i know senator dodd knows that.not want to speak for him, but i think he knows that a bill is not going to pass the senate that has a freestanding consumer protection agency. i sense a willingness on both sides of the aisle to seek a balance so that consumer protection is increased, because there were lapses there, but that does not overwhelm the safety and soundness side of bank regulation. we cannot let it trump the safety and soundness side. there is a desire to seek that balance. what we need to do in negotiations is build a little trust. to work through those issues on the front end that we know we can reach pretty easy consensus on. i think jack reed and judd gregg will get to a consensus on derivatives. i think mark warner and i will get to a consensus on systemic risk, making sure that the notion of too big to fail leaves the american vocabulary. people know that if a company fails, it is going to fail. work through those, get the staff so that there is actually some trust that we can reach agreement on thin

chris dodd said, if you expect me to start over, there eesz not

there is no next year for chris dodd.e has a decent working i happen are relationship with shelby. they have teams of senators working on particular issues. so i would still think at the end of the day it will be difficult for congress to walk away before the regulation without a financial bill. we don't know what's going to be in it. >> quick note on health care. the health care reform about it bill because called a collapsed souffle in the back of an empty kitchen. is it that dead? >> no, it's not that dead. there were meetings yesterday at the white house on this. there were backstage negotiations where democrats -- and i think they're feeling more optimistic today than they did a week ago that they can get this done. they are trying to complete the process they were going through under the old process, whether they have 60 votes in the senate. if they can reach those agreements, which they were likely to reach, anyway, before massachusetts, mek pass those under reconciliation and then the house would pass the original

i know that senator dodd knows that. think he knows that the bill is not going to pass the senate that has a freestanding consumer protection agency, and i sense a willingness on both sides of the aisle to seek a balance so that consumer protection certainly is increased, because there were lapses there, but it is not in any way overwhelm the safety and soundness side of bank regulation and financial institution regulation. we cannot lead a trump the safety and soundness side. i sense there is a desire to see that balance. what we need to do is build a little trust. that is to work through those issues on the front end that we know we can reach consensus on. i think it will get to a consensus on derivatives and on systemic risk and on resolution, making sure the whole notion of too big to fail leaves the american vocabulary and people know that if a company fails, it is going to fail. >> you can see this entire interview on "newsmakers." yesterday, president obama signed legislation that installs at pay as you go rule th

let's switch gears a little bit to talk about the impasse that apparently exists now between senator dodd and senator shelby as it pertains to financial regulation. will they toss it all out andst? ? no, they're want. they're specifically not going to do that upon. they'll take the stuff that the republicans and democrats have agreed on and keep going with that and then the democrats by themeses are going to pass legislation on the parts where the democrats can't agree. >> where is the point? >> consumer protection agency. >> senator dodd has come out and said shelby and i aren't working together anymore. the dechl democrats are going solo here, right? ? on the parts that are not done that, exactly, michelle. it is really the question of will there be a financial consumer protection agency which republicans oppose because -- because they think it's overreaching on the part of government and democrats, and would create a bureaucracy. >> and they think there's a safe place. ? right now it's inside the federal reserve although the democrats would argue, hey, inside the fed the consumer prote

>> you know, i'd rather dodd lay out timelines. mark and i met our deadline.hink that we're going to -- i think that through the weekend our staffs will be working with dodd to meet some deadline on other issues. and we'll see. i mean, you know, when you start putting concepts into legislatetive language, obviously, just like in any major deal, you get the legalese involved, you have to work through things. things are going very. i think the financial industry -- mark knows this well. gosh, he sounds like a republican. i'm going to have to adopt this guy. i think the market responds to predictability. i think right now some of the more major institutions in our country don't know the rules of the road. we need those rules of the road to move on. i think that's affecting our economy. let's get it done. let's do it the right way. and move on to something else. >> at the same time we have to recognize for 18 months after the failure of aig and lehman, and i think, again, back where we started, we both said, it's our job. we got hired to get some things fixed. not

chris dodd knows that.want to speak for him, but he knows that a bill will not pass the senate that has freestanding consumer protection. i sensed a willingness on both sides of the aisle to seek a balance so that consumer protection is certainly increased, as there were lapses there, but it does not in any way overwhelm the endowment side of bank regulations and financial institution regulations. we cannot let it trump safety and the sound nature. there is a desire to see that back. what we need to do, i think, is negotiations, working through the issues on the front end that we know that we can reach easy consensus on. jack reed and judd gregg are going to get consensus on derivatives. mark warner and i will get to consensus on systemic risk, making sure that the notion of too big to fail leaves the american vocabulary and the american people know that if it fails, the economy fails. >> you can see the entire interview sunday, 10:00 a.m. and 6:00 p.m. eastern on c-span. today, on "newsmakers," bob corker

