correct about but it's certainly not because there's been too much regulation or because the dodd frank bill brings in more regulation because the dodd frank bill is a very very very weak bill that doesn't do anything to really really slap the financial system back into place to bring back last you go to break up the too big to fail banks or to take back from them all of the trillions of dollars that was given in subsidies in order to have them float while the rest of the economy is sinking yet the investment banks more so as years go by and have more money and more lobbying power and more influence really pick the side that's going to be more that they will be the most powerful so whether it was the democrat side when obama was running for president and when goldman sachs. it was his number two contributor to his candidacy for him from a corporate perspective or what will be happening in the next election period in two thousand and twelve a loss street will do a cola do is figure out where they think they can put the most money to get back the most influence they don't care whether the pers

certainly not because there's been too much regulation or because the dot frank bill brings in more regulation because the dodd frank bill is a very very very weak bill that doesn't do anything to really really slap the financial system back into place to bring back last eagle to break up the too big to fail banks or to take back from them all of the trillions of dollars that was given in subsidies in order to have them float while the rest of the economy is sinking i know you mentioned that the democrats are necessarily any better on this issue than the republicans and as a former goldman sachs employee executive i want to see. these investment banks see a difference in the two parties or are they sort of hedging their bets and getting in close as they can with whoever's in power regardless of the are or the deal at the end of their name. yeah the investment banks more so as years go by and have more money and more lobbying power and more influence really pick the side that's going to be more that they deem will be the most powerful so whether it was the democrat side when obama was running for president and

barney frank had no idea it existed when he required the fed to turn over its lending data and the dodd frank bill so it turns out that the fed was making loans extremely cheap loans of as little as point zero one percent. when at the fed's main bank window they were charging point five percent but most of these loans went to credit suisse forty five billion dollars and deutsche bank which is now being bailed out on the backs of the greeks but the fact is that these banks who are now occupying greece would not even be alive if it were not for the rearming in the region you know the read giving of of ammunition of weapons to these banks by the u.s. taxpayer who is backing the fed ultimately that's right the money comes from the u.s. taxpayer yeah that's right so if you start by the way fifty million unemployed they can't i see that in america they go to hospitals they don't know that the price of medicines are so high they're substituting like penicillin they're substituting with cheddar cheese you go for blood transfusion and they stick marshmallow fluff they don't have enough money to give you me

i have serious doubts of the financial reform bill the frank -- dodd/frank bill because i don't think it went far enough. we bailed out the huge financial institutions because they were too big to fail they would take a good part of the economy with them. the then we find out after the bail-out three and other four are even larger today and a number of economists believe it is the reputation of a few years ago. this is interesting my right wing friend ron paul we had worked together when we were in the house. this is the interesting coming together that we want to do an audit of the fed what i ended up getting why this during the belau of seven or $800 billion it ended up happening. but in any case if you want to know who receive the money go to the u.s. department of treasury website and find for every nickel went. but at the same time with very little discussion, our friends at the fed were lending out $3 trillion as a member of the budget committee bernanke said our constituents ought to know which financial institutions got the money? how did you get it? to be a total dishonest in

seeks to deny the agency the vital resources it needs to meet its new responsibilities under dodd-frank this bill is a de facto repeal of dodd-frank. what the republican majority can't do up front which is repealing dodd-frank, they are seeking to do by the back door by making sure cftc can't do its job as the cop on the beat. to keep things in perspective, the republicans are taking a meat ax to people's programs to address a $14 trillion debt. yet they are perfectly happy to give wall street traders a $300 trillion unregulated playground. talk about going backwards. cutting the funding for an agency with such important responsibilities is a roll of the dice, and again, the people of america will be the ones who lose. once again i ask, where do we live, on wall street which is where cutting cftc is, or on main street where the rest of us live? i urge my colleagues to vote against the underlying legislation and the defunding of cftc. i yield back the rest of my time. the chair: the gentlewoman yields back. for what purpose does the gentleman from new jersey rise? >> move to strike the last word.

we should repeal the dodd-frank bill which is killing small business. [applause] let me just say that if you are a conservative and i mentioned the phrase dodd-frank build [laughter] and you can't figure out automatically it is probably worth repeating on principle -- [laughter] we should replace the environmental protection agency with a brand new environmental solutions agency that is fundamentally different. [applause] we should modernize the food and drug administration said that it has the job of being in the laboratory cooperating in order to get new science all the way to the patient as rapidly as possible, not as slow as possible. [applause] a 21st century food and drug administration means better health, lower costs, longer lives, greater independence living, and more american jobs. it is a big deal. we should audit the federal reserve and find out who got our money? [applause] we should reform the federal reserve to take away the power to give money to banks and return it to the treasury where it can be inspected and looked at in public becaus

