dodd. that's next on c-span2. connecticut attorney general richard blumenthal won an open seat in november against republican linda mcmahon to be the state's new u.s. senator. he replaces chris dodd who is retiring. senator dodd spoke earlier on the senate floor about his time in the senate. we will also hear from senator dodd's colleagues. mr. blumenthal will be sworn in. in january. >> -- the speech you gave whenit you first arrived there after remarks you may have. i can't recall what my speech was even about 36 years ago in reprentative the house of representatives,hat except i do recall very vividly there was no one else in the chamber when i gave it. it was an empty hall, early oner colleague, johnny debt. for those old enough to remember johnnie from pennsylvania was rr sitting in the chair.pennsyania he wore dark glasses forever, even all during the day, and hee said there patiently and listened to me as i gave my hand shaking speech in the house ofkn representatives.e house midway

dodd. i could say a lot about senator dodd sr. he was a prosecutor at the nuremberg trials, remarkably principled, skillful prosecutor. became a member of the united states senate. as a young man in connecticut -- me -- growing up, thinking about a political career, when i heard that senator tom dodd was somewhere within range of where i lived or went to school, i went to listen to him speak. he was a classic orator, an extraordinarily principled man who had a great career here in the senate. and as we know from the years we've served with chris, the characteristics i've described in his father were taken and put to extraordinary good use here in the senate. chris' words were very important. and as senator mcconnell said should be studied by all of us and anybody thinking about coming to the senate. we all talk about this being an age of hyperpartisanship, but i think that misses the point. because as chris said, he's a partisan in the best sense of the word. he's a principled partisan. he's passionate about what he believes in. b

the cftc under the dodd-frank act injuries this authority. once implemented the act will bring otc markets to a faerie queene exchange trading or clearing reader requires foreign boards of trade to seek u.s. access first prove they are subject to comparable oversight regulations come including position to position limits. in in addition, many of ever see speculator strathern plans to impose speculation limits. the ct works to delay implementation of these in the united states, deemed discriminatory from other jurisdictions overseas could be jeopardized. the cftc must type. excessive speculation as delimiters. when prices surged to unjustifiable levels, consumers are left with higher food castling costs. they will lose business including manufacturers and other transporters are as well. even though some continue to believe speculation can never be a blessing. despite ample evidence of excessive speculation is that the circuit to commodity markets, some continue to doubt, question or rates of the mind of speculation with other or could ever be

[laughter] >> and king will talk about the principles under the dodd-frank- act.ct is >> the dodd-frank act is on ity an everyone's agenda in thes y financial community.ments and certainly influenced hours as you will see from the statements today.ct's one of the act, many over assignments or the revelatory committee is to develop procedures for recognizing and allocating losses systemicly important financial institutions. these are called in the shorthand of washington, d.c., sfies. the dodd-frank act to its great credit recognizes investor understanding endgame how a insolvency will be resolved influence as firm's appetite for risk. and if the authorities don't change the understanding of existing rules which means changing the rules to begin with, higher capital requirements, which is the solution everyone is trumpeting around the world really can't by themselves end credit or perceptions that in most circumstances systemicly important financial institutions are just going to be economically, politically and administrative, to difficult to fail and unwind. that is what occurred in th

this was part of the dodd frank financial regulation bill passed earlier this year. this is an hour. >> the board requests public comment on those rules implementing section 1075 of the dodd frank act. this provision deals with regulation of interchange fees of debit cards and related matters. u.s. financial regulatory agencies have been given significant new responsibilities under dodd frank. in a number of cases the law requires the board and other agencies to address complex and challenging issues within a short time frame. this is certainly true with respect to this particular rulemaking. it is important for us to act expeditiously to meet the requirements of the law and establish regulatory clarity as soon as possible the proposal to date is one that deserves careful attention in light of debit cards increasingly important role in the u.s. patent system. we gather great deal of information bearing on this rulemaking and look forward to receiving the public's comments. let me turn to the vice chair who yields boat committee on clearing and settlement which review

that is that dodd-frank could offer incentives for whistleblowers. awarding 10 to 30% of all financial recoveries, fines, penalties that are achieved in a successful pursuit of a security violation. so the first person to report that independent knowledge of let's say, you know, accounting fraud or wrongdoing of some variety to the fcc is in line for a very substantial pay off. what's anomalous about this, if you think back to sarbane in 2002, that was concerned with accounting fraud, manipulation, world com, for example, represented a case where earnings were bolsters by capitalizing expenses rather than having to recognize and charge them off to the improvement of world com's financial statement. that was disclosed by an employee in the world com accounting department. and therefore one the things that sarbane tried to do was to improve internal capacity to deal with these kinds of activities within large corporations. so the effort was to improve internal controls over corporate financial records and reporting as part of that. sarbane oxley encour

