senator dodd helped lead the opposition to it. under the leadership of richard shelby, senate republicans passed the bill through the banking committee it that the attack to the heart of the+ problem, the excessive buildup of leverage address within the mortgage portfolios. that bill was written up by the fed. at that time, these institutions were leveraged at 100-1. this was the warning that thee3 pending collapse in the financial system if this was not addressed. in 2006, i was reported that the white house, treasury department, and treasury reserve lined up behind mm. shelby and senate republicans, but he was never able to bring this bill to the floor because of opposition by democrats. i carry the opposition on the house side. -- i carried the opposition on the house side. i want to roll the dice a little bit more in this situation toward subsidizing housing. i want to go to something that president clinton said. in 2008, he said, " i think the responsibility that the democrats have may rest moret in resisting any efforts by r

. >> i want to thank chairman dodd and chairman frank and colleagues. is a privilege to participate in this conference committee and to contribute to reconciling the financial reforms bills passed in the house and senate. the magnitude of the moment and importance of the work before shouldot be underestimated. not since the great depreion have members of congress strive to implement such strong unnecessary financial reforms. a failed an antiquated regulatory framework resulti from a blind commitment to deregulati lead to uncontrolled systemic risk and a tuation where a handful of financial firms nely brought the entire american economy to its knees. systemic risk result from size, leverage, and interconnectedness, and as we complete the work of reforming the regulatory frawork for financial ctor, we must they focused on reging systemic risk. our work here will only be successful if we effectively+ monito and mitigates the stemming risk while maintaining a light touch on non-specific rms annctivities. therare several key areas that plan to focus on in th

senator dodd helped lead the opposition to it. under the leadership of ricrd shelby, senate republicans passed the bilthrough the banking committee it that the attack to the heart of the+ problem, the excessive buildup of leverage address within the mortgage portfolios. that bill was wtten uby the fed. at that time, these institutions were leveraged at 100-1. this was the warning that thee3 pending collapse in the financial system if this was not addressed. in 2006, i was reported that the white house, treasury department, d treasury reserve lined up behind mm. shelby and senate republicans, but he was never able to bring this bill to the floor because of oppositio by democrats. i carry the opposition on the house side -- carried t opposition on the house side. i want to roll the dice a little bit more in this situation toward subsidizing housing. i want to go to something that president clinton said. in 2008, he said, " i tnk the responsibility that the democrats have may rest moret in resisting any efforts by republicans in the

we would not been able to pass this legislation without the shelby-dodd amendment that carried a 93-5. the language that we crafted create an orderly liquidation authority for the purpose of ending too big to fail. most financial firms ould still go through the normal bankruptcy process if they fail. the new liquidation authority would be used very rarely and have to be -- we have put in high hurdles to trigger its use. its use, the liquidation process would provide for an orderly winding down of complex institutions while still forcing shareholders to be wiped out and creditors to bear on losses. any payments to creditors would be clawed back and a large financial companies will be assessed to ensure that taxpayers do not lose a penny. the house has provisions that are very similar. from the house offer, we can't accept -- we can accept is studying the impact of securing creditor hair cuts. one modification we would make it to have the counsel to the study said that they have the benefit of the experience represented by the different agencies on the council including the fdic. we als

called the dodd-frank wall street reform bill. senator dodd even said about it, quote, no one will know until this is actually in place how it works. unquote. that's no way to do business. the fundamental assumption of this bill is that since the smart people regulating banks let us down, we should just hire really, really smart people to prevent it from happening again that assumption is not only false, it's dangerous. when the government picks winners and losers, the nation loses. if my colleagues on the other side of the aisle believe the same leg reg lators who failed to see the housing crisis are going to see the next chi sis thanks to heavy handed government regulation, the american people would say to the democrats in charge that they put too much faith in the power of washington to see the future. the fundamental question we've got to answer is, if this law were in place in 2008, would it have prevented the crisis? the answer to that question is clearly no. more os preive, job-killing regulation isn't the answer. what we n