how much more disable dodd i need to be? do i need to get hit by a bus real quick? >> this is my last patrol. >> reporter: brandon frazer has a similar story. a veteran of the 2004 marine assault on fallujah, brandon suffered hearing loss and p.t.s.d. but a v.a. counselor wrongly told him the v.a. does not help disabled veterans study prelaw. >> didn't seem like he was in there to find a way to help me. he was in there to tell me that i couldn't. >> reporter: looking for a way to turn you down. >> right. >> reporter: and then there's kenny lyon. a marine sergeant whose miraculous battlefield rescue in iraq and two-year fight to recover was profiled on "60 minutes." >> i'm going to fight to retain everything i had before. >> reporter: kenny had to fight the v.a. for five months, but after finally being told he would get vocational benefits to study at gettysburg college, the v.a. called to say stop. >> i was on my try classes. and i got a phone call saying that it was not approved. >> reporter: you weren't getting the tuition? >> yes. >> reporter: the v.a. benefits a

chairman dodd raise the question about using some of the intimate out there in terms of derivatives. can you tell us a little bit in his last 18 months with this increased focus on the largest sophisticated bank holding cubbies that you currently supervise, you know, what steps of the fed has taken to strengthen the supervision? any more specific way than you did. >> it would take me a long time. >> perhaps you can do that for the record. >> just very briefly there's been a lot of regulatory site. we're working with our colleagues in basel and elsewhere to substantially strengthen and modernize the capital requirements, the clarity of requirements, executive compensation requires, risk management requirements and a bunch of things to give a stronger machine. that's an important part. in terms of supervision we are restructuring our intern organization, and we think a landmark event, a warship it was the stress tests last spring which were incredibly successful. which the federal reserve led. and i believe the federal reserve input to that was to supplement the standard banking examin

they dodd fdr had the foresight have a controversy of the new deal fdr properly saw it was the threathat it would and took action much sooner. you say they pass the neutrality act to prevent us from getting into roker or two that strictly a limited aid to the allies and restrict from getting into been eight days military action. step-by-step favor giving aid to the allies come and transferring destroyers. >> he traded them for british but did not sell them. eventually leading up to than german submarines in the north atlantic. >> host: he was giving british escorts. >> guest: he gave them orders to attack german submarines. >> host: viagra appearing that nothing would happen with pearl harbor. but what it is consistent with previous presidents is if he did. he did want that to me to fire the first shot. >> guest: because of opening the archives, and these things between churchill and fdr, when he says i am trying to manage things so there will be a military incident, yes, that he thought it was important to fire the first shot and also maneuvered the japanese into a difficult position

. >> evan has a good point, and they do have to calibrate the conversation, because dodd is working out hill here and they cannot pass it on breed they have to have a bill that will attract some republicans. -- they cannot pass it alone. they have to have a bill that will attract some republicans agree that to think about what is doable and rational. >> this cannot happen again. we cannot turn to the people of western, massachusetts, a fresno, california, and say you bail out wall street again, and we will put in place regulations that prevent that, and you are either for it or against that. >> if they have any sense at all, the people on wall street would realize that they still have to work with both sides of the aisle. that is the key. forget the pictures with the republicans but if they are stupid enough to start shifting money to republicans, they will pay a price. >> wall street does play it smart. the art largely effective rate is about 50-53 -- they are largely effective date is about 50-50. >> i was a banker for 10 years. don't use the word smart in connection with bankers. cra

and coach bobby dodd was in his last season.nd what turned out to be his last season at georgia tech while i was a senior in high school. and georgia tech went to the orange bowl that year and lost to florida. and a coup of weeks after ince's staff at it was a very tough decision i -- my freshman year i had some injury problems. this is when we had freshman daem ta teams, but played. my sophomore started the first five games of my junior year at quarterback, and one afternoon against south carolina threw three interceptions and coach dooley decided if i liked defensive backs that well i could become one of them. and i literally went from starting at quarterback one week to two weeks later, starting at safety. and we got progressively better each year. and my senior year, i played less than i played the entire time i was at carolina but was part of an acc championship team. so i saw from it a lot of different angles. and i think that has been good for me. and i think it gave me looking back on it, a lot of empathy for back on it,

cynical about, you, about the process of letters to the homeland security department, and senator dodd had this proposal, take all for banking agencies and merge them into one. those for banking agencies do joint rulemaking. so all the rules are pretty much the same. and there's a little difference in implementation. but it would take a huge amount of political effort to consolidate those for agencies. and my concern is that would divert us from the sort of goals that rob are talking about. people would spend a huge amount of time arguing about that. and that's what really worries me. so i think we should be careful not to spend a limited political capital we have, bureaucratic scum and less they are really important to achieve the functional goal. and i don't think actually it matters whether we have two, three or four banking agencies. we have for now, and if we have three or two or seven, i'm not sure it would make that big a difference. so i guess, i hope that we're not going to get diverted that way. >> one thing that i think from where there's a place of agreement on the organiza