now we are of -- now we have dodd-frank.u a description of something my subcommittee found during the investigation of the financial crisis. your staff has seen some of these documents that we were able to get to you, i think yesterday, that we uncovered during our investigation. i want to get your thoughts as to how either of your agency's could monitor swaps electronically to detect a type of market squeeze. in 2006 to spring of 2007, major financial investors have begun betting against sub-crime related cdo's by purchasing credit default swaps. soon the prices rose. no one in the market was willing to offer any more cbs protection against the body of sub- formulated cdo's. goldman sachs went to kenya to buy them but none were available at a reasonable price. goldman's 8 yes desk decided they would offer -- goldman's asset desk decided they would offer cds's. when the sell off was large enough, they planned to move in and purchase the cds's themselves. this squeeze was described in exibit 3-a which is a self evaluation don

dodd: madam president? the presiding officer: the senator from connecticut. mr. dodd: madam president, i -- with a great deal of reluctance, i rise to talk about this, having given what i thought was my last set of remarks on the floor of the senate a week or so ago, i thought i would just let it lie there rather than come over. but i -- this is such an important matter. in fact, other than amending the constitution or declarations of war, i don't know of any other more important matter than an arms control agreement such as this one that deserves our attention and time. i want to begin by commending our colleague from massachusetts, our colleague from indiana. they have spent months and months at this. obviously, the administration has in terms of their negotiations with the -- with the russians on this question as well, so an awful lot has gone into this. i have been involved in a lot of lame-duck sessions, madam president, over the years, and i can usually predict with some degree of certainty what happens during lame-duck sessions -- not much, unfortunately,

lots of dodd-frank questions. will move away. proxy access. the commission's proxy access rules are being reviewed by the court of appeals. will this cause the rules to not go into effective proxy season? if the ruling strikes down some or all the new proxy house rules, which you expect will happen next? well, when the sec was sued by the chamber and others over the proxy access rules, we actually made the decision to suspend effect is that the rules during dependency of the legislation. we do not want companies to go through the proxy assess process and then be left in a very difficult situation at the quarterback invalidated the rules. so they will not and are not in effect for this coming proxy season. if the ruling strikes down some or all of the new rules, would have been thanks totally depends on what the court says to us. and there could be a range of outcomes there and it wouldn't really want to predict what those might be, but will have you see what court says and respond accordingly. i will tell you we feel very confident about rules

the resolution sport these are still banks -- >> you know, the most important things that dodd-frank did were to give us the authority -- >> right. >> to force the large institutions to held much more capital posing risk to the system as a whole. we have achieved that to give us the authority to apply those requirements for capital, restraints on leverage that our banks, like aig or investment banks or range of other institutions that we're not regulated as banks before, and add you said, resolutions authority which is like a bankruptcy authority for banks so that in the event in the future, a bank like that makes mistakes that cause it to fail, the government can step in and unwind them, butt them out of their -- put them out of their misery, break them up without risk in the economy as a whole. i think we're in a better position in the future to prevent crisis of these magnitude and manage them care fry. we'll have crisis in the future, but the reform bill to the credit of the architects in congress today will help us fix the fundamental failures that caused this crisis. >> but as

i am going to focus on the requirements of dodd frank. dodd frank requires the commission to make a finding that position limits are necessary to diminish eliminate speculation before imposing limits. corporates will five, section 5 also demonstrates that the levels are not required. dodd-franc also requires that that we wait to impose limits on economically equivalent swaps. the purpose of this provision is to prevent a bit of trading. given these requirements, and we may not act against teachers. the commodity exchange act allows limits to be imposed only on excessive speculation, not speculation generally. this is a clearer recognition that futures markets cannot operate without the participation of speculators. arbitrer position limits distort markets, increased costs to hedgers and consumers. this is unnecessary unless excessive speculation is present or is likely. academic literature and the studies produced by the cftc show that this does not deal with supply issues. efforts to focus on these efforts are certain to do more harm tha

