your money with banks that has fdic insurance.e're not quite there where they want to be regulated by banks, but they need these distincti s distinctions. stock 543 obviously has been pressured, been below for a couple weeks now. earnings from google come thursday night along with amazon and microsoft. europe is about to dploes about five minutes. interesting weekend over there, simon hobbs is here to count us down. >> west european stock markets bouncing down, they're only up about 0 .6%, obviously what's happened in china is the basic weasel stocks. greece remains front and center. we have a decree from the greek government from all municipalities to send the spare cash they have over to the central bank. we knew this was coming because the deputy finance minister said it last week, but it is still an indication of course of how tight finances are and the greeks are running out of money. seventh straight session you've got selling or dumping. great term depth. meantime, this is a list from rbs of the bills that he has to pay. th

we share part of the blame but the office of the comptroller of the currency warranties fdic. there was the office supposedly watching the savings-and-loan was abolished with the reforms after they did such a bad job they said we will just get rid of them. with securities regulators at the cftc agreed not forget united states congress which i think we're the most egregious by far to pass the commodities futures modernization act in the year 2000. it did one thing that literally band the regulation of derivatives which in the year 2000 was a market once the do not enter signed was put off and flew at of control. >> so it was coming from everybody but i take if i had to pick the absolute worst decision made a lot the way that was probably at. >> host: in in your view with the financial crisis of 2008 had its roots of the 2,000 derivatives act. >> had a big part of the housing bubble we did not have this, let me go back. the mortgage based securities based on housing would not have been in favor that the derivatives would have been did better and so what. there are multiple route

joining me in fox business exclusive, sheila bair, former fdic chairman, author of the brand new book, ""bullies wall street." that is the best title. >> it was my publishers. it wasn't mine. mine was, you could do better. that will sell more books. liz: some people on wall street could have done a better. talking about the crisis on wall street. seven years later here we are is a federal reserve stuck in net they are world of extremely lower rate, .25 of a percent. it was unanimous decision to do nothing every month? >> i'm surprised it was unanimous. i read it as pretty dovish. i will be surprised if we get 25 basis points by the end of the year. that could change if the economy picks up. we've been waiting for economy to achieve liftoff for a long time. every time we think it will happen, it is two steps forward, one step back. i'm not optimistic. my sense, i read it as very dovish. i would be surprised if we get any kind of a rate increase this year. liz: a lot of things referenced waiting for gadot. it has been waiting for gadot. it never really happens. the great recession we ho

recycling debt services within the united states of america through social security, through the fed, the fdic so that when the next crisis happened in 2008 which, of course, was monumental even in the united states, the next 1929 in 2008 happened, the state of nevada did not have to bailout the banks domiciles in nevada in the state of nevada did not have to worry about an implement benefits. he had these shock absorbing mechanisms. we're the fdic looking out for the banks of nevada and social security at the federal level paying automatically without a political decision. texas from new york state and california were diverted to pay. these are the types of mechanisms needed in order to end monetary union -- europe never had those. amy: i want to turn to the opposition lawmaker of the new democracy party, which is the former governing party of greece. he criticized your party, the governing party am a syriza's approach to financial troubles. >> it is devastating. all this uncertainty downgraded, the fact the government is using all the available cash, thing no one. the fact the banks are funn

so sheila bear is a long-time public servant chair of the fdic and she said only in washington would these things look like anything but a bribe. my concern is when people leave a private sector job with a $21 million payment and you're not going to forget a $21 million gift. when the interest of your former firm conflict request with the interest of main street, i'm sure they're going to focus on their former firm and. >> they wanted to look at a proposal that would require transparency on these matters. what would this proposal specifically require of the banks? >> the proposal itself, it's not entirely clear what they're asking for. but the underlying issue is an important issue and that is it is a good thing to have in government people who are knowledgeable about the industry being regulated. in terms of the payments themselves there are many different kinds of payments. this is money that's already been earned by executives, which hasn't yet vested. and vesting requirements are about preventing people from going to competitors. but i would submit for the country and for the ind

