the dodd-frank bill will not enhance systemic stability. it will not prevent future bailouts of politically favored institutions and groups by the government. the bill serves to expand the beryl bureaucracy and government-controlled private sector. it will impose large costs on the taxpayers and businesses. for these reasons, i urge my colleagues to reject this bill. i note the absence of a quorum. the presiding officer: the clerk will call the roll. mr. dodd: madam president? the presiding officer: the senator from connecticut. mr. dodd: well, madam president, let me thank my colleague from alabama once again. i say this with respect, but i almost feel like i'm listening to the same speech i heard back in november when i offered the original proposal of this bill. i'm wondering whether or not we have been in the same chamber, in the same city over the last several years. i'm not going to go in the time between now and 11:00 a.m. when we'll vote on the cloture motion. i won't go through the long list here, page after page after page of amen

i do not think that is the view that chris dodd takes. they have pretty significant differences on the consumer protection piece of the bill and other areas where it was unbridgeable. nonetheless, richard shelby -- this has been his argument for a couple weeks -- that there could have been a bill that would have gotten 80 votes. it would of been more bipartisan. there was a time when we thought this would be the one issue where this would be bipartisan support. it did not turn out that way. dick shelby is the one who has been boasting that most frequently lately -- voicing that most frequently lately. he held up that hope. >> what is next for the administration or democrats in congress in terms of financial legislation of any kind? what is on their radar screen? >> they are looking toward housing, housing policy, and looking at fannie mae and freddie mac. the two housing giants that were not dealt with in this bill. you have the deputy treasury secretary alluded to an upcoming -- to fix those two agencies. that is something that republica

but to do that, regulators will have to write 500 new rules implementing dodd-frank. and business advocates like david hirschman worry those regulatory decisions will determine the history that children read decades from now. >> i hope they will read that regulators implemented this correctly rather than exacerbate the current economic uncertainty. >> reporter: the president will sign the bill next week, and that picture might be set in the history books next to franklin roosevelt's, the last president to enact financial reforms this broad. darren gersh, "nightly business report," washington. >> susie: the other big story tonight-- goldman sachs will pay $550 million to settle charges it misled investors over mortgage-backed securities. that's the biggest fine the s.e.c. has ever imposed on a financial firm. the money will go to repay investors who lost billions in the goldman deals, and to the u.s. treasury. the settlement also requires the bank to review how it sells complex financial instruments. that's because one of the deals in question was crafted with help fro

christopher dodd himself said in june that it will affect every aspect of american life. we will see what it's like after it passes. nobody knows. there are 243 regulations that will have to be written per that will bring in lobbyists and lawyers and this is where the big banks and bacon cetaceans are the losers the small businesses are the losers here. >> even before the senate cast final bout, the house republican leader john behner was calling for its appeal that i think it will make a credit for -- order for the american people to get an order for businesses to get. the fact that it will publish -- punished every banker in america for the sins of a few on wall street. >> what is at the heart of all this is the people in this country who depend upon, have confidence, or trust shattered because they have lost so much. they have lost homes, jobs, retirement, and they have lost their confidence and trust in the financial system. >> with this legislation, the senate banking committee chairman christopher dodd says he wants to rebuild the trust in the american system. obama

sure, the dodd-frank act is flawed, but so was the state of affairs that preceded it. and there are at least three aspects of the law that could make things better. first, the bureau of consumer financial protection. it's a watered-down version of the agency originally proposed by the obama administration, and its certainly not going to put an end to financial flimflammery. but the bureau will command resources that individual consumers cant muster and follow priorities that differ from those of banks and their current regulators. that's a healthy development. then there's the new resolution authority for winding down troubled financial institutions other than banks. you know, like lehman brothers and a.i.g. it's far from perfect, but it's a lot better than what we had in the fall of 2008. finally, there are rules that will force most derivatives into the open, on exchanges and in clearinghouses. that's likely to make the derivatives business less profitable for banks, and less dangerous for the rest of us. i'm justin fox. >> susie: it was a day at the beach here at th

senators chris dodd and richard shelby. the senate judiciary committee votes on the supreme court nomination of elena kagan next thursday. members were scheduled to consider the nomination this week, but committee republicans asked for a week's delay. live coverage on c-span 3 at 10:00 a.m. eastern. . . >> good morning, everybody. we have been advised by the floor that there will be of vote on financial reform legislation. so while we are awaiting the arrival of lisa jackson, i am going to move ahead with the hearing. we are so pleased that dr. barry robinson is here from noaa. when he concludes, hopefully ms. jackson is here. if not, we will go forward to hearing our very able administrator from epa, whom i traveled to the golf with. this hearing will mel come to order. it is the official hearing of the commerce -- in this hearing will come to order. the purpose of the hearing is to determine what is it that we dispersants.is perso what is the impact is having on people, on real life, and on communities. what do we know it