it was a dodd-frank. it was an interesting pairing, even with the wind at their backs politically because they were opposing the big banks and everything else. there was enormous political and economic power to00 dilute and diminish what they were about. and i think what they've accomplished is significant. obviously, it enhances the president's hand as he goes to the g-20 in toronto, unlike his trip to copenhagen where he went without any prospect of an energy , climate-control bill to the last conference. i think he's in an enhanced position now to request, demand, insist upon similar measures by our allies. >> woodruff: i'm referring to what the markets having gone up today and the credit being given to the fact that banks felt this is better than what they could have-- >> oh, okay. >> woodruff: does this prevent another meltdown? >> does it prevent-- i think it certainly is a vast improvement. whether in fact it does -- doesn't guarantee a meltdown. we never-- you know, we can't do that. i think there

i urge you to vote aye on the dodd-frank wall street reform and consumer protection act. thank you, mr. speaker. the speaker pro tempore: the gentleman from alabama. mr. bachus: mr. speaker, at this time i have no other speakers and would like to reserve the balance of my time until the gentleman from massachusetts has no further speakers and is prepared to close. thank you, mr. chairman. i surrender -- yield myself such time as i may consume. the speaker pro tempore: the gentleman is -- the gentleman is recognized. mr. bachus: mr. chairman, i hear two people that i know are leaders of the majority and they each, mr. hoyer and ms. pelosi, and i know they appear to be sincere when they say that never again will the american people be asked to bail out those on wall street who made reckless deals. no longer will the taxpayer be put on the hook. but there's an inconvenient truth here for my democratic friends and that's the clear wording of the bill. i mean, i think the elementary that before we pass legislation that we read it. and i would not repeat this except my colleagu

thank you to chairman frank and is chairman dodd. i respect the hard work and hours that you have put in to try to come up with reform in this financial-services community and regulatory reform. i know the you have worked hard. i respect that the and the i am like senator reid. i really did like the proposal that would tax the too big to fail banks. i am sorry that we gave in to the senate. that proposal got lost. we ended up with something that supposedly was targeted to reducing the deficit 25 years from now or something. i am concerned about the foreclosure crisis in this country. i know it may not be a popular thing to talk about. there are those that would have you believe that every body fat is in a foreclosure crisis. everybody that is in the foreclosure crisis is at the fault of the homeowner. there are those that would have you believe that they were just irresponsible. what they cannot explain is why all of this happen at a certain time and why so many homeowners all across the country all of a sudden ended up with mortgage

dodd and mr. sarbanes blocked those reforms in the senate. luckily some members from the other side have noted this failure. in 2008 president clinton said i think the responsibility that the democrats have may rst more in resisting any efforts by republicans in the congress or by me when i was president to put some standards and tighten up a little on fannie mae and freddie mac. it is unfortunate that we lost that battle. our housing market, our financial sector, and the broader economy are dealing with the consequences of that very systemic shock that the fed had anticipated and warned us about. today despite what some may claim, we are not advocating for the elimb -- elimination of the g.s.e.'s tomorrow but we want them addressed in this legislation. the speaker pro tempore: the gentleman from massachusetts is recognized. mr. mcgovern: i yield 30 seconds to the gentleman from massachusetts. the speaker pro tempore: the gentleman from massachusetts is recognized for 30 seconds. mr. frank: it's wholly inaccurate because of the incomplete his

dodd: mr. president, let me -- let me begin by expressing my deep sorrow and my condolences to robert c. byrd's family. and that family includes, obviously, not only his direct and immediate family, but obviously the literally leanin s of people who worked for robert c. byrd, worked with him, in both the house of representatives and this body for the more than five decades that he served in the united states congress. i suspect i'm one of a handful of people left who remembers the day when i was 7 years old in e gallery of the house of representatives watching my father be sworn in as a new congressman. watching my father and a young 34-year-old west virgiaian med robert c. byrd to be sworn in as a member of the hou on january 3, 1953. seven years later, at the age of 14i was in the galleries of this chamber when i watched my father adds his gre -- and his great friend be sworn in together on january 3, 1959, as members of the united stas senate. and two years later, as a 14-year-old sitting on

but i agree as i said earlier with chairman dodd who has called this a stall technique.nd i would hope the chairman would call the question so we could get back to the main bill. >> is there further debate? >> mr. chairman, i have a second-degree amendment at the desk. >> let me hold off. yes. the clerk will -- >> the second-degree amendment -- >> has it been distributed? >> now, sir. >> thank you. >> then, how long is it? >> one word. >> the clerk will read it. >> page 1629 line nine, conservatorship and insert public private status. line 13, strike while minimizing the cost to taxpayers and insert providing that taxpayers shall bear no new losses from the exercise of any authority under their conservatorship. >> let me ask the gentleman. it's in addition to the word new? >> yes, mr. chairman. >> i would say note that the effect of this is simply to extend the debate. i'm sorry, that's the effect of it. the effect of this will be that everybody's already spoken will be allowed to speak again. i'm not going to sit and subject the members to a repeat of the speeches over