there was the dodd/frank legislation. to what extent our staff levels ability to have clearl a high-tech trading? >> thank you. the richest of reaching our 2005 levels. we have been enormously fortunate to be able to attract a minutes -- immensely talented staff. there are people from hedge funds and trading desks to help as had the ability to do the job we have always been charged with. it is essential that we bring that kind of cells thaskill sete agency. rohm & hoss in order to make use of adaptive we would receive, even understanding the exchanges, we need people with management, quantitative analysis and capability to see something on the order. it is to respect of our oversight marketplace. >> i do think our agency will be asked to take on the market. it is nearly 20 times the size and if our economy. we currently oversee them about $40 trillion. we have more in this coming year. this is to deal with data. into what's going on. how are you doing that? informal and formal way is? how are you coordinating and i presum

regulatory agencies have been given new responsibilities under dodd-frank.n a number of cases, the law requires the board and other agencies to address complex and challenging issues within a short time frame. this is certainly true with respect to this particular rule making. although it is important for us to act expeditiously, both to meet the requirements of the law, and to establish regulatory clarity as soon as possible, the proposal today is one that deserves careful attention from the board in light of debit cards increasingly important role in system. team sent sompayment we gather data from a variety of sources and we look forward to receiving the public's comments. let me turn to vice chair 'sllen, who leads the board committee that reviewed the staff's proposal. janet. >> thank you, mr. chairman. as you noted, the stafwe will cr steps proposal for implementing the debit card interchange fees and transaction routing provisions from the dodd-frank act. the background to this proposal, it's important to note prominent roles debit cards now play in o

lots of dodd-frank questions. we will move away, proxy ccess.es are eing retooled and reviewed will this cause the rules do not go into effect as proxy season, if the ruling strikes down some or all of the new proxy asset rules, what do you expect willhappen next? well, when the sec was sued by the chamber and others over the proxy access rules, we actually made the ecision to suspend the effectiveness of the rules during the litigation. we did not want companies to go to the proxy access process, and he left in a very difficult situation if the court in fact invalidate the rule. so they will not and are not in effect for this coming proxy season. if the ruling strikes down some or all of the new rules, what happens next totally depends on what the court says to us. and there could be a range of outcomes there, and i really would want to predict what those might be, but we will have to see what the court says, and respond accordingly. i would say that we feel very confidt about the rules. we think that they were well done and done for all the ri

how does the demand of dodd-frank affect the commission's timeline?to june 2011 decision date, or rather sometime in 2011. i will say that while, you know, i'm sure you read in the press we have been extorted amount of work to do with respect to dodd-frank, over 100 rules to write, many within the first 12 months, certainly within the first 18 months, 20 studies to conduct, a number of new offices degrade within the agency, i will say that on a small amount of that burden is falling on the office of the chief accountant, jim kroeker can probably speak to this later. much of that burden of dodd-frank rulemaking really falls on other divisions, most notably trading and markets for all other derivatives, regulation, division of investment management for the private funds, regulation and a division of finance for the new public company disclosure requirements that has been decreed by the law. so i think we will be able to not have ifrs or other accounting initiatives delayed in any way by the dodd-frank effort. many of those have commented on the possible

lots of dodd-frank questions. we will move away, proxy access. the commission's proxy access rules are being retooled and reviewed will this cause the rules do not go into effect as proxy season, if the ruling strikes down some or all of the new proxy asset rules, what do you expect will happen next? well, when the sec was sued by the chamber and others over the proxy access rules, we actually made the decision to suspend the effectiveness of the rules during the litigation. we did not want companies to go to the proxy access process, and he left in a very difficu situation if the court in fact invalidate the rule. so they will not and are not in effect for this coming proxy season. if the ruling strikes down some or all of the new rules, what happens next totally dends on what the court says to us. and there could be a range of outcomes there, and i really would want to predict what those might be, but we will have to see what the court says, and respond accordingly. i would say that we feel very confident about the rules. we think that they wer

business and profits because of what the dodd-frank act did. we can talk later perhaps. i hope will have the opportunity to say how it affected the banking industry but if you think the banking industry was influential, you can't explain the dodd-frank act. host: do you have a quick comment? caller: that was a very general response about the nature of lobbying. phil gramm with his shenanigans during the clinton administration, he's not in the legislation at the end of the clinton administration which he was unable to for the months and years prior that enabled the banks, the legislation that enabled the banks to deregulate. with a man like you at the helm, we are in a lot of trouble. host: a quick comment? guest: i think he is talking about the pact signed by president clinton and endorsed by president kate -- clinton, endorsed by the secretary of the treasury, robert rubin. i think there is a lot of misinformation there. there is information about this that everyone should read host: this question came from twitter. can you ask why goldman sac