>> thank you, senator dodd -- chairman dodd. i agree with chairman volcker. i think that there are important questions here, obviously. i think we would basically want to embed in statute the basic principle that if it's not customer-related, that it's proscribed. but that if it is related to customer activity and hedging customer activity or making markets with respect to customer services, that that's on the other side of the line. >> well, how does -- if you're hedging, isn't that the advantage of the customer of the bank as well so that the bank doesn't end up in financial trouble? >> that's right. and mr. chairman, i think to the extent they're doing proper hedging activity -- and right now regulators and accountants and so forth look at hedging activity and make judgments about whether it's true hedging activity or not all the time, i think that, you know, a big burden is to be placed on regulators in implementing the basic principle that i've just articulated and that chairman volcker has articulated. and i think they do it in a range of ways including

remember, chairman dodd in the health committee, held weeks of mark-ups.d in the bill that he reported out of that the committee, there's more than 150 republican amendments part of that legislation. the same happened with chairman baucus in the finance committee. and those were put together and that's what we brought to the floor. so the bill on the floor that my friend lamar is lamenting here has significant input from the republicans. so let's look at the facts a little bit more. because they can be stubborn, you know? harvard just completed a study that shows 45,000 americans die every year because they don't have health insurance. almost 1,000 a week in america. in 2008, about 750,000 bankruptcies were filed. about 70% of those bankruptcies were filed because of health care costs. 80% of the people that filed for bankruptcy because of health care costs had health insurance. america is the only country in the world where you can get sick or hurt, you're going to have to file bankruptcy. 750,000 bankruptcies in 2008. these facts show that the story that

senator dodd came to the committee markup with a partisan bill.i urged him publicly not to do that. let's create a bipartisan bill. he acquiesced. he stayed up on a saturday night. we set up a team where democrats and republicans teamed up, working on the sections of the bill. it is broken down. judd gregg and jack reed are moving along well. we are almost there. the doodd and shelby teams broke down thursday night. that is where both sides are. i feel like there is no reason the we cannot go forward. is a question of whether you want to try to get to no or fly against a yes. that is what i have been standing. if we cannot pass a bipartisan regulation bill, i do not know what we can pass around here. host: you can see the entire interview with senator corker on "newsmaker" tomorrow morning. it is also available right now online, c-span.org. back to the phones. dallas texas, republican. welcome to the show. sorry. hold on. are you there? go ahead caller: republicans cannot stop anything. they did not have the votes. they were inside the democrats.

derivatives on the unregulated markets but that seems to have disappeared somewhere now we have chris dodd and representative barney frank going with this idea from president obama to create a systemic risk regulator. dithered day they said rainy day system that critics and prevents future crisis. that is an impossible goal. they can only protect against the effects of a future crisis. >> keep it short. in the form of a question. tell us who you are and wait for the microphone. >> my name is roger. i would like to ask about three specific remedies to see if you are for any of them. bring back glass-steagall and break up the big banks and imposing leverage requirements. >> i will do the first to first because they go together. imposing leverage requirements and breaking up the big banks, another part coming out f congress is an amendment to allow regulators to identify too big to fail financial institutions and force them to break up but we cannot tell which institutions but the people said bear stearns was too big to fail seven years ago which is how far in advance you need to do these thi

chris dodd said, if you expect me to start over, there eesz not much point in this because we are not going to start over. other democratic leaders haven't ruled it out. that requires 51 votes in the senate instead of 60. >>> were toyota and u.s. regulators too slow in responding to the accelerator problems? top officials face tough questions from lawmakers. jennifer westhoven is here. good morning. >> good morning. first toyota itself. what did they know about safety problems and when. akio toyoda admits they made mistakes and apologizes. he stuck to the company line we talked about yesterday. it's mechanical. it's not an electronic problem causing the run away toyota eesz. the sudden acceleration problems. toyota said we don't know everything we said accounts for everything. 8 million toyota's have been recalled. there are tough questions from regulators. his agency has not been taking it easy on any car maker. >> we have been a lap dog for nobody. we have been a lap dog for people who drive cars and want to do it safely. that's who we are a lap dog for. >> there's a lot of criticis