[unintelligible] [inaudible] ñxu>> senator dodd and i triedr best to get this done.as things happen, we got a lot of legislation prepared. if you intend to focus [no audio] [inaudible] risk retention requirements, but the volcker, the widespread use of derivatives, it is not everything we would like. in every area we mentioned, there have been advances. there was a difference in this bill. when we were debating this in the house last year, house -- health care was getting all the attention. it was not as strong a bill as i would have liked to and been able to bring out because we were not getting public attention. my initial thought was that it was a much tougher job. once we passed health care, the american public began to focus on this through the media. this is a better bill than it would have been because the american public focused on it. in addition to the substance, i hope people will get a sense that we worry about big money. it is reassuring to know that when public opinion gets engaged, it will win. our staff is full of the most extraordinary people, i agre

you mentioned chris dodd. what you make of their work? guest: it has been a long time coming.he house bill was done several months ago. the senate bill has some starts and fits, and finally got over the finish line, took a lot of wrangling and the senate, but got it done. people must remember that3 senate. in the senate you basically have to have 60 votes to pass anything controversial. they did that. the conference, conferees -- the house and senate bills must be reconciled. they are starting that process, last week thursday. there will begin today at 11:00 a.m. the house gets to run the conference. they switch back and forth. barney frank will be the chairman of the conference. they have to push the bill through by the fourth of july. host: they started late this morning and we will be there again today. connecticut tripp baird, first call, from the independent line. caller: good morning. i would like to say that if our legislators remember that we are republic and our constitution is document the should have adhered to, instead of being run by parties -- we were never meant

from the congress of the united states of america and i also believe that we should thank senator dodd becaase he has the senate concurrent resolution number 3 that has 15 senators who have signed onto it and hopefully will pass the senate. i'm asking all of my colleagues to please support this legislation because the naacp made it possible for us to sleep where we sleep, because of shelly vs. cramer, it allows us to eat where we eat because of brown vs. the board of education and other cases associated with this. so literally, we live where we live, we sleep where we sleep and we eat where we eat because of the naacp. it has earned the right to be recognized by the congress of the united states of america. and i beg that my colleagues would support this resolution. i yield back the balance of my time. you the speaker pro tempore: the gentleman yields back the balance of his time. the gentleman from tennessee. >> thank you, mr. speaker. i appreciate the work of congressman green from houston. mr. cohen: i look at him and mr. smith, i think about my weekend trip this past weekend. i wen

we hear remarks from senator dodd, the banking chair, and the financial services subcommittee chair.this is about one hour. >> let me explain voting on the floor of the house. we will only get underway with chairman frank's permission. we begin opening statements on the senate side. i will make a motion to nominate chairman frank as the chairman of the conference. we will then proceed in the order we have laid out for opening statements to be made by all of our colleagues that are interested in making them. let me say at the outset that this is not a terribly common occurrence it -- to have conference committees. this may be the first time we have had a conference committee on c-span. i think it is a great value to the public of this country. secondly, the basic text will be considering over the coming weeks is on the web site -- banking.senate.gov and there is a side-by-side comparrson of those two bills as well. those not in washington, you can certainly look at the bill itself in a comparison of the two pieces of legislation passed from the two bodies. i will make a few opening co

senator dodd uttered what almost everyone else in the room was thinking. is that still the mood right now? guest: i think there's a little bit of hope as we begin this next week of negotiations, that will maybe give a little more resolution. it is very hard to get to resolution on the big items last week. going into today's conference that two big issues on the docket our consumer protection and interchange fees. yesterday an agreement was reached on this. maybe this is something that will work this week. host: how much pressure is there to get it wrapped up this week? guest: there is not. i think the white house has been interested in getting wrapped up. president, goes to toronto this weekend to meet with g-20 leaders. this legislation, if wrapped up, would give him leverage when speaking with foreign leaders to press them to reform their own banking systems as well. host: talk to us about what happened yesterday. it sounds like they came near a deal regarding the volcker rule. guest: the volcker rule is a rule proposed by the former fed chairman, now wh