does the dodd, frank financial overhaul dispel that cloud? >> no, it doesn't, john. they didn't deal with too big to fail. they didn't really get the casinos out of the banks. they got an enormous number of new regulations. the thing is half the size of the king james bible. it is confusing. businesses are upset about it. it's on core with obama care. it's online with that, which is a gigantic increase in the power and control of government and i don't think people think it's going to do anything good. >> how many new regulations? >> thousands. >> 243. how big are they? >> how big are they? >> yes. >> they're big. >> some of them are hundreds of pages in length. >> read it before you condemn it. eleanor. >> it's a big country, you need a lot of regulations. you need a list, and you have the right saying that it's crisping business. i think the president gets it just about right. he got with the political system could deliver. i wish it goes further. it goes plenty far enough. i think the next step has to do with to name elizabeth warren to head the consumer financial

the dodd-frank bill will not enhance systemic stability. it will not prevent future bailouts of politically favored institutions and groups by the government. the bill serves to expand the beryl bureaucracy and government-controlled private sector. it will impose large costs on the taxpayers and businesses. for these reasons, i urge my colleagues to reject this bill. i note the absence of a quorum. the presiding officer: the clerk will call the roll. mr. dodd: madam president? the presiding officer: the senator from connecticut. mr. dodd: well, madam president, let me thank my colleague from alabama once again. i say this with respect, but i almost feel like i'm listening to the same speech i heard back in november when i offered the original proposal of this bill. i'm wondering whether or not we have been in the same chamber, in the same city over the last several years. i'm not going to go in the time between now and 11:00 a.m. when we'll vote on the cloture motion. i won't go through the long list here, page after page after page of amen

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. verybody that is in the foreclosure crisis is at the fault of the homeowner. there are those that would have you believe that theywere just irresponsible. what they cannot explain is why all of this happen at a cerain time and why so many homeowners all across the country all of a sudden ended up with mortgages c

banking system is about to go through its biggest overhaul in over seventy years the dodd frank bill is designed to prevent a repeat of the financial crisis and would limit risky trading activities limiting bank profits but it isn't popular on wall street with wealthy donors beginning to direct more campaign contributions to the republican party president finds out if people in new york think bankers can't be reformed. the twenty three hundred page died frank bell is being regarded as the most significant financial legislation in almost a century do you think wall street bankers can actually be reformed this week let's talk about that do you think that wall street bankers can be reformed no. because it's just the mentality that you need to have to work on wall street it's like it's almost an ingrained into their personalities as a finished grad school and i just don't think that's going to change they think if we put a little bit more regulation here in wall street the facts could help the world globally not a little a lot. because like you said this is the world's financial structur

the bill by the way is called the dodd frank bill. in a very long and distinguished political career, where do you put this? >> oh, among the top positive achievements. the i say that because one of my, i think most important defensive achievements was helping block the he was to drive bill clinton out of office. but in terms over a firmive thing, this is the single most important thing i've been able to work on. >> charlie: characterize it for me. what are your hopes for it. >> that it will allow us as we have done in two previous occasions in american economic history, to get the benefits of innovation and of creativity in the private sector without suffering from the abuses that come. what happens in our society is from time to time, innovation in the private sector which is ongoing hits critical mass. it happened in the late 19th century when the large enterprises came up and woodrow wilson had to respond and then it happened in the 30's with the stock market, if. dr had to respond. and it happened in the 90's and first outer pat

i mean, the dodd bill, the dodd bill which is just emerging is going to be 2000 something pages.it's going to require huge amounts of rule making. much of that i believe is necessary. but it's going to be tough for regulators with limited time to do all that stuff. >> rose: i hear you in terms of saying all... announcing the reasons that we're writing about more money than god, all the reasons hedge sfrundz a productive and can play a productive role in the economy. what is your criticism of hedge funds? >> well, i think one thing is they could be taxed more. i mean, there is this thing which goes back to the 1950s where they've managed to persuade the tax authorities the the money that they earn is really a capital gain. >> rose: right. >> so they effectively are taxed at a rate which is lower than the folks... >> rose: so-called carried interest. >> exactly. so they're taxed at a rate that is lower than folks that clean out their kitchens. >> rose: most of them i know believe they could live with that if that was changed. even though they will argue against it because it ma l m