remember, chairman dodd in the health committee, held weeks of mark-ups.the bill that he reported out of that the committee, there's more than 150 republican amendments part of that legislation. the same happened with chairman baucus in the finance committee. and those were put together and that's what we brought to the floor. so the bill on the floor that my friend lamar is lamenting here has significant input from the republicans. so let's look at the facts a little bit more. because they can be stubborn, you know? harvard just completed a study that shows 45,000 americans die every year because they don't have health insurance. almost 1,000 a week in america. in 2008, about 750,000 bankruptcies were filed. about 70% of those bankruptcies were filed because of health care costs. 80% of the people that filed for bankruptcy because of health care costs had health insurance. america is the only country in the world where you can get sick or hurt, you're going to have to file bankruptcy. 750,000 bankruptcies in 2008. these facts show that the story that i to

our understanding from dodd's office is a bunch of stuff has been negotiated with the republicans.that will stay. the stuff where there has been no agreement, the democratic side will go ahead on its own. we'll take a break right now. and more "squawk on the street" coming up. host: could switchino 15% or more on car insurance? host: is ed "too tall" jones too tall? host: could switching to geico 15% or more on car insurance? host: does a ten-pound bag of flour make a really big biscuit? >>> welcome back to "squawk on the street." i'm darren rovell and we're in might miami, site of super bowl xliv. joining me now is kevin marching, the ceo of under armour. >> i think every great brand is good for us, basketball, baseball, soccer, field hockey, and today with, vents like super bowl there's nothing bigger than this week. >> almost $1 billion company, everyone talks about shoes. you got into shoes, your last earnings in 2010 in terms of releasing a major shoe. how should the market read that? >> it gives us the ability to lean on any one of them depending on the season. last season we

and now i have reconciliation, senator chris dodd who said, quote, i never passed a single bill thatdidn't have a lead co-sponsor a republican and i don't know of a single piece of legislation that has been adopted here that didn't have a republican and democrat in the lead that's because we need to sit down and work with each other. the rules of this institution have required that. that's why they exist, why i have a bicameral legislative body, why have two chambers. what were the framers thinking about? they understood, mr. president, that there is a tyranny of the majority, closed quote, senator chris dodd, speaking of reconciliation. now, that's a list of some of them. but i think it would be instructtive to go to senator feinstein and what she had to say of reconciliation which was, quote, the senate becomes ipso facko where the senate rules supreme and the party in power can dominate and control with absolute power, closed power, closed quote. senator feinstein and that is an accurate analysis of what is going on right now. we'll see if she'll participate and go back on her pos

. >> the senator dodd insertion of the last minute in the stimulus bill that if you want to pay the money back you can and blah, blah, blah, remember? >> it is an outrage. this is not free market capitalism. >> no. no, no, no. everything is solved if we allow things to fail. >> trish, i think it's over to you. >> i'll take it from here. still ahead, we'll get the pulse of the american consumer. we will speak with denny's ceo. this is real americana here about the health of the restaurant business and their super bowl grand slam giveaway. >>> but first, oil refineries are shutting down in the fastest pace in three decades and that's because of weak demand. is oil on the verge of collapse? you're watching "the call" here on cnbc and we're first in business worldwide. what are you doing...? calling chase sapphire, seeing if we have enough points to stay longer. now? you don't have enough time... and you have to push all those buttons... no buttons, someone answers every time. yeah, right... bet you a massage... yeah, ok. hi, julie... i have a question about my points. hi, what button do i pr

senator dodd says he and senator shelby are not seeing eye to eye on financial reform.he ramifications and reasons straight ahead. >> i'm dennis kneale. toyota shares are rising as the company's ceo came out and issued an a policy. is that mea culpa enough. would he resign in a problem? the roundtable coming up. >> all right let's get you up-to-date on the market action and there is a lot of it in the market sector and sharon epperson, we'll start with you because we had a big drop with you a short while ago. how much of this is technical and how much of it is fundamental? >> it is largely technical. oil prices are holding above $70 a barrel and we're down $3 and we broke below the $70 mark a few moments ago. a lot of stocks being triggered here. a massive sell-off here that

however that seems to have disappeared somewhere and now we have chris dodd and senator dodd and representative barney frank going with this idea from president obama to create this systemic risk regulator. dodd's books berzon said just the other day, we need a system that predicts and prevents future crises. that is an impossible goal. old they can do is protect against the effects of future crises. >> okay. the house rules are keep it in the form of a question, tell us a.u. are and wait for the microphone and i will start with the gentleman on the far right there. wait for the microphone. >> thank you. my name is roger mode. i would like to ask about three specific remedies to see if you or for any of them, bringing back glass-steagall, breaking up the big banks and imposing leverage requirements. >> okay, i will do the first to first roger because those two go together. imposing leverage requirements and breaking up the big banks. another part of one of these bills coming out of congress is an amendment to allow regulators to identify too big to fail financial institutions and force them to