chairman dodd, ranking member shall be, my name is tom deutsch. i appreciate the opportunity to participate with you today on behalf of the 330 asf member institutions including those who have the collateral restrictions of transactions, service trustees, trade the bonds, service loans and invest the capital on the preponderance of mortgage in asset-backed securities in the united states. in my prepared statement, i will highlight some of the key aspects of securitization of cells is critical importance of the u.s. and global economy. importantly for this hearing, there nearly 55 million firstly mortgages in america today to total approximately $9.75 trillion of outstanding mortgage debt. approximately three quarters of baghdad were about $7 trillion besides the mortgage securitization trust and are beneficially owned by institutional investors in the united states and around the world, such as pension funds, mutual funds and insurance companies. in my remarks today, i seek to address the concerns raised by a few commentators have securitization t

the dodd-frank bill did not go as far as some people wanted. there will be loaded talk about those kinds of issues in the next year or two years. >> this is a very populist moment. >> there is great dissatisfaction with the economy and the agency in charge of the economy will take some heat for that. you see that form of criticism. maybe there mendes -- maybe there minutes should be changed. it creates a difficult situation for ben bernanke and james bullard and members of the federal reserve. when you have people talking about changing their mandates and taking away responsibility, it is tough. >> i want to thank my guests. >> now i look at some of the newly elected governors. republican rick snyder won the michigan election. in oregon's race, democrat john kitzhaber won the governor's seat. >> if i had to put my money on a likely outcome, it would be that peace in iraq, and it might be very harsh peace, is ultimately likely to be imposed once again by autopsy. we just have to hope that, if that does happen, the new ruler, the new dictator, wi

under dodd-frank, the new consumer protection agency does not have to go to congress for money.t takes its money from the federal reserve. the federal reserve is a profitable bank. it gets an automatic share of that. the regulatory state has been the most durable legacy of the progressive era itself, growing for one century right down to the present. the original rationale delegated lawmaking power from congress was expertise. the idea was that the neutral application of rational analysis and control beyond the politics could improve society and economic performance. long after that original idea lost its luster, an agency independent of the congress developed political logic of its own. our elected representatives can take credit for lofty goals, clean air, safe products, or the solution of exited crises, such as the crisis of 2008, but leave the contingence decisions to regulators. that was a response to be depression and the growth of environmentalism and consumerism in the 1970's. it was a response to a variety of crises that marked the george w. bush administration, such as

lots of dodd-frank questions. we will move away, proxy access. the commission's proxy access rules are being retooled and reviewed will this cause the rules do not go into effect as proxy season, if the ruling strikes down some or all of the new proxy asset rules, what do you expect will happen next? well, when the sec was sued by the chamber and others over the proxy access rules, we actually made the decision to suspend the effectiveness of the rules during the litigation. we did not want companies to go to the proxy access process, and he left in a very difficult situation if the court in fact invalidate the rule. so they will not and are not in effect for this coming proxy season. if the ruling strikes down some or all of the new rules, what happens next totally depends on what the court says to us. and there could be a range of outcomes there, and i really would want to predict what those might be, but we will have to see what the court says, and respond accordingly. i would say that we feel very confident about the rules. we think that they

me importantly, looking forward, i believe dodd-frank vision of effective cfpb must be realized in the foreclosure area. in order to protect homeowners, the cfpb has been empowered to write mortgage rules. this must include national standards for mortgage services who are critical players i the foreclosure crisis. no such national standards exist today. some states like new york have comprehensive service or regulations in place that can serve as a model at the federal level. regardless, cfpb cannot tackle mortgage services alone. the new agency will need the cooperation of the states and the federal banking regulators to enforce any new rules. hopefully together in new era of cooperative federalism. with regard to small business lending fund to be successful. but loans supply is not the only reason that bank lending is down. other reasons must be integrad into the collective solutions such as loan demand, underwriting standards, regulation, and uncertainties. finally, i think nearly two years after the establishment of this oversight body, it should be highlighted you will be valuable