. >> if you put aside limits of fdic insurance, for example, my question is why would anybody do thatut it in a mattress or safety deposit box, right? the cash you get it all back don't you? >> right. i foresee ft. knox will hold other people's cash because they don't want to lose money in a bangor t-bill or any instrument providing negative interest rates. >> the reason i bring it up the internet and bloggers are going nuts this morning about some general rule changes that have been coming down in 2015 about what you are allowed to use the legal tender for in terms of cash paper. i know that in the cleveland area stories today pointing to chase in march making it so they don't take cash in things like mortgage payments auto loans. restrictions putting cash potentially in safety deposit boxes. does any of this scare you or should we live in a paperless society? >> it's alarming. it's a free market. if people don't want to use a credit card they want to pay cash they should have that choice rather than it being dictated by a government or bank. >> thank you very much peter. simon hobbs

after congress challenged the feds on operation choke point the chairman of the fdic acknowledged the program might have been misunderstood and misapplied and then agreed to reverse course. by this wednesday, congress wants the feds to provide documents to prove that certain businesses are no longer being bullied. and, yet, a few weeks ago the owner of american gun and pawn in central florida got a letter from suntrust bank saying all of his accounts would be closed. there was no explanation except that, quoting here there are circumstances where we will identify a specific account relationship that no longer meets these criteria. the owner, steve champion had no idea what the criteria was but when he called suntrust he said he quickly found out. listen. >> when i called, one of the people who answer the phone, first thing in the moernrning, could have been a clerk. said oh you got a gun letter, going out to gun shops across country. i can't say for sure that's the reason but it sure sounds suspicious for me. >> so we called suntrust and a spokesperson told us the reason mr. champion'

that one piece of data the one table made my case to the entire fdic but it was never disclosed to me or as far as i can tell the other commissioners. >> let's go into the financial crisis. you've made the case leading up to financial crisis. we think of bear stearns lehman brothers, investment banks. we think of aig a big insurance company and its collapse. we don't necessarily think about countrywide is much even though there is quite a bit of attention on countrywide in the lead up to the crisis. tell us how the housing piece collided with everything else until he gets to appoint with the government is bailing out a big insurance company that obviously was not directly involved in the housing market. >> this is a story of increasingly significant government wonders and i'm afraid i have to blame the people in office at the time and to some extent into the obama administration. there was the thought apparently looking not at no more of the secretary of the treasury at the time, hank paulson. if a large finance bill institution would drag down a lot of others. both happening in 2008

. >> but the federal reserve, the consumer financial protection bureau and the fdic also point out theythey can buy more homes, more cars, start more businesses, they can do more things both to get their own economic lives started and to keep this economy -- >> jon: the big banks have been at the fed discount window for years and years borrowing at zero%. why is that okay and why isn't that costing the federal government tons of money because those banks go back and buy treasures which even if they're getting 2% or 3% the u.s. government is still using that money, why aren't students being penalized for not being businesses but businesses are being basically handed money. >> because the big banks have a lot better lobbyists than the students do. i'm sorry but that's what it comes down to. we should not be charging our kids more to get a loan to go to college than we charge big financial institutions in order to -- (cheers and applause) >> jon: i understand it a little better now. you should be a professor. >> it doesn't work out that way. >> jon: you should teach a class on this type of

there were other bank regulators the fdic is not just an insurance company. supposed to be watching the banks. there is the office of thrift supervision supposedly watching the savings and loans. back out after the reforms after they did such a bad job they said we are just going to get rid of them. then you had security regulators of the fcc and the cftc and let me not forget the united states congress commotion a few things which i think the most egregious by far really by far was passing the commodities future modernization act. i love this word uttered a station i in the year 2000. a whole bunch of things have no interest to people like you are in the commodities business. one thing of great interest which literally bands the regulation of derivatives. year 2000 was this big haired ones that do not enter sign for regulators was put up by congress, it just grew like topsy. so there is a plethora of mistakes coming from everybody. i emphasize the last one because if i had to pick it nice to receive the absolute worst decision made along the way that would p

. >> reporter: china is creating its own version of the fdic. government has been talking about it for years and we finally have an actual launch date. may 1st. that's sending a signal to the markets that the government here is willing to make good on some of its pledges to reform the financial sector. under the new scheme, chinese deposits will be guaranteed up to 500,000 or 81,000 u.s. dollars. the move makes formal and official to what extent the chinese government is willing to protect chinese savers. the move is seen as a way for the government to be able to close down troubled financial institutions without creating public panic, especially if the economy continues to slow down and put pressure on the banks. the program is also seen as an important step towards even deeper financial reform. paving the way for the long awaited end of state controlled interest rates. for "nightly business report," i'm eunice yoon in beijing. >> while china is working to reform its banking sector the way americans bank and transfer money is changing. the bigg

that is not the role of the fdic.hey should make sure our banks are safe and sound, but should not try to implement healthy by putting pressure on banks. it is hard to deal with bad actors. it is hard to say, listen, i will legislate this pair you have to rule out that actors and we want to make sure we have people who believe in the mission of the insurance policy that comes from the fdic. if you do not believe in that, you have got to go. host: can i ask you about the flash crash of 2010? one person was arrested where investors lost a lot of money. this one person was a less -- arrested and monday -- arrested recently. are you going to investigate how one person could have that much influence over the market? guest: it is interesting. we have operation control point. the fdic, the monetary policy leak that took place as well a few years ago. there are regulatory issues we have to take up. financial services, we have capital markets and wall street and all the banking from big banks and small banks, housing, the fede