speaker, this is the barney frank-chris dodd bill. those two fellows that have put this together, they didn't find a way to put any regulation on fannie and freddie, but their bill under section 113, regulation of certain nonbank financial companies, it says, the council, the regulating counsel shall consider, and i quote, the importance of the company as a source of credit for low income, minority or underserved communities and the impact that the failure of such company would have on the availability of credit in such communities. close quote. that means when determining whether a u.s. nonbank financial company shall be supervised by the board of governors and subject to prudential standards. in other words, this importance of the company as a source of credit for low-income minority and underserved communities, it means the government is going to look differently at these companies if they are serving a minority community, which means their capital requirements are likely to be less. their regulatory requirements are likely to be l

dodd: mr. president, let me -- let me begin by expressing my deep sorrow and my condolences to robert c. byrd's family. and that family includes, obviously, not only his direct and immediate family, but obviously the literally leanin s of people who worked for robert c. byrd, worked with him, in both the house of representatives and this body for the more than five decades that he served in the united states congress. i suspect i'm one of a handful of people left who remembers the day when i was 7 years old in e gallery of the house of representatives watching my father be sworn in as a new congressman. watching my father and a young 34-year-old west virgiaian med robert c. byrd to be sworn in as a member of the hou on january 3, 1953. seven years later, at the age of 14i was in the galleries of this chamber when i watched my father adds his gre -- and his great friend be sworn in together on january 3, 1959, as members of the united stas senate. and two years later, as a 14-year-old sitting on

senator dodd helped lead the opposition to it. under the leadership of chuck hegel and richard shelby, senate republicans assed a bill through the banking committee that attacked the heart of the problem, the excessive buildup of leverage and risk within the mortgage portfolios. that bill was written by the fed. these institutions or leveraged through arbitrageeat 100 to one. this was the warning that the fed was giving us about the pending collapse in the financial system of this was not addressed. as "the wall street journal" reported, the white house, treasury, and federal reserve lined up but he was never able to bring this bill to the floor democrats. i carried the amendment on the house side. mr. frank's comments sums of one line of argument. "and do not want the same focus on safety and soundness we had in occ and ots. i want to roll the dice in the situation toward subsidizing housing." i wwuld like to go to something president clinton said. he said, "i think that responsibility the democrats have, in resisting efforts by

one of the many that passed was the in shelby-dodd amendment. we were able to and bailouts, one of the most contentious issues of our proposal. this conference represents an extraordinary time in the banking committee. we are currently part is putting into conference is at once. this bill and the house foreign affairs committee and the iran sanctions legislation. the last time the conference was held was 2003 for the fact tax. only one of two completed in the four years that my good friend and colleague from alabama was chairman of the committee. continuing that spirit of bipartisanship, the minority is as relevant as they choose in these discussions. i welcome constructive input so we work to finalize the essential reforms we need to ensure the long-term stability of our financial system i do not want to see this bill weekend at all. chairman frank and i present this before you. it is essentially the senate bill would valuable additions from colleagues from the house. the text is not the final word. it is a jumping off point for what i expect t

. >> the things she love dodd, she's no longer able to do. >> the legal things are not known to him.l send you to jail. you'd better keep me there because i'll do it again when i come out. >> the documentary kevorkian begins the 28th on hbo. you turned 82 in may, right? >> 83. >> how's your health? >> not so good. i'm weak. i got badly ill in the last year of prison. some illness. it looked like a severe flu, but i've never recovered the full strength i had before. you know, i'm usually pretty lively. >> are you accepting of death? >> you have to. >> i know you have no choice. >> yeah, you have no choice. >> how do you deal with it mentally? >> like everybody else. when you're feeling well, you hate to leave it. life is niechls but when you've got affliction that's so persistent and torturous, you change your mind. >> have you helped anyone since getting out of prison? >> no. >> because? >> several reasons. first, two years on parole i couldn't. i'd be back in prison. and if i do it again, you just create turmoil. you don't create any advance. >> is this being done not the way you di

on this form, it said that the objective is to establish a relationship with senator dodd and get himto vote for our lobbying priority. >> brody mullins of "the wall street journal." thank you for joining us. >> thanks for having me. >> for a dvd copy of this program, call 1-877-662-7726. for a free transcript or to give us your comments about this program, visit us at qanda.org. [captioning performed by national captioning institute] [captions copyright national cable satellite corp. 2010] . .