but chris dodd gets hung up on.hat. >> you need a regulator that has got access to all the information has after having regular access to the information has the power to intervene with any institution, regardless of type, when they see... when the regulator sees practices that need to be restrained because they can threaten to take down the whole system and the u.s. economy. so as it now works, regulators focus on individual trees, but someone needs to be accountable for looking at the whole forest. >> rose: right. >> and this needs to be broad authority. >> rose: fair enough, so you need somebody with a systemic... who will look at the systemic challenge? >> that's right, number one. and number two, we need resolution authority so any institution, regardless of the type of financial institution, if it fails it can be liquidated and liquidated outside of bankruptcy in a way in which it does not take down the system and the american economy. >> rose: and what should be the criteria for making that decision? >> and s

this will go to senator dodd's committee, and senator dodd has been very supportive, and i think the demonstration is on board terry get i think we could see passage of this legislation real soon. >> it happened quickly and unanimously, so some people may have missed it above but about 10 days ago, the senate had this tough iran sanctions bill unanimously, and it is on its way to a conference with the house of a similar bill. i want to mention senator mccain and i rose to introduce this proposal as an amendment to the film. for procedural reasons, senator mccain graciously allowed it to move forward, but i feel optimistic that we have got a real good possibility to have this proposal be adopted by the conference committee as part of of broader iran sanctions bill and that bill will come out pretty soon, and i say ahmadinejad's announcement today they have gone to 20% in richmond really builds the case for moving with a real sense of urgency to tough economic sanctions against iran based on the nuclear program. >> [inaudible] >> i think you know they have blocked the internet. they ha

. >> chris dodd's retiring. >> there's nobody. look, in the media landscape in which we live, he can still dominate when he wants to. when they schedule him this smartly, they win the day. >> he still needs a balanced offense, four or five people out there sowing it. i'm sure schumer's not one of them, but they need him. >>> president obama vowed to end don't ask, don't tell. top pentagon officials were on capitol hill to make the case to end the policy. how would the pentagon go about doing it? how they make the transition. how big a political fight would the president face in doing it. you're watching "hardball," only on msnbc. when you take 10 minutes to answer 10 questions you help our community get what it needs for the next, oh, 10 years. we can't move forward until you mail it back. 2010 census that keep you cool and dry have now inspired stayfree® to create a whole new level of comfort when it comes to your period. only stayfree® ultra thins have thermocontrol™. designed with the comfort of athletic fabrics in mind, stayfr

elliot spitzer and his adventures with a high-prizeed >> caller: -- high-priced call girl and chris dodd's sweetheart mortgage deals and the frozen assets of william cold cash jefferson. pay to play scandal by blagojevich. the list can go on and on. joining me with reaction to this is the host of the nationally syndicated radio show, morning in america, bill bennett. good to see you, welcome back. >> good to see you sean, thank you. let's sign books together next month, what do you say on your tour? i'll join your daughter. >> sean: we've got the conservative victory tour and we will be out there on my website, hannity.com. you gave way the surprise. >> i'll hitchhike, sorry what did i do? >> sean: first of all, i want to play a tape of nancy pelosi. nancy pelosi was asked the question today, she made a promise when she first became speaker she would have one of the most ethical house leadership ever and here's what she said. >> admonished charlie rangel given you promised to run the most ethical and honest congress in history -- >> and we are. >> do you think he should step down? >> sean:

. >> chris dodd's retiring. >> there's nobody. look, in the media landscape in which we live, he can still dominate when he wants to. when he's this good and when they schedule him this smartly, they win the day. >> he still needs a balanced offense, four or five people out there selling it. he needs eddie rendell, schumer, he needs guys in government. i'm sure schumer's not joining the government. but they need him. congratulations on the book. "game change." howard fineman. >>> president obama vowed to end don't ask, don't tell. top pentagon officials were on capitol hill to make the case to end the policy. how would the pentagon go about doing it? how they make the transition. how big a political fight would the president face in doing it. you're watching "hardball," only on msnbc. (matt ryan) my face takes enough abuse. that's why i use gillette fusion for my sensitive skin. fusion has 5 blades, with an anti-friction coating, that float comfortably. fusion, proven performance even on sensitive skin. of maxwell house's flavor l