this was taken a step further in the dodd frank, the new protection agency doesn't have to go to congressither. it takes its budget as a cut of the federal reserve bank's profits. the federal reserve is -- gets an automatic share of that. the regulatory state has been the most durable legacy of the progressive era itself, growing and morphing for now a century. the -- right down to the present long after the progressive impulse had faded. the original rationale of the specialized agency delegated with law making power from the congress was expertise. the idea was that the neutral application of rational analysis beyond politics could improve society and improve economic performance. but long after that original idea lost its luster, the independent agency -- the agency independent of the congress developed a political object of its own. congress, our elected representatives, can take credit for lofty goals, clean air, safe products, or the solution of exigent problems or crises such as the cry soifs 2008 but leave the hard, contentious decisions, the real policy decisions, to regulators a

thank you for your leadership on dodd-frank. and your huge effort to try to stabilize our financial sector and have it served our nation well in the decades ahead. it has been a pleasure to be part of your team. >> thank you, senator. you have a wonderful contribution as well and want to publicly thank you. as a member of the committee, you became quite active and i thank you for that effort. >> thank you. i want to start with mr. terullo. let me ask you about the put back rest. the numbers you laid out our that fannie mae and freddie mac have $13.3 billion in outstanding repurchase requests. the four largest banks have reserves of less than $10 billion. the reserves are not expected to grow and yet the repurchase requests will probably grow substantially and that does not include other investors. this situation in terms of its systemic risk down the road, i believe the federal reserve is conducting a detailed examination of this risk. when you anticipate that there will be a point where you have a report. is this systemic risk

more importantly, looking forward, i believe dodd-frank vision of effective cfpb must be realized in the foreclosure area. in order to protect homeowners, the cfpb has been empowered to write mortgage rules. this must include national standards for mortgage services who are critical players in the foreclosure crisis. no such national standards exist today. some states like new york have comprehensive service or regulations in place that can serve as a model at the federal level. regardless, cfpb cannot tackle mortgage services alone. the new agency will need the cooperation of the states and the federal banking regulators to enforce any new rules. hopefully together in new era of cooperative federalism. with regard to small business lending fund to be successful. but loans supply is not the only reason that bank lending is down. other reasons must be integrated into the collective solutions such as loan demand, underwriting standards, regulation, and uncertainties. finally, i think nearly two years after the establishment of this oversight body, it should be highlighted you will be v

senator dodd has had a number of hearings. are we close to solving the problem? or are we where we are? >> from my perspective i wouldn't say we're close to solving the problem for several reasons. one, as i said earlier, i think it is related to the relative balance between foreclosures and modifications. two, i think that until you get a more or less, integrated approach - what do you mean by integrated approach? >> i think you need a set of standards that apply to servicers whether they're in a national bank, affiliate of a bank or, or this may be the case in the future. nonbanking institution. >> what standard? recording and showing ownership of stuff? we've had that, haven't we for years? >> i don't know that we've had clearly articulated standards as apposed to requiring firms to have their own process to abide by in the law. and so i think what this has shown us, we do need more standards and particularly during a period in which there is, as i said. race between foreclosure and sometimes literally between that and foreclosure and modification between serv

and chris dodd is now retiring. brewing in the background right now as majority rule means nothing and washington spends another day falling apart is this idea that maybe it is time to fix the thing that's most broken in washington. maybe it's time to fix the senate. there are very few problems in american politics that can be fixed with one vote on one day on one issue. but on the first day of the new congress, if 51 senators vote to change the rules of the senate, then the senate can be unbroken. they can stop the "it automatically takes 60 votes to pass anything" situation that has held true for the past four years in that institution. they can only make the rules change on the first day of the congress. they've got one shot at it. on one day. there is a very small and specific window for getting it done. there are three weeks between now and the date on which they would have to vote, january 5th. the only date on which they'd be allowed to vote on the single biggest problem in american politics. only 21 days lef

i wanted to start -- we had a few references to the dodd- frank financial reform bill, i want attack -- and i want to talk from a regulatory perspective, who is going to be in charge of monitoring the services under this regulatory regime, and what are the first steps they should be taken to address these problems going forward? anyone can come in with their opinion -- can jump in with their opinion. >> right now the servicers are not regulated cross-servicers. they are if they are part of a commercial bank, which many of them are. but "mother jones" and others have written about this, that there is no regulatory actions against servicers for years. it will move to the cfpb. the fcc is looking upon -- the sec is looking at rule- writing for the securitization process. people at the roosevelt institute where i work are signers on it. as we see these put-back issues, that will be really relevant. >> it definitely falls to the cfpb the new consumer financial protection agency, to write industrywide rules for services to abide by, and we believe that that should be very high on the prior