. >> the congress this year, this next week ought to repeal the dodd/frank bill, the sar bane oxley bill, they ought to start creating jobs right now. >> reporter: for former godfather pizza ceo, herman cain, this was somewhat of a national debut. >> i am not a politician. i am a problem solver. this economy is stalled. it is like a train on the track with no engines. >> reporter: for former senator, rick santorum, it was an opportunity to underscore his dedication to social conservative issues. >> not only have i been consistently prolife. i have not just taken the pledge. i have taken the bullets to go out and fight and lead on those issues. >> reporter: all the candidates pledge to stand against abortion rights and same-sex marriage and to reinstate the ban on gays and lesbians serving in the military. the main focus of the night. >> we are going to win. make no mistake about it. president obama is a one-term president. >> reporter: this is the spin room where operatives from each campaign tell us why they think their candidate won. one of the big questions, why was this such a tame d

as already noted, we are approaching the one-year anniversary of the dodd-frank bill, and given all the work that is yet to be done and the uncertainty that surrounded, i think would be a little premature to celebrate, but i do think that it's an opportune time to take stock on where it is and what it might imply for the future. and i want to congratulate the organizers of this conference. i think it's important that we take this opportunity, and i particularly want to note some of the colleagues at the nyu school because they have done some great analytical work on this and also some pretty practical ideas have come out of that but it serves us all very well. as we talk about dodd-frank, the discussions in important ways revolves around the disruptions, the difficulties we've had over this crisis and the distortions that have come from the systemically important financial institutions for sifi. part of the title, the title given was do sifi have a future my remarks are should they have a future. and that's really i think what it's about. and as we talk about the sifi, i always try to a

we should repeal the dodd-frank bill. by the way, let me say if anybody is in doubt. if you are a conservative and i mention the phrase dodd-frank bill, you cannot figure out is automatically worth appealing just on principle -- we should replace the epa with a brand new environmental solutions agency that is fundamentally different. we should modernize the food and drug administration so it has the job of being in the laboratory cooperating in order to get new science all the way to the patient as rapidly as possible, not as slow as possible. [applause] 8 21st century food and drug administration means better health, lower-cost, longer lives, greater independence living, and better american jobs. it is a big deal. we should audit the federal gotrve movand figure out who our money. [applause] we should reform the federal reserve to take away the power to give money to banks and return it to the treasury where it could be expected and looked at in public, because no single person should have that level of power in a free society. in addition, we should amend law to say

focusing instead on the issues. >> the congress this year, this next week, ought to repeal the dodd frank billo repeal the sarbanes-oxley bill, start creating jobs right now. >> reporter: for former godfather's pizza ceo herman cain this debut was something of a national debut. >> i am not a politician. i am a problem solver. this economy is stalled. like a train on the track with no engines. >> for rick santorum, an opportunity to underscore his dedication to social conservative issues. >> not only have i been consistently pro life but i've not just taken the pledge, i've taken the bullets to go out and fight for this and lead on those issues. >> reporter: all the candidates pledge to stand against abortion rights, same-sex marriage and reinstate the ban on gays and lesbians serving in the military, but the main focus of the night. >> we're going to win. just make no mistake about it. i want to announce tonight, be president obama is a one-term president. >> reporter: this is the spin room where operatives from each campaign tell us why they think their candidate won. one of the big questions

i do not support the dodd-frank bill. what is th is, a lot of it is just an overreach, more government, telling people how to do, conduct their business. do i think there's a role for cftc? i do. can cftc be effective? yes. but when their own democrat member says, and i quote again, the cftc staff, not his personal opinion, but the cftc staff which is over 700, has been unable to find any reliable economic analysis to support the contention that too much speculation has affected the market. that's not my opinion, that's what the democrat member says the cftc staff has reported. should we be concerned about speculation? yes, we should. but i don't think it's fair for any member of congress to go back home to the taxpayers and say, i'm going to bring down the price at the pump because i have put millions of dollars into a washington bureaucracy and they are really going to get tough on the wall street crowd now. if we want to bring down the price of energy in america, we have to increase our supply and i don't know of any o