on this form, it said that the objective is to establish a relationship with senator dodd and get him to vote for a lobbying priority. >> brody mullins of "the wall street journal." they give for joining us. >> thanks for having me. >> for a dvd copy of this program, called 1-877-662-7726. for free transcript or to give us your comments about this program, visit us at qanda.org. >> tonight, "prime minister's questions" with conservative party leader david cameron. also, arkansas democratic senator candidatesbill ahlter. monday, the campaign for america's future's annual conference with a gathering of self-described progressive. they will look at the political climate and midterm elections. speakers include auriana huffington and nt stern, former president of the service employees international union. it is like, starting at 11:00 a.m. eastern, here on c-span. >> c-span, our public affairs coen

on this form, it said that the objective is to establish a relationship with senator dodd and get him to vote for our lobbying priority. >> brody mullins of "the wall street journal." thank you for joining us. >> thanks for having me. this was great. h>> for a dvd copy of this program, call 1-877-662-7726. for a free transcript or to give us your comments about this program, visit us at qanda.org. in a "" -- q&a programs are also available as podcasts. [captioning performed by national captioning institute] [captions copyright national cable satellite corp. 2010] >> monday, a battery with self- described progressives. we have a look of a political climate and the political happenings. that is live, starting at 11:00 a.m. eastern, here on c-span. >> monday -- efforts to expand broadband in oregon and how that would affect other states with the public utility commissioner of oregon. also, a discussion of what time warner's recent restructuring means for their customers. that is on "the communicators" on c-span2. >> we have new books for you. they all have a unique, contemporaryer

i would like to thank chris dodd , staff, my ranking member, ms. ros-lehtinen, mr. hoyer, and mr. cantor, all the conferees. the staff director for the minority, he drives a hard bargain. and the wonderful staff on our side led by rick kasler, mr. daniel silverbuug, ed rice, and robert marcus. and with that, i urge all my colleagues to suppprt the legislation and i yield back the balance of my time. the speaker pro tempore: the gentleman yields back. those in favor say aye. those opposed no. the rules suspended. the conference report is agreed to. without objection the motion -- mr. berman: mr. speaker, may i ask for a recorded vote. the speaker pro tempore: the gentleman asks for the yeas and nays. all those in favor, those remain standing. sufficient number having risen, further proceedings on this motion will be postponed. pursuant to clause 8 of rule 20, a motion to suspend the rules previously postponed. votes will be taken in the following order. motion to suspend the rules by the yeas and nays. motion to suspend the rules on the conference report of h.r. 2194 by the yeas an

barney frank and chris dodd both vowed to finish the talks by the end of thursday. the biggest issues remaining today and tomorrow relate to the part of the bill known as the volcker rule. basically, it is an effort to limit or ban trading by banks -- what is known as proprietary trading. host: silla brush, go ahead. guest: the other outstanding issue is the extremely controversial provision from senatoo blanche lincoln to restrict trading of derivatives. host: that made the front page of "the wall street journal" this morning. this is the front page of "the wall street journal." basically, she wants to -- what is she trying to do, mr. br ush? guest: that is related to a separate provision in the bill, but something she is pushing for a bank in her state. host: on the volcker rule, in ""he washington post" there's a story that senator brown is trying to change some language for a bank in his state, as well. guest: in may, he raised concerns about the volcker rule and its potential to impact banks and other insurance companies in his state -- in his home state of mas

and that is that senator dodd touched on it. a lot of these kids in school have a lot of problems that have nothing to do with their brain power but has to do with their emotional structure, their whole structure -- you talked about that. these kids come from a home that the safest place they go to is a school. they see violence. they have bad diets, bad health . they're lucky -- some of them are even lucky if they have single parent around. many don't have that. and so they bring a lot of baggage with them to school. and they see they're not trained child psychologists. they don't understand child development. maybe some do a little bit. that's not their forte. that's not why they're there. they're there to impart learning, to get kids to learn. maybe we don't need the structure of a classroom and a teacher any longer. maybe we need the structure of a classroom and a structure and a good child development/child psychologist also in that classroom. to handle the emotional and other structural problems of these kids. >> we had a