five senate democrats are now vacating their seats, including connecticut's chris dodd, north dakota's byron dorgan, roland burris in illinois, and ted kaufman in delaware. republicans are leaving, too. that party will defend six open seats this fall-- in missouri, florida, new hampshire, ohio, kansas and kentucky. but retirements only begin to tell the story. incumbent democrats are at risk in arkansas, pennsylvania, colorado and nevada. the president travels this week to both nevada and colorado, where democratic leader harry reid and freshman democrat michael bennett, respectively, are each struggling. arizona senator john mccain, who was the republican presidential nominee just two years ago, is being challenged, too-- this time, from his right flank. former congressman j.d. hayworth. >> you could say there are two john mccains-- the one who campaigns like a conservative and the one who legislates like a liberal. ( cheers and applause ) in fact, when it comes time to debate, i'm going to ask for a third chair in case both john mccains show up. >> ifill: mccain jabbed back at haywor

obviously, i'm sure that harry reid and chris dodd and other s who went through an exhaustive processough both the house and the senate with the most hearings, the most debates on the floor, the longest mark-up in 22 years on each and every one of these bills would have a response for you. my concern is that if we do that, then we're essentially back on fox news or msnbc on the split screen just arguing back and forth. so, my hope would be that we can just focus on the issues of how whoa actu we actually get a bill done. and this would probably be a good time to turn it over to secretary sebelius who -- >> can i say, mr. president, the american people cared about what we did and how we did it and that's a subject that i think we should discuss. >> they absolutely do care about it, john. and i think that the way you characterized it, obviously, would get some strong objections from the other side. we can have a debate about process or we can have a debate about how we're actually going to help the american people at this point. and i think the latter debate is the one they care about a

so can chris dodd and tom harkin. considered hundreds of republican amendments and incorporated many of their ideas into the legislation that passed the senate. so when i start hearing that we should accept republican ideas, let's be clear, we have. what hasn't happened is the other side accepting our ideas. and i told them, i want to work together when we can and i meant it. i believe that's the best way to get things done for the american people. i will call them out when they say they want to work with us, and we extend a hand and get a fist in return. last week, for example, you put up for a vote a bill i suppor d supported, conrad, greg, the fiscal commission. we were assured this was going to be bipartisan. only to see seven republicans who co-sponsored the idea in the first place suddenly decide to vote against it. now i'm open to honest differences of opinion but what i'm not open to is changing position solely because it's good short-term politics. what i'm not open to is a decision to stay on the sidelines a

get this, chris dodd, a senior senate democrat, he's going to be there today.the gop wants to start over then, to quote, there's nothing to talk about. >> and also about who will be here today at this summit. party leaders i understand for the most part put together the guest list. what are you hearing about the white house inviting a certain republican senator? >> this is really interesting. a moderate republican, olympia snowe, the white house reached out and invited her. she, of course, had been the one republican that democrats thought they could get on their side. and in the end she voted against the senate democratic bill. obama officials did this knowing full well that their own republican leader did not want her there. for that reason, snowe told the white house, according to a spokesman, she told him that she had declined. this is an attempt clearly by the president to crack the republican unity that we think we're going to see today. and the fact that snowe declined and the fact that she won't be there pretty much shows it's going to be hard for democ

this will go to senator dodd's committee, and senator dodd has been very supportive, and i think theon board terry get i think we could see passage of this legislation real soon. >> it happened quickly and unanimously, so some people may have missed it above but about 10 days ago, the senate had this tough iran sanctions bill unanimously, and it is on its way to a conference with the house of a similar bill. i want to mention senator mccain and i rose to introduce this proposal as an amendment to the film. for procedural reasons, senator mccain graciously allowed it to move forward, but i feel optimistic that we have got a real good possibility to have this proposal be adopted by the conference committee as part of of broader iran sanctions bill and that bill will come out pretty soon, and i say ahmadinejad's announcement today they have gone to 20% in richmond really builds the case for moving with a real sense of urgency to tough economic sanctions against iran based on the nuclear program. >> [inaudible] >> i think you know they have blocked the internet. they have not said google

however, that seems to have disappeared somewhere, and now we have chris dodd, senator dodd and representativebarney frank going with this idea from president obama to create this systemic risk regulators. chris dodd's spokesperson said just the other day we need a system that predicts and prevents future crises. that is an impossible goal. all they can do is protect against the effect of the future crises. >> okay. the house rules are keep it short in the form of a question. tell us who you are and wait for the microphone. i will start with the gentleman on the@@@@ rbrb@ @ @ @ @ @ @ @ á these things. if we credibly and too big to fail by protecting the economy from failure, leverage -- and if we put consistent borrowing limits across financial instruments and financial institutions matter what they call themselves, the lead rich will take care of itself through these reasonable regulations and through the market forces because lenders will know they no longer have an implicit government guarantee. they will care more what they are doing with their money. the same thing with too big to fail fi