the congress this year, next week, ought to repeal the dodd/frank bill and the sarbanes-oxley bill and create jobs now for those 14 million americans, this is a depression now. >> so the speaker just said congresswoman repeal dodd/frank. answer the american who said i don't like the details but after what happened in 2007 and 2008, i don't want wall street to not have somebody looking at them and watching what they're doing. >> i introduced the repeal bill to repeal dodd/frank because it's an over the top bill that will lead to more job loss rather than job creation. before i fully answer that i want to make an announcement for you john on cnn tonight. i filed today, my paperwork to seek the office of the presidency of the united states today. and i'll very soon be making minor malannouncement so i wanted you to be the first to know. >> appreciate that. >> if you're out there and don't get the distinction coming into the night, congressman bachmann had explored i'm sure they welcome you. let's continue the conversation. i want to come to congressman paul. you're all here saying preside

when i look at the way the -- the dodd-frank bill and its failure to address the issues, how it was lobbied into incomprehension and inconsistency by special interests of various kinds so the fact that the whole issue was well-framed by two articles. one was by greenspan who said that the genie's out of the bottle. the financial markets have been and the institutions have become so complicated that no regulator can anticipate the results of regulation, and therefore give up on regulation, and frank replied pointing out that leaving markets unregulated can cause financial collapse or consequences, and therefore you can't afford to leave the markets unregulated, but when we turn to how the dodd-frank acts on issues, there he was lacking because effectively it really did not address the fundmental issues. >> okay, one last comment on the finance -- >> we really shouldn't allow it because we have to adjourn fairly soon, and i want to give the audience a chance to address questions to the panel. yes? >> [inaudible] >> wait for the mic. >> this gives you a chance to address financial markets agai

now, i had serious doubts about the financial reform bill, the dodd-frank bill, because i didn't think it went anywhere near far enough. i mean, among other things as i mentioned in the introduction, we bailed out these huge financial institutions because they were too big to fail -- [inaudible] [audio difficulty] i didn't vote to bail them out, but my colleagues did. and then we find out after the bailout, three out of the four are even larger today, and a number of economists believe that at some point we're going to see a repetition of what we saw a few years ago. now, what i got into the bill working with -- this is interesting -- my right-wing friend ron paul. paul and i had worked together when we were in the house in some issues, but this is an interesting coming together of the right and the left, and that is what we wanted to do was an audit of the fed. and what i ended up getting is a couple-- i didn't get everything i wanted. we got a lot. and that is during the bailout a lot of you remember there was a whole lot of debate about the t.a.r.p. which was, if my memory's correct

but also there has been legislation passed, the dodd-frank bill has stipulations about more information coming to us by that legislation passed last year. there is also been to court cases that has required under the freedom of information act that we will be dealing with a lot of that today and also the provisions in the law that was language put in by basically senator sanders that has required some additional information. but you know what is referred to today so often on hearings and the materials that came out of the freedom of information act is called the dump and i find that rather interesting to call it that, because it sounds like a lot of the material was dumped and when you think of 29,000 pages of technical information, it is very large and a lot of people have been working very hard and quite frankly it isn't all that easy. you know it reminds me of a story that was told and supposedly a true story that an individual was being audited by the federal reserve and they came to him and they said we want five years of everything that you have ever done, every receipt you have e

dodd-frank per se is not a key driver of these concerns. i should note that earlier versions of dodd-frank did threaten fed independence. for example, the house bill included provisions that could have fostered politically-motivated scrutiny of monetary policy decisions. it also could have politicized senior appointments to the federal reserve district banks. fortunately, the final dodd-frank act shed most of these expressions of populist revolt. by delaying the release of details about fed crisis operations, the final dodd-frank act also achieved a better balance between the need for fed transparency and accountability and the need to insure central bank effectiveness as a lender of last resort. even so, concerns linger whether intermediaries will be willing to participate in future extraordinary fed liquidity operations knowing that their activities will be made public. how about the fed's ability to manage a future crisis? on balance dodd-frank better equips the fed to prevent the crisis but clips its authority to manage one. this policy shift combined with uncertainties about the complex, untested dodd-frank rules for resolving failing sifis s