we got chris dodd, the good buddy of -- what's the name of countryside, countryside mortgage? and these guys haven't been to japan yet. those are the problems that need to be fixed. and, of course, as long as the democrats are in charge, we're not going to have any changes, not going to have any changes, are we? we're regulating all kinds of things that have nothing to do, zero to do with the prices. host: all right. we're going to leave it there. in the "wall street journal" this morning, looking at what's this morning, looking at what's in the bill for banks, we've got a couple of items regarding the volker rule. largely -- largest firm from trading with their own funds, banks can make small investments in heege and private equity funds limited to 3% or less of a bank's capital and banks may not bail out funds in which they are invested. back to the phones. brooklyn, new york, on our line for democrats. good morning. caller: did you say james? host: yes, james, go ahead. caller: good morning. and thanks for taking my call. i'm listening to these guys talking about the democr

the senate's counteroffer on title vii has been very well described by chairman dodd. it is a testimony to the importance of working together and pulling together good ideas, good minds, common ground, to find common sense solutions to these issues that our nation has faced. the challenge of negotiating a complicated bill isn' finding a way to move forward and make it work for all sides. our financial system is complicated, integrated, and our time is limited. we could not afford to begin our heel -- dig in our heels. i would note to my colleagues that much attention has been focused on the section 716. i would also suggest that you look at the rest of what has been done. it prevents future bailouts and addresses too big to fail in an honest and sure way. the federal reserve and ftse will be prohibited from providing federal funds to bail out wall street firms. it will make banks get back to being banks. for the the bus -- for those of us who grew up in small towns, we understand how important it is to those who want to create jobs and access to capital that traditiona

i would like to thank chris dodd , staff, my ranking member, ms. ros-lehtinen, mr. hoyer, and mr. cantor, all the conferees. the staff director for the minority, he drives a hard bargain. and the wonderful staff on our side led by rick kasler, mr. daniel silverbuug, ed rice, and robert marcus. and with that, i urge all my colleagues to suppprt the legislation and i yield back the balance of my time. the speaker pro tempore: the gentleman yields back. those in favor say aye. those opposed no. the rules suspended. the conference report is agreed to. without objection the motion -- mr. berman: mr. speaker, may i ask for a recorded vote. the speaker pro tempore: the gentleman asks for the yeas and nays. all those in favor, those remain standing. sufficient number having risen, further proceedings on th >> today on c-span, a senate hearing for millinery -- military nominees to lead the forces in iraq and the afghanistan. then, republican senators discussed elena kagan. then, canadian prime minister stephen harper holds his closing comments at the g-20 summit in toronto. followed by tha

chairman chris dodd said he is doubtful it will happen in the senate this week, basically because you would have conflict with the funeral services and memorial service plans for robert byrd. iwe obviously have a recess next week and we will get to it when we return the week after that. host: thank you so much for your time this morning. back to your phone calls about whether we are headed for a double-dip recession. washington, d.c., alan, independent line. are you there? go ahead, what do you think? caller: yes, i think we are. host: why is that? caller: the republican party, we have to extend the unemployment. 1.4 million people out of work. you have to get these people so they can spend money and pay bills. host: is that enough? >> , i think that is one of the bigger problems. host: what do you do about the housing situation? caller: i haven't even thought about that. host: we will move on to hot springs village, arkansas. henry, independent line. what are your thoughts? caller: let me turn my tv off. host: that would be great. caller: the first thing i wanted to say, thank you so

i believe fire dodd god is a good man and i trust him. and he is my-- about the firs question, of course when we talk about borders and security it is the first stage, because if we comeo an ageement on se two issues, it doesn't mean the is isn't agreement because nothing agrees until everything is agreed is our slogan for 20 years. >> jerusalem is part of the occupied territory. not only the palestinians, even here in americ secretary rice who was the secretary, told us the occupied territories followi west bank and aza. i don't know whether you follow it or not. east jerusalem is unoccupied. i'm not asking to read abide. this is the eastern part in this is the western part of this is the capital of israel and th is the capital ofpalestine and there will be coordination between both parts. >> so it is a united city. >> we are divided now. everybody knows the orders, the palestinians and the israelis. this is ou, this is yours and this is good for t coexistence, right? concerning refugees an the other peace initiati, iop you will read it.