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, chairman dodd, welcome to the committee again, chairman bernanke. you have been with us for many years now on many occasion. mr. chairman, judging by the minutes of the fed's june open market committee meeting and statements by fed officials, uncertainty about the economic outlook has risen recently and there is a growing divergence of views. recent data suggests that the already modest recovery may have hit a soft patch. with we have also recently experienced another flight, quality, elevated uncertainty given the events surrounding greece and others. although some concerns have waned with, wane wi wi ed we should learn from europe and their fiscal difficulties. given fiscal uncertainties and possibility of a double-dip recession, there has been a modest change in the fed's outlook as reflected in this recent policy discussions about whether inflation or deflation is the predominant current threat. there are questions about what the fed's contingencien place are in the event of a double-dip recession or persistent inflationary pressures there are q

senator tester. >> yeah, thank you, chairman dodd. welcome, ben. i appreciate you being here. i want to sep back to some questions that were asked earlier. and you said i think it was in response spoke chairman dodd but it may have been in your opening statement where you talked about the expenditures being made now are necessary to keep the economy propped up and keep it going and correct me if i'm wrong. another question was asked shortly thereafter, you had said that the deficits are sustainable right now. those team to be competing statements. although they can go together, the question is -- is, from your perspective, the expenditures we're doing right now regardless the deficit are necessary? >> broadly speaking, yes. i don't think that there is really much benefit to trying to reduce the 2010 or deficit substantially. i think that that is supporting the economy. those two statements are not inconsistent. it has to do with the time frame. >> i juswant to make sure that that's the case because i think sometimes we interpret them as being diametrically opposed when they're

the dodd frank reform act gives sweeping new powers to the s.e.c., including supervising hedge funds and the huge derivatives market. >> susie: a big step forward in the break-up of motorola. it is selling most of its wireless network equipment business to nokia-seemens. the price tag is $1.2 billion. the all-cash sale boosts the standing of nokia a joint venture in the u.s. and japan. those companys say it brings lay-offs. by the first quarter of next year, moat ol a will have two business units, one selling equipment for the business market and another making mobile phones and other consumer products. speaking of technology, tom, i.b.m. came out with those earnings and disappointing revenues after the bell. looks like that could set the tone for the markets tomorrow. >> tom: a similar refrain we're hearing from i.b.m. which was a pretty good bottom line but some concerns on the top line. we talked about he late last week. it is back in tonight's market focus. >> tom: before we get there throughout the day investors bought both the defense tiff- minded utility sector as well as the

chairman barnie frank and chairman chris dodd did a masterful job of orchestrating the legislation. and we had to work again with our colleagues here to have legislation that they all could support, that addressed the concerns of their constituents. and the taxpayers. >> now a couple of weeks ago someone in his administration talked about, you know, that the house or senate could be lost in the november election. if you talk to republican leaders they say as many as 100 house seats are in play. what do you think when you hear those things? >> i think let the republicans think that. let them think a hundred seats are in play. i feel very confident that we'll have a democratic majority come november. >> bonnie: what makes you think that? your individual polling in each district or... . >> we win the house of representatives one district at a time and our members are the best communicators with their constituents. they know their hopes, their dreams, their aspirations in a very specific way. most people are in congress not because of some national interest but because-- national issue

whether or not you think the dodd frank bill will actually accomplish anything the bottom line is we have to try something otherwise we're just death to. to make a mistake with this diagram. and cooperation between moscow and berlin has received a boost following chancellor angela merkel's talks with president medvedev in russia both leaders took the opportunity to reiterate the unique relationship shared between their two countries. let me draw your attention to the fact that germany is number one on the list of russia's partners we have long time relations which have not been spoiled even by difficult chapters in our history. when it comes to russia and germany's relations with other countries it's not like in school where you have just one friend we can have many friends germany and russia have their own issues they're completely different in nature it's a transatlantic problems it's useful for us to be able to discuss them together the room for dialogue doesn't exist to the same degree with president obama as a does between us but the u.s. relationship is still very important and

now we have been dodd/frank after they will sign into law tomorrow. it gives regulators vague new authorities to regulate various entities. you have all these regulations they have trouble enforcing. then you have a whole nother set of regulations and rules. for instance, as a result of this legislation, utilities will be required to process a fast dollar amounts of derivative processing -- products. today that is just between different entities. it is not go between a clearing house. will later become the next two big to fail entities? is there an implied government guarantee that they will not be allowed to fail? the sec or the cftc the primary regulator of many of the clearing houses and financial market utilities today. will that continue to be the case? the federal reserve in many cases appears to be the ultimate regulator for the umbrella operator of many institutions were your the prime rate lifted it. will they have an independent regulatory role? these questions may not be answered for years. therefore, the uncertainty that existed before the