one of the steps we've taken to stabilize markets and move forward is the dodd-frank bill, and in that we required the gao to conduct an audit of the federal reserve, and we also required the fed to make information about the transactions of the emergency landing facilities from december, 2008 to march, 2010, available to the public. in addition, dodd-frank required the fed disclosed information about the entities to use the discount window or under i believe it was section 13 through coats relending facilities. in addition to what we required in dodd-frank, the federal reserve is also already subject to robust congressional oversight. and i'd like to ask the two witnesses can you give the committee some examples of the type of congressional oversight that you are already required to do even before dodd-frank? >> to of the most important types of oversight are the chairman of the federal reserve of the fomc provides testimony on the economy twice each year on the call of the house and the senate, and that is an important check on our monetary policy and the state of the economy, and an

this because we haven't seen wall street really lose any battles you could even say that the dodd frank reform bill was incredibly weak in terms of regulations that are put on it the banks are still too big to fail that you're not really regulating derivatives and we saw it's going to be prosecuted at the end of the day and still here in washington there's a lot of pressure for banks to go a little easier for people who are under foreclosure you haven't seen a lot of movement on that because people who are into foreclosure can't pay for can't pay senators they can't pay for expensive campaigns and so there's just no pressure coming from that side the absolutely right there has to be well funded effort to actually get things done in washington that's really unfortunate that somehow the american people the will of the american people all the taxpayers that actually bailed out wall street we're just not powerful enough when it comes to you know to fighting for our interests here in washington d.c. i also want to ask you to since the federal reserve decided to finally do a little investigation in a lit

experts say investors are nervous because banks are still in limbo as the dodd-frank banking reform bill gets sorted out. and then there's greece and what debt defaults there could mean for the global banking sector. and if that's not enough, analyst erik oja says there's the u.s. economy and its recent soft patch. >> it's a question of is it a temporary downturn caused by the japanese events, or is it something worse, a housing- related double-dip recession? >> reporter: many of the problems facing financials will not be solved any time soon. but the question now is whether the stocks are cheap enough to consider buying. analysts say that depends on what size we're talking about. some experts say large banks are still too risky. >> regulatory reform will be much more harsh on them in terms of capital requirements and the stripping away of their most profitable lines of business. >> reporter: oja, however, likes regional banks because he says many are well capitalized and have already dumped their bad loans. analyst craig siegenthaler is also keen on regional banks, because they're almos

as already noted, we are approaching the one-year anniversary of the dodd-frank bill, and given all the work that is yet to be done and the uncertainty that surrounded, i think would be a little premature to celebrate, but i do think that it's an opportune time to take stock on where it is and what it might imply for the future. and i want to congratulate the organizers of this conference. i think it's important that we take this opportunity, and i particularly want to note some of the colleagues at the nyu school because they have done some great analytical work on this and also some pretty practical ideas have come out of that but it serves us all very well. as we talk about dodd-frank, the discussions in important ways revolves around the disruptions, the difficulties we've had over this crisis and the distortions that have come from the systemically important financial institutions for sifi. part of the title, the title given was do sifi have a future my remarks are should they have a future. and that's really i think what it's about. and as we talk about the sifi, i always try to a

the congress this year, this next week ought to repeal the dodd/frank bill, the sarbanes/oxley bill. 13 million americans, this is a depression now. >> go ahead and respond to the former speaker. >> well, mr. gingrich would forget under his leadership we deregulated all sorts of financial activity. we had the worst economic crisis since the great depression rivalling it if we hadn't taken steps. here's what he's talking about. do not have an independent consumer bureau, let the federal reserve be in charge of consumer protection. do not do speculation, the position we put legislation on the books last year to be used this year to say that speculators cannot go up and buy oil futures, hold it off the market until the price goes up, and then sell it. we want to put an end to the speculative impact on oil prices, which many believe is at least $20 a barrel. he wants to undo this. he wants to go back to exactly what happened to cause the terrible crisis. so the notion by trying to restrain derivatives, trying to restrain mortgages that shouldn't have been granted, part of this bill says

to the implementation of the dodd-frank act especially since we're a month away from the act's effective date. roughly 11 months ago, the more than 800 page dodd-frank bill was passed and appears to be a reengineering of our financial markets. what's followed is 385 new rules and thousands of pages of new regulations to cover areas i think well beyond the scope of the financial crisis of the dodd-frank legislation. 51 of the new rules proposed by the tftc's 31 different rule making teams still in operation i'm sure. i fear some may suffer a classic case as a fear, and i wonder if the regulations will fix the mess created by non-market forces in the housing market, and if any in-depth cost benefit analysis as some of the rules have been done ordered by the president and his executive order of january 18. i'm concerned with yet another agency putting out a litany of regulations to raise transaction costs, stifle legitimate economic activity, increase unemployment, and create new risks and uncertainty where it didn't exist before. some of these regulations reengineer the principles base risked management of future markets that did not cause the financial cr

