarily agree that drilling deeper has been the mantra. they drilled on the intercontinental shelf because that was the area available for leasing. there can be discussion about other places and processes as we look forward. >> i apologize. i have recently graduated in journalism. these are my thoughts from the whole panel, instead of a pin pointed question. i am sure the public would enjoy a picture book of what the bill should be. >> congress would come at t, to. [laughter] >> we're talking ab

senate armed services committee jack reed, democrat from rhode island, and georgia republican, saxby chamblissisten to all of those talk shows starting at noon eastern on c-span radio at 90.1 f.m. in the washington, d.c., area. you can listen live on the web at cspanradio.org. you can follow us on facebook and on twitter. >> tonight on c-span2's "book tv," sarah ellison. after that, the discussion with the reporter who was caught for 45 days and kept in a cell. after that, bill bennett -- the author of more than 20 books for adults and children. you can run the entire schedule at booktv.org. join us on twitter. more than 30,000 viewers already have. >> what is the internet? monday, a look at the fcc's efforts to reclassify the internet with two members of the house communications subcommittee -- john shimkus and mike doyle. that is on "the communicators" on c-span2. >> this is a change in personnel, but it is not a change in policy. general petraeus fully participated in our review last fall. he both supported and helped design a strategy that we have in place. >> learn more about the presiden

. >> senator chambliss. >> general patraeus, thanks to you and your family and to the commitment that you continue to make to provide protection to america, as well as literally the whole world. i cannot help but note the number of combat stripes you have on your sleeve there, which is certainly an indication not only of your commitment, but of the fact you have been gone from your family for an awful long time for the last several years. i note also that those number of combat strides are comparable to those on the sleeve of generals daniel -- general stan mcchrystal. i was very pleased to mention -- to hear you mention him the number of times that you did in his own -- in your opening statement because he certainly has laid the groundwork for a successful operation in afghanistan. general mcchrystal has been a great military leader. he is a great man and military office that ordaz -- military officer that i had the privilege of visiting in theater when he was under your command, and i note the great work that he did there and i know it was recognized by you. i also know the great re

. >> senator chambliss. >> general patraeus, thanks to you and your family and to the commitment that you continue to make to provide protection to america, as well as literally the whole world. cannot help but note e number of combat stripes you have on your sleeve there, which is certainly an indication not only of your commitment, but of the fact you have been gone from your family for an awful long time for the last several years. i note also that those number of combat strides are comparable to those on the sleeve of generals daniel -- general stan mcchrystal. i was very pleased to mtion -- to hear you mention him the number of times that you did in his own -- in your opening statement because he certainly has laid the groundwork for a successful operation in afghanistan. general mcchrystal has been a great military leader. he is a great mannd military office that ordaz -- military officer that i had the privilege of visiting in theater when he was under your command, and i note the great work that he did there and i know it was recognized by you. i also know the great respect he

i want to publicly thank blanche lincoln and saxby chambliss and others and staffs who have worked veryvery hard along with the banking committee staffs. there may be other issues we have to work our way through, but a tremendous amount of effort has been made it put us in a suspicion where we know we've also received 200 suggestions from the house on the derivatives section, they've worked all night through that as well. a lot of work has been done. we hope again to get through that and the vocal ruled and other matters. i know there's work being don all night as well on the sections dealing with the fiduciary rule. i want to thank senator johnson and his staff, your staff, mr. chairman and others who worked on that as well as on the proxy access. a l of work has been done as well. so i know they're fairly close to making offers on those matters which we would like to consider as well when they're ready to present them to us. >> i reccize the ranking member of the committee on agriculture. >> if i could inquire about the recess. is this subject to the call of the chair? my understandin