the crackdown on these so-called "swipe" fees is part of the sweeping reforms from the dodd- frank financial reforms. the banking industry has been fighting them; they stand to lose more than $20 billion annually. banks warn that, to make up for the lost money, they might charge consumers new fees for checking accounts, deposits, and atms. >> tom: here are the stories in tonight's "n.b.r. newswheel." modest gains for wall street, but enough for the major indices to sit near two-year highs. the dow rose 41 points, the nasdaq gained 20, and the s&p 500 was up seven. the gains came on a slight drop in trading volume from yesterday's levels. an upbeat report on weekly jobless claims helped the market. the labor department says claims fell unexpectedly in the past week, down 3,000 to 420,000. but more worries about greece's fiscal shape. moody's today put that nation on notice, saying it is reviewing greece for a potential downgrade of its government debt rating. while debt troubles continue to dog several european countries, european union leaders today agreed to create a permanent crisis fund f

chris dodd father, thomas dodd, right? frances walter, representative i court, jack candy was an anti-communist -- jack kennedy was an anti-communist. i hear this and i'm thinking okay, what did he really believe, what does david really believe, and how close was he to obama? august 2, 2008, ap east, davis was a constant figure in obama's early life. he was an important influence who obama looked to like a father, a mentor, for advice on living and other things. obama, in "dreams from my father," i was intrigued by old frank with his books and whiskey breath and a hint of hard earned knowledge behind the hooded eyes. the hind the hooded eyes. frank gave me advice on college, women, on life, all these different examples. so i started looking into different documents and among the things that i found, frank marshall davis was called to testify before the senate in 1956 economists association. he pleaded the fifth amendment. these are in the book. i give the actual copies of actual pages, i think that you page 256, pleaded th

we had a few references to the dodd/franc bill that passed this year. from a regulatory perspective, who is going to be in charge of monitoring the servicers under this new regulatory regime and what are the first steps they should be taking to address these problems going forward? >> right now, servicers are not regulated class servicers. there are regulated if they're part of a commercial bank, which many of the mark. they air has essentially been no regulatory action against the servicers in the past 10 years. occ in particular has not taken any action. the sec right now is looking at will writing about the securitization process. there is a letter that just went back today. this servicer as cats part of the risk profile as we see the put back issues, that will be relevant. i want to add to that that definitely false to the new consumer protection agency to write industry-wide rules for services to abide by. we believe that priority list when the agency comes on line in july. july is very far away. the time to start looking at this is right now. ther

the fdic wants minimum capital standards for all financial firms, something required by the dodd-franklaw. before the financial crisis, big banks decided on their own how much cash to hold. still ahead-- tonight's word on the street, "transportation". from autos and trucks to aerospace, thestreet.com's stephanie link tells us what sectors to watch in the coming year. >> tom: the full senate is poised to pass legislation as early as tonight to extend the bush tax cuts and extend unemployment benefits. in the meantime, house democrats are wrestling with what to do once they get their hands on the bill. some democrats believe the tax deal struck by the president and republicans is too generous to the rich. they're looking at adding a higher estate tax on the wealthy. the house vote on the tax bill is expected later this week. >> susie: even though the federal reserve is keeping its key lending rate near zero, other rates have been moving higher, especially mortgage rates. they are now at a six-month high. so what impact will this rise in rates have on the fragile housing market? erika mil

as a result, there was a version of that that ended up in the dodd-frank bill. that was ron paul and bernie sanders in the senate. it got a lot of traction. in transparency, he has a success story. it is doubtful that he will get to the point where he wants where we will be able to see in real time or to have congressional auditors take apart the policy decisions of the fed. even a lot of the critics of the fed say that is not important. they say you shall be looking at the end result of the fed and decide whether the fed is meeting its goals or its mandate. there is a lot to say about that with inflation and unemployment. >> it is interesting that he was not keen on hawkins reform. that legislation gave twinned authority to the fed. it has become -- twin authority to the fed. did it surprise you that he was not so keen on the results of that? >> what you have to understand is that ron paul's world view is different from the current framework. the campaign to change the fed framework is a minor tweak. it would not meet the criteria that ron paul is looking for.