president bush, but i think the specific policies, such as stimulus, oba obamaca obamacare, the dodd-frank bill during the health care thing we kept hearing how the president would pivot to jobs, pivot to jobs and the health care thing went on far too long and a lot of job creators said it will cost me more to hire. you talk about the aid to bailouts and to homeowners and a lot of economists think what that did, was effectively gum up the works of clearing the housing market, and you have people in their houses who cannot afford them and the same with the car buyers, you know, cash for clunkers, stimulated purchases in 2010 and slowed them down for 2011. and, so none over these things fixed what is wrong and they have thrown sugar into the bloodstream an given everybody a buzz but has not fixed anything. >> heather: a band aid on it. we talked about his chances for re-election. president obama. historically, incumbent presidents, when unemployment, when the unemployment rate was below 6%, they won. above 6%, they lost, one exception, ronald reagan, who was re-elected in 1984 when unemployment w

chairman born, in testimony before a committee at the time the dodd-frank bill was being drafted, we have many persons coming in, saying which is a regular business in the united states doing manufacturing, trying to at least get some pricing of commodities, or we are wheat farmers or corn farmers or what have you. we are not aig, or we are not very sophisticated people. and as a matter fact they were drawing a distinction between persons in the backroom at aig or very sophisticated bankers trying to figure out how to game the system. and in due course as you pointed out, brought into a crashing halt. was there anyway drafting dodd-frank in ways recognized these more modest uses of swaps and derivatives as opposed to some defensive mechanism toward the cleverest of all may still be thinking of as were even talking today, about how to outsmart dodd-frank or the system we are talking about. in other words, the idea of transparency is very important, trading on exchanges, but is there any potential differentiation between the sophisticated bankers and regular businesses and farmers? >>

the congress this year, this next week ought to repeal the dodd-frank bill and the sarbanes oxley bill and create jobs right now. for 14 million americans this is a depression now. >> the speaker just said, congresswoman, repeal dodd-frank. maybe the american says i don't like all of the details, but after what happened in 2007 and 2008, i don't want wall street to not have somebody looking at them watching what they're doing. >> i'm looking forward to answering that question, because i introduced the repeal bill to repeal it it because it's an over the top bill that leads to more job loss rather than job creation, but before i fully answer that, i just want to make an announcement here for you, john, on cnn tonight. i filed today my paperwork to seek the office of the presidency of the united states today, and i'll very soon be making my formal announcement. i wanted you to be the first to know. >> if you don't get the distinction coming into the night, she has not taken at that last stay. i'm sure they welcome you into the fray. i want to come to congressman paul. you're all here say

as already noted, we are approaching the one-year anniversary of the dodd-frank bill. given all the work that is yet to be done and the uncertainties that surround it, i think it would be a little premature to celebrate. i think it is an opportune time to take stock where it is and what it might imply for the future. i want to congratulate the organizers of this conference. i think it is important that we take this opportunity. i want to note some of the colleagues nyu-sterns school as they have done some great analytical work on this and some pretty practical ideas that have come out of that that have served us all very well. as we talk about dodd-frank, the discussion revolves around the disruptions, the difficulties we have had over this crisis and the distortions that have come from the systemically important financial institutions. in fact, part of the discussion around the title that i have for these remarks, the title given was due cities have a future? that is really what it is about. as we talk about the ciffies, i ask myself some fundamental questions. how in

an answer to that question because i sbuchede the repeal bill to -- introduced the repeal bill to repeal dodd frank because an over the top bill that will lead to more job loss rather than job creation. but before i fully answer that, i just want to make an announcement here for you, john, on cnn. i filed today, my paperwork to seek the office of the presidency of the united states today. and i'll very soon be making my formal announcement. so i wanted you to be the first to know. >> i appreciate that. [applause] if you're out there and congresswoman bachmann had not taken that other step and other candidates had taken it and i'm sure they welcome you to the fray. let's continue the conversation. i want to come to congressman paul. you're all here saying the president of the united states is making the economy worse. has he done one thing, has he done one thing right when it comes to the economy in this country? >> well, that's a tough question. no, no. i can't think of anything. but may i ask -- answer the question that you alluded to before about whether or not 5% is too optimistic. no, there's n