i was proud to serve with, among other of my colleagues, senator dodd on the conference committee, and i want to recognize the hard work he has done to create a strong sanctions bill. these sanctions, i believe, will deter the threat iran poses to u.s. national security because of its suspected nuclear weapons program, a country that has huge oil reserves, clearly doesn't need nuclear power for nuclear energy. and, therefore, between its stated goals and its actions, creates, i believe, a threat to the national security of the united states. i've been eager for today's vote, and during the process of the conference committee have advocated for the strongest sanctions possible. i believe deeply that we must apply maximum pressure to the iranian regime, that it is a growing threat to the region, the world, and a threat to its own people. in my view, tightening the screws on the iranian regime generally advances the cause of stability and peace in the middle east, as well as our own national security. these sanctions are an essential means to that end. now, i've seen what the united natio

dodd will speak. i'm sure that he and the gentlem from alabama, the ranking republin, may even -- mr. shelby, maye speaking. the chairn and i both srved with m. shelby. i surthere will b discussions with the ranking republican from r sidehat may not be in the context of the conferenelf where there be camas, but the will be an opportunity to off amendmentsnd fully debate an iscuss varusptio, and i think that's frankly -- i've nobeen too pleased personally wh the fact that we don't have a lot of conferences. i thinconferences e od. i think they accomplish a worthy objective of bringi reconciliatiobetween the tw houses and,rankly, ging an opportunity for eac perspecte that's represented on the conrence toe articulated. i think this will be from that standpoint a model confce. i think mr. frank does intend, as he has said, to have an open conference withull bate and voting in the light of day on various different prols. gentleman for that. e in the spirit owanting to try toork together in savel manr and t

after the vote, senator christopher dodd and barney frank talk to reporters about the bill. >> i asked the clerk to call the house members who are all entitled to vote on this. >> will be conforming to technical -- do we as consent for that to occur? >> the effort will be to get this bill on to the internet as the title is red, and expect a vote on tuesday. the clerk will now call the roll -- >> when will we anticipate seeing the technical amendments? >> can i ask the staff -- as we produce them, some tomorrow, i would object to a staff member that came in here before noon tomorrow, i think. today. [applause] senate staff will be at their desks at 8:30 this morning. >> having slept there for the next couple of hours. i asked that a clear cola role on the passage of the financial reform bill. >> the chairman votes aye. ms. waters votes aye. mrs. maloeny vo-- maloney votes aye. mr. gutierrez votes aye by proxy. ms kilroy votes aye by proxy. mr. peters votes aye. mr. peterson votes aye by proxy. mr. boswell votes aye by proxy. mr. waxman votes aye by proxy. mr. conyers votes aye by proxy.

i was just in shock, says michael lewis, as members of congress from chris dodd to dick durbin, saying it is a book that must be read. the front page of politico and also online at politico.com. the conversation on line is going on in earnest. this view were saying -- -- viewer saying -- next from fairfield, iowa. caller: good afternoon to. i had the opportunity to visit with you. we are simply in trouble and what we had is a president who is incapable and will never get out of it. we need to get rid of him and pushed the democrats out and go back to a one-on-one debate and then we will have something. thank you. host: thank you. from "the guardian" this morning. over the weekend, ariana huffington dubbed mr. obama "the nowhere man." charles joining us from springfield, massachusetts. good morning. caller: i was thinking that what is going on right now is sort of a reflection of what went on at kyoto. it seems as though america is being challenged by these emerging powers. you have the situation in north korea where we are completely reliance on the chinese. and the situation with iran

starting just half an hour ago, live conference committee continues with chairman barney frank and chris dodd on the financial regulation. we are also straining its on c- span.org. as you heard from our guest, there are getting down to the tough, big issues, including derivatives. the senate today is back to the latest version of the tax extenders bill -- iran actions. the house will be coming in soon. it looks like something is holding them up on the door. first of all, a bill called the campaign finance disclosure bill, and later on, conference report on the iran sanctions, which of the senate is handling as well. thanks for being with us. have a good thursday. see you tomorrow. [capttoning performed by national captioning institute] [captions copyright national cable satellite corp. 2010] the speaker: the house will be in order. the prayer will be offered by the guest chaplain, calvary united methodist church, annapolis, maryland. the chaplain: let us pray. for a few passing years, o god, you have entrusted these representatives with the gift of authority and leadership. may they do no har