the banking committee chairman, chris dodd, tom harkin, who chairs the health committee, a rockefellernce subcommittee on health care, kent conrad, the senate budget committee chairman, and senator braun wide republicans from the senate will be attending include minority leader mitch mcconnell, senator john k, lamar alexander, senator chuck grassley, the ranking member on the senate finance committee, mike enzi, the ranking member on the health committee, and senator john mccain, also a member of the health committee, along with health committee member tom coburn, and finally, senator john barrasso. on the house side, democrats attending include house speaker nancy pelosi, house majority leader steny hoyer, majority whip james clyburn, ways and means committee chairman check rangel, education committee chairman george miller, henry waxman, and the chairman emeritus, john dingell, xavier becerra, louise slaughter, and congressman robert andrews and jim cooper. on the republican side, john boehnerill be attending, along with eric cantor, and joe barton, ways and means committee ranking r

about this is that if you took senator widen, senator bennett, bill frist, lamarre alexander, chris dodd, barack obama, put them in a room, took the politics out of it and said write a bill that will solve the problems that big business need solve, that labor would like solved, that the country needs solve, i have no doubt that they could write a ll that the president would be enthusiastic about, that bill frist would be enthusiastic about. obama was supposed to be the leader who could drain enough politics out of this that such a process could take place. it's not even close to that. not even close. >> rose: what happened? even though we've said it before, tell me what you think, mark, since i agree with you, what you just said, that there is a commonality on some basic issues about this. so what happened? >> i think the president starting with the stimulus bill but then on health care, decided to try to pass a bill that was at the centre left of the democratic party, not the center left of the country. and republicans simply couldn't swallow the fundamental orientation of the bill. and

now the interesting thing was, during these negotiations senator dodd and i worked very hard on these of the business community signed off on getting rid of these pre-existing conditions. and i think that that's important for us to understand, that that is what real insurance reform is about. should you still be able to charge women more than men? should you rate based upon gender? to what extent you can rate based upon ages? to -- where do you -- what's the essential benefit that we're providing? we can all describe that plan, it's really inexpensive, it just doesn't have any benefits that go with it for families. and so i think this is a very important part of this discussion. i know when i go home, my district, i hear about this from the people i represent, i hear about this from my wife, she's talking about our kids and her friends and people she spends time with. how they struggle with these. and what we're really talking about is the manipulation to move people around within the insurance market and, yes, you can go to a high-risk pool so, yes, because you have a pre-existing co

obviously, i am sure that harry reid and chris dodd and others who went through an exhaustive process through both the house and senate with the most hearings, the most debate on the floor, the longest,up in 22 years on each and every one of these bills would have a response for you. ry one of these bills, would have a response for you. my concern is that if we do that, then we're essentially back on fox news or msnbc on the split screen just arguing back and forth. so my hope would be that we can just focus on the issues of how we actually get a bill done. and this would probably be a good time to turn it over to secretary sebelius -- >> could i just say, mr. president, the american people care about what we did and how we did it. i think it's a subject that i think we should discuss. >> they absolutely do care about it, john, and i think that the it, john, and i think that the way you ch obviously would get some strong objections from the other side. we can have a debate about process or we can have a debate about how we're actually going to help the american people at this point.

i will forever be grateful to my friends and colleagues john kerry and chris dodd and so many others for their warm and generous welcome to the senate. we shared a bond of sorrow with every other senator, that the realization that after 47 years of legendary service, ted kennedy would no longer be occupying this desk. it was a time of emotional stirring, to be sure, but i found resolved in the certainty that senator kennedy himself would be the first or just to persevere and that that attention to senate duties was the most obvious way i could honor his memory. in undertaking those duties, i thank the majority leader harry reid and his entire leadership team for their encouragement, support, and wise counsel, and i thank the assistant majority leader dick durbin of illinois for his very generous remarks about me on the floor earlier today. and i thank my senate freshman colleagues who have been a source of strength to me and i predict will be a source of strength and leadership in this great body in the years to come. to all my colleagues on both sides of the aisle, to the officials

thank you. >> thank you very much, is your chairman. >> chairman dodd, ranking member transfer, thankyou for the opportunity to testify for this committee about financial reform. in particular about the recent proposals to brand a certain risky financial activities of banking firms and prevent excessive in the factor. the recent proposals complement a much broader set of reforms proposed by the administration in june, passed by the house in december and currently under active consideration by this committee. we worked closely with you and with your staffs over the past year we look forward to working with you to incorporate these additional proposals into comprehensive legislation. the goals of financial reform are simple. to make the markets for consumers and investors are an efficient, to fully the foundation or a safer more stable financial system, less prone to panic and crisis, to safeguard american taxpayers for brand risks that ought to be born by shareholders and creditors and to end once and for all the dangerous perception that many financial institution is too big to fail.