so last year we sat down with the dodd-frank bill and said we're going to change some of the rules youred. one of the things that we considered affects every -- virtually every single american and that's the use of something called a debit card. you may not think twice about it, but for those of us who've been around a little whiecialtion there was a time when we had cash in your wall street in ain your wallet and a checkbook. then came credit cards and this new invention called a debit card. a debit card is basically a plastic check. when you swipe that debit card for a transaction, money comes out of your checking account and pays the merchant you're doing business with. it's a great convenience. i use them now, i think, more than half of purchases across america are used to using debit cards and credit cards every day. but at the same time that there was this growth in the debit card use across america, something else was happening that was entirely invisible to the public. each time that a debit card was swiped, the banks ended up taking a feesm you say, that's not unreasonable. th

it's our hope that through the dodd-frank regulatory reform bill, the cftc's responsibilities will be expanded to include oversight of the nearly $300 trillion in previously unregulated domestic swaps on the market today. this is a key step to bringing the shadow markets that helped bring the crash to the market under sensible regulation. this is where the credit c.d.s.'s and other complex derivative deals were made. this is how a.i.g. helped bring down the economy. we have to regulate this financial market and these financial products. however, the size of the market that the cftc must now supervise has increased seven-fold, and the cftc needs more resources. but in this bill, we will see their budget slashed. instead of giving the agency the tools it needs to prevent another financial collapse, we are planting the seeds for the next fm crisis. the result of this republican legislation to delay reform and the underlying bill to stop this agency would allow large interconnected financial companies to engage in unsupervised activity similarto the activity that got us into -- similar to

we are about ready to create another credit crisis across rural america because of the dodd-frank bill and its implementation. it's becoming difficult for the bankers and folks going to renew their farm loans and home loans. host: what about dodd-frank makes it more difficult to get loans? guest: new requirements for reporting, new requirements, just basic regulations in terms of reporting and what they have to maintain. loans that are good for 30 years, a farmer goes into renew his agriculture loan that he's been reviewing its 30 years and it goes in now and the person says it looks great, but you have defined credit elsewhere. -- have to find credit elsewhere. it's going to impact rural america. host: alabama, independent line, -- don. caller: i want to bring up the farm subsidies that you guys get. i think they should be cut to zero. if a farmer cannot make it on his own, why should i as a taxpayer supporting emperor? you will -- why should i as a taxpayer support him? and sending jobs overseas, taxpayers are paying for corporations to send jobs overseas. guest: i share many of thos

i see some contradiction in the critiques we got to be on the one hand, martin talks about a dodd-frank bill but merely constrains the ability of the authority to respond to a crisis, particularly as said in the treasury and tom says there is too much discretion in the hands of authority commesso questions also raised about how the orderly liquidation process will work. i will let you decide which of these issues we want to hit on and then we will open up for more conversation. >> thanks. christa i want to thank martin and, for the gracious comments and i think quite helpful in sight about the act. so i might just take two or three minutes to highlight some issues and then we can open up or john can lead through conversation. i think i agree with an aspect of martin's, and with respect to resolution authority that is if there is an error in the dodd-frank act on the crisis tools which undoubtedly there will be, it is in the direction as martin indicated that is in the direction of being overly constraining of the treasury and the fed in a crisis. i don't think the error -- often in the publi

she will be talking about the fdic and the dog frank -- dodd- frank bill. woody, democratic line. caller: when they pass the debt ceiling, they knew that it would have to be raised. in the housing industry for 33 years, government lending, we sold our best loans for 50 cents on the dollar back in 1986. when lehman brothers sold their loans, they were 22 cents on the dollar. the number to mortgage behind countrywide at the time sold their loans for 35% on the dollar. let the people buy back their loans for 10 cents more. they can get their debt adjusted, moving forward, they start to stimulate the economy with more money in their pocket. host: democratic line, north dakota. "collecting more than $2 trillion from the federal budget falls short of stabilize the borrowing. host: in case you missed it, the senate voted yesterday of 100-0 to confirm leon panetta as the nation's next defense secretary. harold, republican line. caller: what i wanted to tell tim, i am sorry to say that you are wrong in almost everything that you say. just as barney frank and chris dodd were wrong in forcin