it was started by sonora dodd. she recognized her father in 1909. a civil war veteean who raised six children on his own after the death of his wife. from there, the city of spokane established the first celebration of father's day at the local ymca in 1910 and in the year's following the celebration spread around the nation. the resolution that we are considering today is a way to demonstration our appreciation to fathers everywhere and to recognize the critical role that they play in our lives. research in the field confirms that children whose fathers play a significant role in their lives are much more likely to lead productive and healthy lives. moreover, children with involved fathers are much more likely to have close, encluring -- enduring relationships. i'd like to congratulation spokane on its 100th anniversary and recognize the fatheers out there who have and continue to do so much for children and their families. i yield back the balance of our time. the speaker pro tempore: the gentlelady yields back her time. the gentlelady -- the gent

guest: i think chairman frank and senate banking committee chairman chris dodd of both said their staffs have been working over the past several weeks, or a month or so, to go through differences in the bill. and certainly lawmakers outside of sort of the publicly televised portion of the conference agreement. certainly lawmakers outside of the room and the private sessions will be negotiating and sort of coming to agreement, hopefully. all the different provisions. -- on the different provisions. what may in public might represent a culmination of what was agreed to in private, in other cases there might be public -- but both will be part of the process. host: what about the the people who seek to influence the -- the amounts of money and access? how does that process work in this town wanted moves through the conference committee? guest: will be swarming the town of on numerous provisions on this bill. they have been looking at this since january of last year. this is the final stage and there are several very important provisions that lobbyists from the financial industry and working

senator dodd has to keep liberals like maria cantwell, russ feingold, some of the more liberal wing of voting for this bill, or he is going to have to get more republicans to vote for it. on the house side, more moderate democrats threatening to withhold support. host: on the theory that dynamics and the room affect the outcome. they have been added for a long time. they have got to be tired. at this point, is that light of the end of the tunnel fuelling adrenalin or are they really tired and you can see the effects? guest: no doubt they are tired. it kind of is like the wimbledon match tied at 59 match points, these last two issues are kind of how all of us will judge whether or not this has been a worthwhile effort, to the degree of which they will try to change the system they had that got us into this financial crisis. host: now it is time to find the energy to get through it. guest: the other part is the ball or rule, whether banks -- volcker rule, where at the spin off proprietary trainee -- trading so they did not blurred the lines. it affects really the largest banks of the cou

senator dodd has long advocated for a council to monitor the financial system. this amendment will ensure that the council actually has teeth. furthermore, requiring the council to approve changes to capital requirements will help address the problem of regulatory caps. far too often, financial regulators become captured by the financial institutions that they regulate. as a result, the rules that they have developed has not been as robust as they need to be. requiring the council to approve capital requirements promulgated by federal banking regulators will help insure that capital requirements are not watered- down. requiring the council to approve capital requirements will also improve accountability for financial regulation. the amendment will require the treasury secretary to vote to approve any rule on capital requirements before self-rule can become affected. as a result, if the capital requirements undermine the stability of our financial system, it will be clear that this administration is the blames and that it will be easier for the voting public to h

and it be appropriately capitalize away appreciate the gentleman and certainly appreciate chairman dodd. >> is there further debate on the chambliss amendment on the senate side? senator gregg. >> the goal here is to have. >> speak up into the microphone. >> the goal here is to have a robot market that does not have systemic risk in it to the extent we can accomplish that. the way you get to that point of course is by having transparency and by moving as much as you can onto clearinghouses and exchanges, which this bill attempts to do. is spinning out of the swap disk basically does very little in the area of putting more soundness and safety into the system. and is the senator from georgia pointed out it will probably lead to a fairly significant contraction in credit and derivatives that a nobody in this country. for no apparent gain. i mean it is not going to make it safer, does not going to make it sound or. state ian soundness in the derivative market will come from higher margins, responsibility, higher liquidity as a result of clearinghouse activity for having these instruments o

prior to meeting with president abbas, the secretary met with chris dodd as part of our ongoing consultationsng iran sanctions legislation. this is an example of wide- ranging discussions that the secretary has maintained with members of both chambers and both parties on iran, budget, and other issues of importance to the department of state. we see this as important legislation. it is an opportunity at the national level to build on a u.n. security council resolution. we discussed a variety of concerns with the chairman. i will not go into specifics, but wwnt to ensure the legislature supports our ongoing efforts to enforce resolution 1929. that has flexibility so we can were cooperative with the international community. what is within the legislation must be implemented and focused on the areas of greatest concern with the run. later this afternoon, the secretary will be meeting with the australian ambassador. among other things, she will express gratitude for australia's help today in locating the young woman who was traveling around the world. she will think the ambassador for australia's