we go through senator dodd's committee. senator dodd has been very supportive. i think the administration has gotten on board. i think we could see passage of this legislation fairly soon. >> i will just add real briefly, it happened quickly in an effort unanimously. about ten days ago the senate passed this broad, tough iran sanctions bill unanimously, as they said. it is on its way to a conference with the house. a very similar bill. i want to mention that senator mccain and i introduced this proposal as an amendment to that bill. for procedural reasons senator mccain graciously agreed to let the main bill go forward. i feel optimistic, and i have talked to the chairman in the house about this. we have cut a real good possibility to have this proposal of hours be adopted by the conference committee as part of the broader iran sanctions bill in that that bill will come out to both chambers fairly soon. and i think that after they announcement today that they have gone to 20 percent enrichment really builds the case here, and i hope that the united nations for m

senator chris dodd who chairs the panel says while he supports the proposal, piling on too many new ideas would be a mistake. ross. >> nicole, now, the european commission will today signal its approval of greece's plan to slash its ballooning deficit. the commission president says the plan is feasible, but the risks remain. last night, the creek prime minister outlined additional measures to cut spending, which included a sector salary and a hike in fuel practices. greece has promised to bring its debt to ge ratio below by 2013. at the moment, it stands around 13%. >> and guess what is my top story today, ross? it's toyota once again saying its north american and japanese dealers have received several complaints about the new preyumm hybrid. people have experienced difficulty when breaking or driving or bumpy roads. the company first heard of the complaints in december, but there were no accidents related to the matter. separately, the wall street journal reports that toyota will be sending checks to its dealers in the u.s. to help cover the cost of fixing faulty gas pedals. in tokyo, th

chairman dodd has previously proposed stripping the bed of its regulatory authority allowing you and your colleagues to focus on the monetary policy, lender of last resort and payment system functions and so forth. on the other hand some on the committee have argued in favor of allowing the fed to retain some type of regulatory authority over the largest institutions, perhaps some of the others. what do you see, how do you see such an approach as a net positive or net native here? what would you do as chairman of the board of governors of the fed if you were, if the will of congress was to give the fed another opportunity to be a regulator what would you changed considering all the problems that we have had in the last seven years in the process? >> thank you, senator. as you know i think that stripping the federal reserve of supervisory authorities in light of the recent crisis would be a great mistake for several reasons. first, we have learned from the crisis large complex financial firms that pose a threat to the stability of the financial system needed strawn, consolidated super

the point that tom harkin made, the point that chris dodd made, the point that henry made and a number other people made i think is very important to understand. i did not propose and i don't think any of the democrats proposed something complicated just for the sake of being complicated. we'd love to have a five-page bill. it would save an awful lot of work. the reason we didn't do it, it turns out that baby steps don't get you to the place where people need to go. they need help right now. and so a step by step approach sounds good in theory, but the problem is, for example, we can't solve the pre-existing condition problem if we don't do something about coverage. now, it is absolutely true, and i think this is important to get on the table, because we dance around this sometimes. in order to help the 30 million, that's going to cost some money. the primary way we do it is to say, for example, the people who currently get their income in capital gains and dividends, they don't pay a medicare tax, even though the guy who cleans the building for them does on his salary or his wages. an

chris dodd knows that.t want to speak for him, but leno's the bill is not going to pass the senate that has freestanding consumer protection agencies. i sensed a willingness on both sides of the aisle to seek a consumer protection, increasing as there were lapses there. but it does not in any way overwhelm the safety of bank regulation sides. we cannot lead a trump that side. i feel the desire to make that balance. what we want to do with negotiations is build some trust, working to those issues on the front end that we can reach easy consensus on. we cannot just get consensus under evidence. or on systemic risk. resolutions, making sure the entire notion of too big to fail freeze the american vocabulary. people know that if companies fail, they will fail. working through those, so that there's actually some trust and that we can reach an agreement on things. i feel that as a part of this bill, the issue of consumer protection will be dealt with in a way that seeks that bond. host: can congress reach a cons

remember, chairman dodd in the health committee held weeks of markups, and in the bill that he reported out of that committee, there's more than 150 republican amendments that are part of that legislation. the same happened with chairman baucus in the finance committee and that's what we brought to the floor. so the bill on the floor that my friend lamar is lamenting here has significant input from the republicans. so let's look at the facts a little bit more. because they can be stubborn, you know. harvard just completed a study that shows 45,000 americans die every year because they don't have health insurance. almost a thousand a week in america. in 2008, about 750,000 bankruptcies were filed. about 70% of those bankruptcies were filed because of health care costs. 80% of the people that filed for bankruptcy because of health care costs had health insurance. america is the only country in the world where if you get sick or hurt you're going to have to file bankruptcy. 750,000 bankruptcies in 2008. these facts show the story that i told about jesus is not just a story of some young bu