the president, senator christopher dodd says needs the wide network because he just doesn't have the personal relationship joe has or as agenda weine rut it, he brings everything that rahm emanuel brings but the major difference is everyone likes joe biden. president obama has had republicans over, bill clinton over, now he'll call in business leaders to repair some damage there. in an effort to win support for economic policies, the president reaching out to the country's corporate chief executive. on wednesday the president will host a summit of 20 business lead is at the white house to discuss tax, trade and the nation's deficit. among those invited executives from google, cisco systems, american express, dow chemical and pepsi. during the meeting the administration will try to convince the companies to invest some of the $2 trillion in cash and other assets that have been kept on the sidelines during the economic uncertainty. the white house hopes that money will be used for job creation and to boost the economic recovery. >>> politico is reporting in an conference call this even

first, we need to use the additional authority given the federal reserve in dodd-frank. we all need to find ways to leverage controlled process audits and to improvements in control processes across the firms. we will not be able to audit every control process in these institutions. i just want to say a few words on the loan modification issue. i think there is a close relationship as many of you have suggested already between foreclosure difficulties and the relatively sluggish pace of modifications. the race that occurs between modification of a particular mortgage and foreclosure proceedings has more often than not been won by the foreclosure process. we know the race was not often being fairly run in the first place. even if this is, there's a larger macroeconomic point to be made here. while there is no single, simple method for gaining a balance between foreclosures and modifications, i wholeheartedly agree with sheila's perspective that we need to renew attention to measures and it helped create the conditions for a housing recovery which will be important for sup

i want to thank senator harkin and dodd for their leadership on getting this bill through the senate. abuse and neglect and fatalities are of significant concerns for all of us in this nation. and i am proud that we are addressing this today. as a nurse for over 30 years, i have seen firsthand the risks, the illnesses that can result due to abuse and neglect. something that surfaced in our hearings on the subcommittee, child abuse does not respect state lines. as a result of the hearing, i introduced a bill called protecting children across state lines act. i am pleased to have this included in the legislation. it does two things, one, it requires data to be collected showing the basis of multiple state authorities being involved. two, it clarifies the state task force recommendations for comprehensive protection for if our children to address issues in which multiple state authorities are involved. we know children who experience or witness abuse or neglect have their sense of security, trust, and safety shaken to the core. studies show that young children are more likely to be repor

should have no more grants given to bloodletting, whereupon christopher dodd of connecticut said, "now wait a minute." he's a catholic. he said, "that means no more crucifixion, "no more st. sebastian with arrows through him, "no more head of john the baptist, not to mention military battles." so that was the end of that amendment. it's a significant segment of our history gone just like that. not to mention-- not to mention our art in all our museums across the land. if you were to provide some advice to a museum director today who wanted to do something somewhat provocative, thought-provoking that generated multiple viewpoints, what would you say in advance to try to have that exhibit occur with a minimum of negative impact, negative publicity, and negative reaction? what can you do in advance? it's pretty easy. you have discussions. you have--you have an educational program, an informational program, and you have interactive-- the possibility of interactive response. what people want when they become outraged about something is an ability to speak freely, if i may speak freely. [chu

>> i am cecilia dodd, assistant superintendent for special education. one of the major recommendations in the audit report from the urban special ed leadership collaborative is that we begin to put a change in our thinking and focus on serving children with disabilities in the least restrictive environment. we are not serving children in the least restrictive environment in the way that we really should be. so they recommended to think about inclusive practices and an integrated set of services rather than inclusion programs. currently, we have students with disabilities whose iqs say that they need inclusion served in what we call inclusion programs that are not located in all schools. as a way to move forward with serving kids with disabilities in a more inclusive way and a more integrated way, we are proposing that we start small, so that we can be successful, and use an opportunity while we are looking at the student enrollment process to really look at how we enroll children and youth with disabilities and think about a way that more children can u

as my friend chris dodd said, our friend chris dodd said in his valedictory speech the senate was designed to be different. not simply for the sake of priority but because of the framers believed the senate could and should be the venue in which statesmen woodcliff america up to meet these unique statements -- challenges. that is the word we need to focus on, statement. too often in recent months the american people signaled that in the last election, said it has been unable to lift america up to meet its challenges. too often we became one of those challenges. rather than cooperating or compromising, we saw a blockade after blockade, an inability to address a number of issues. as senator dodd said, what determines whether this institution works in is whether the 100 of us can work together. with the new s.t.a.r.t. treaty we have the opportunity to do just that. not only to demonstrate our leadership to the world's, i would say to my colleagues just a few days ago the foreign relations committee had the privilege of welcoming the entire united nations security council which came here to wa