here going that direction and impact of them coming this direction and our ability with this dodd-frank bill which caused connection activity of all these banks to be even greater and connecting over there and how will that impact everything and can you kind of shed some light on it? >> you're focused on the issues going on in europe and what the impact? >> also we have regulatory issues here that, i think impacted that by tying everybody together to even greater extent. >> i think american banks hold a lot of sovereign debt of the countries that we're talking about directly or indirectly or have written derivatives to such debt. so i, i have not studied this in depth but i would believe that there would be, if we're talking about any kind of restructuring or default of that debt, which of course in the mix of argument at the moment, that we would expect it would have some impact on our banking system. that being said it would have a lot more impact on european banks in terms of their holding of this debt. so, you know, overall, whether it would rise to a level of real concern i don't know b

the dodd-frank bill called for more than 200 new rules to be written by more than 10 federal agencies, none of them resolving the catastrophic scandal of freddie mae. they came out untouched. no one knows yet exactly what the law is or what those regulations are going to require. the environmental protection agency is now regulating carbon emissions. now, that was a policy that's been rejected by the congress, but puts millions of jobs at risk, the country doesn't support it, the congress doesn't support it, and yet the epa continues to try to advance that agenda against the wishes of the legislated officials in congress, and, of course, the people across the country. if these policies sound adds though they were written by people who spent no time outside of government, well, that's about right. president obama's political appointees have been notorious for their lack of private sector experience. this is unacceptable. it's fundamentally immoral to force working americans to hold down two or three real jobs just to afford the whims of the so-called experts who never really had one. w

here in one direction but the impact of them coming this direction and a devotee with of the dodd-frank bill which caused the collectivity of the banks to be even greater it now connected over there how was that going to impact everything, can you kind of shed some light on it? >> you are focused on the issue is going on in europe. >> so issues here that have impacted that by a greater extent. >> i think american banks hold a lot of debt in the country we are talking about directly or indirectly or the derivatives. i have not stated this in depth but i believe that there would be if we are talking about any kind of restructuring of the fault of that debt which of course we would expect it would have summoned back on the banking system. that being said, it would have a lot more impact on the european banks holding, so overall, whether it would rise to a level of concern i don't know because i haven't looked at the statistics and i would think that we would have some concern with the intent on our banking system with their excess of fear or not, i don't know. >> i think it would have a pretty

here going that direction, but impact of them coming this direction and our ability with this dodd-frank billwhich has caused the connectivity of all these bangs being -- banks being even greater, how is that going to impact everything? can you shed some light on it? >> you're focused on the issues going on in europe and what their impact -- >> right. well and, also, we have some regulatory issues here that have, i think, impacted that by tying everybody together even to a greater extent. >> well, i think american banks hold a lot of sovereign debt of the countries that we're talking about directly or indirectly or derivatives of sufficient debt. so i have -- of such debt. so i have not studied this in depth, but i believe there would be if we're talking about any kind of restructuring or default of that debt which, of course, in the mix of argument at the moment that we would expect that it would have some impact on our banking system. that being said, it would have a lot more impact on european banks in terms of their holding of this debt. so, you know, overall whether it would rise to the

the dodd-frank bill called for more than 200 new rules to be written by more than 10 federal agencies, none of them resolving the catastrophic scandal of fannie and freddie who came out untouched in the so-called reform bill. months after the law was in the books no one knows yet exactly what the law is or what the regulations are going to require. the environmental protection agency is now regulating carbon emissions. now, that was a policy that's been rejected by the congress, but puts millions of jobs at risk. the country doesn't support it. the congress doesn't support it. yet, the epa continues to try to advance that agenda against the wishes of the elected officials in congress, and of course the people across the country. if the policies sound like they were written by people spending no time outside of government, you are right. they are known for their look of experience. this is unacceptable and fundamentally immoral to force working americans to hold down two or three jobs to afford the whims of the so-called experts who never really had one. we don't need obama care to cre

one of those steps that we have taken to stabilize our markets and move forward is the dodd-frank bill. and in that we required the gao to conduct and not of the federal reserve -- conduct an audit of the federal reserve. we also required the fed to make information about the transactions through emergency landing facilities from decemb december 2008 to march 2010 available to the public. in addition, dodd-frank required that the fed disclose information about the entities that use the discount window, or under i believe it was section 13-3 lending facility. but in addition to what we required in dodd-frank, the federal reserve has also already subject to robust congressional oversight. and i'd like to ask our two witnesses, can you give the committee some examples of the types of congressional oversight that you are already required to do? even before dodd-frank. >> two of the most important types of oversight are the chairman of the federal reserve, the chairman of the fomc, provides testimony on the economy twice each year on the call of the house and the senate. and that is an impo