economy is the unemployed and to banking committee chairman senator christopher dodd he says part of the reason i'm concerned by the situation is that this is the worst labor market since the great depression people who are unemployed for a long period of time see their skills atrophy they may become demoralized and short term unemployment becomes long term unemployment we need to be very concerned . they shift all their jobs overseas they have no jobs left therefore they have no savings no capital begin to capitalism without capital that's was kind of debasing and degrading into a kind of. fascist slash pop consumer state well let's look at the first issue he talks about and that's the banking sector they're still laboring under all these bad debts and what are they doing they need to deal risk don't pay well let's look at this next headline max why the new fetish for black swan insurance means the markets are begging for another crisis yes this is business insider reporting on bloomberg news which reported that there's a flood of financial institutions are now offering this black s

senator dodd and i worked for a year and a half, looking conceptually toward a bipartisan bill, where we hopefully pick up 80, 85 senators, which is a great bipartisan show. but at the end of the day, every time we got close to crystallizing some of our concepts, i believe that the administration got involved. and the treasury got involved. and said no. so, we wound up with a partisan bill. a bill that i do not believe is real reform. and it's not going to be good for the economy. >> we only have a few seconds left. what is the single most important thing that voters will get from republicans if you take back control of congress come november? >> i think you're going to see a positive sign how we can create jobs, by less regulation, better tax policies, targeted toward small and medium-sized businesses, that would create jobs and get america rolling again. >> senator richard shelby, thanks very much. >> thank you, george. >>> now, juju chang with the news. hey, juju. >> hey, george. good morning, robin, good morning, everyone. >>> we turn to the other story we've been following overni

. >> for the last year, charm barney frank and chris dodd have [ bleep ] day and night. >> jimmy: wed show for you tonight. from the miami heat, dwyane wade is here. we have music from keane. and we'll be right back with wilmer valderrama, so stick around. my "me time" is when i thought i parked on level 2. or maybe 8? my me time...is when everybody's takin' shots at me. [ male announcer ] discover you time anytime. mccafé your day with a mcdonald's frappé. smooth and icy caramel or mocha blended just for you and topped with a decadent drizzle. like the new double bacon & cheese omelet sandwich! they're all new. toasty, tasty, and made to your order. so come and build your better breakfast today, at subway! as in strawberries, ] new blackberries,oothies from mccafé are real fruit, blueberries, and bananas, which makes them really delicious. ♪ that's what we're made of. ♪ >> jimmy: hello, again, friends. with us tonight, the organizer of the lebron james/chris bosh heist. from the miami heat, dwyane wade is here. then later, a terrific band. this is their new album, it's called "night

and then to have charlie rangel, we had chris dodd, sweetheart deals, we had, the country wide issue, look, republicans have had their scandals as well. but now the democrats happen to be in power, right, you have to -- you focus on the republican scanle dalscandals. when charlie rangel was an important figure in the u.s. house of representatives, and very likely guilty of a number of fraudulent actions. oh, mark, come on. this is not even, passing the straight-faced test. nobody is convicting him of anything. this is an ethics investigation, going on for years. everybody in washington know as but charlie rangel. okay, it is going to continue to never have any resolution oh kay. >> i don't want to trade in hearsay here. no one on the left or right has the market cornered on corruption. anyone who declares by putting -- we're talking about the democrats. republicans are not in charge. >> laura, laura, laura, laura -- if you stop talking over me. i am conceding the point. agreeing with you. a mistake for democrats to say -- i know you hate agreement -- for democrats to come into power t

. >> woodruff: democrats-- led by senator chris dodd of connecticut and congressman barney frank of massachusetts-- pushed the bill to passage. but republicans stayed away from the signing ceremony and remained skeptical. senate minority leader mitch mcconnell said today the new law is bad for small business. >> when you cut through all the talking points about what financial regulation will do, the practical, real-world effect of this bill in the near term will be job loss. that's the real story here. for more than a year and a half, the president and his democrat allies on capitol hill have pushed an anti-business, anti- jobs agenda on the american people in the form of one massive government intrusion after another. >> woodruff: among other things, the new law will give the government new power to break up firms that pose a major risk to the economy; bring the complex financial transactions known as derivatives under federal regulation and create a consumer financial protection agency under the federal reserve. this afternoon, a white house spokesman said there's no decision yet on who would l