dodd-frank came to the floor last year. there were a number of amendments to the bill. one of the amendments that i come to the floor was called the durbin amendment of. it was an theament had had no -- it was an amendment that had had no hearings. and a lot of us -- people like myself, people who are opposed to price-fixing, what the durbin amendment assist said was that the fed was going to set price fixes. a number of us are opposed to it. a number of people in this chamber supported durbin because they were frustrated with where retailers were and their inability to negotiate prices with visa and some of the other companies and they thought this might be a solution to the dilemma of not being able to have appropriate negotiations. i think what all have understood is that the durbin amendment didn't actually give the fed the ability to set prices as it relates to cost on debit cards. it only allowed certain costs. in other words, the incremental cost of a transaction. and i think the retailers that i know are very strongly supportive of the durbin language know, they

i want to close for now with a statement made by the frank in dodd-frank, who this bill is named off. barney frank, who worked with chris dodd to craft this bill in the house and the senate, here's what barney frank says. it today the 8th, by the way? he said it today, the 8th of june. i quote -- and he's speak of the tester-corker-hagan-crapo-bennet amendment, this amendment of i quote. "this is a good, balanced, compromised approach. i support it, and i hope it will pass." the author of this bill from the house thinks this is a good policy change to make dodd-frank better. i yield the floor, mr. president. bthe presiding officer: the senator from delaware is recognized. mr. carper: mr. president, good to be with you again. spent most of the morning with you and now part of afternoon. this is -- this is -- this is -- this is really a difficult issue for a number of us in the senate because we have friends on both sides of this issue. and it's also a difficult issue for a lot of people because we don't want to be unmindful of the concerns raised legitimately by merchants for a number

is as simple as that.ow i want to close for now with a by statement made by the franc in dodd-frank to this bill is named after.th barney frank, who worked withthe hous and chris dodd, to craft this bill in house and the senate, here's what barney frank says. is today the eighth by the way? 8 he said it today. the eighth of june. and i quote speaking of the tester corker crapo bennett amendment, this amendment, i quote, this is a good balanced compromise approach. i support this and i hope will the pass. the author of this bill from the po house thinks this is a goododd-fran policy change to make dodd-frank better. and i yield the floor mr. president.elaware i >> the senator from delaware is mr. preside nt recognized.od t >> it's good to be with you morni again. spent most of the morning withthis you and part of the afternoon. is this-- is really a difficult issue for a number of us in the senate si because dewe have friends on both sides of this issue, and it'sf also a difficult issue for a lot b of people because we don't want to be unmindful of the concernsely raised legitimately by the merch

the dog-right bill says they don't, i find you to be an imprudent lender -- the dodd- frank bill.es your pension. the banker says he is scared to death. what will i do this $100 million this moron gave me, these worthless pieces of paper? lend it to me, and i can assure you i will find a very prudent risk. then he says, how much of my going to get for it? 3.5%. i got it for nothing. my board is going to have a champagne brunch for me when i tell them i am getting 3.5%, and i am not going to lend a penny of it to anyone in the country. all of it is going to government. it is pretty cool. so nobody will make loans, no one will create jobs, no one will expand their factories. nobody will expand health care. and you wonder why we do and i have any economic growth in the united states. it is all because of the policies of one man. but that which the hand of man has done, the hand of man can undo, and that is what we are going to do in 2012, undo it. get rid of these constraints. we are going to send a message to manufacturing. go ahead and exploit the world market like you always have.

dodd-frank bill has stipulations about more information coming to ask passed last year. there's also been a court case is that has required the freedom of information act and reload stealing be dealing with that today and also provisions in the law that was put in by basically senator john sanders that is required some additional information. but you know, what is referred today so often on hearings and materials that came out of the freedom of information act is called the dump and i find that rather interesting to collect that because because it sounds like a lot of material was dumped. when you think of 29,000 pages of technical information, it is very large and a lot of people can study it. our staff have been working very hard and quite frankly it isn't all that easy to figure out. it reminds me of the story that was told, supposedly a true story that an individual was being audited by the federal reserve and it came to them and said they bought five years of everything he's ever done in every receipt you've ever had. and of course that made him very unhappy so he p