sheila bair who is bush's fdic commissioner.fannie mae and freddie mac. 2003 -- by 2004 is starting to get nervous. in 2004, george bush -- george bush ordered fannie mae and freddie mac says atchley and increase the number of homes they bought for people below the median income. we said that's dangerous. by 2005 i joined the republican chairman passing a bill in the house in the committee. it passed the house. the senate republicans did. they tried to work it out in the bush administration pulled the plug. so the chairman of the committee of sarbanes-oxley, good legislation, when he was fast when nothing happened coming he said george bush gave me the one finger salute. 2007 i become the chairman of the committee and we pass the bill. hank paulson testifies and i will give you what i am refuting in cheney's memoir. i said at that time i took what some people know as the washington read for your name in your index. i can tell you by the way, but almost every book about politics mentions benjamin franklin. the reason i know that

>> i think if you want to have reform on wall street, look sheila bair -- who was the head of the fdic-- she was one of the first persons who said there was going to be a problem with what was happening on wall street on the housing crisis. back in 2006, 2007 she said we needed to have higher capital standards. so when you go to a bank they need to have more capital, more buffer right? and it seems like logic, very logical, but in 2007 people were talking about bringing that down. and so, you know dodd-frank is coming, and there's a lot more rules on financial regulation. ultimately, at the end of the day you simply need more capital buffer. and what does that mean? when a bank puts more capital reserves, it means that that when you loan out money not as profitable for a bank, because the bank's using some of its own money. so it's -- with wall street it's tough right now. there's a public knowledge. "wall street journal" had a report out saying compensation is down, a lot of these banks are getting hit by fines. so it's there's been an exodus of talent. and so it's not exactly this fr

. >> among mid-sized agency, the fdic ranked at the top and for small agencies, top honors wept toedportation board. >>> two are recalls to tell you about both involving tools that are supposed to help you with yard work. both home light and owt industries are recalling their electric leaf blower because they can overheat spark, catch fire. the recalls affect more than 1 million of them. what's more, there have already been reports of about 1400 of these blowers sparking, smoking burning. the products are sold at home depot and walmart. >>> so are they really good for you? the fda is cracking down now on the popular kind energy bars, those snacks described as healthy and tasty. but the fda says that four flavors are too high in saturated fat to be labeled as healthy. but kind and some nutrition experts argue that the bars are different because nuts are what's causing the high levels. >> if kind bars can't be called healthy, because of their fat content content, it implies that almonds can't be called healthy because of their fat content or walnut uz because those are the sources of t

now both are insured by fdic up to the legal limit of $250,000.e interest but you carry penalty if you with draw your money before the end of the term and some banks may limit number of transactions, within a stated period. >> so if you don't want to do that are there other alternatives out there. >> you would be surprised to find out that the big brokerage firms have been more competitive in the cd mark but here's their caveat when you buy a cd through your broker it often can fluctuate in value, that might freak people out if interest rates were to rise you might receive less than what you pennsylvania paid for that cd and people may not like that idea. a lot of our viewers ask about inflation-link bond as a place for save money. ibond have a fix rate that remain the same throughout the life of the bond and variable inflation rate that is adjusted twice a year based on changes in the consume are price index. the next adjustment concurs tomorrow. now because inflation is low right now ibond are paying just under one and a half percent. better tha

last july, august, the fdic and the federal reserve bank said 11 of the largest financial institutions in this country are so big, that if they started to stumble, that either the american taxpayer would have to bail them out -- >> again. >> -- or they would bring down the entire economy. so we've got to fight back against this. >> is the democratic party any better than that than the republican party on that, though? i know there are a handful of other economic populists in the democratic party. senator schumer has been not a critic. i look at senator clinton as the expected nominee. i don't see any distance between her and wall street interests there. is there any difference between democrats and republicans on that? >> look, we are the ones -- we the people, we the folks who say we're not going to put up with this anymore, look at where americans are on this. americans say we have to reign in the biggest financial institutions. we need some accountability on wall street. look, after them threatening the rest of democrats, we posted a petition on line just to say we're not going to b

i think for instance gary densler coming to head the fdic.ink once you work for public sector you can never go back to a profitmakering entity. no, that would be silly. >> thanks for your time this afternoon. etsy shares crafting up one heck of a debut. the stock nearly doubling after its ipo. we'll show you one couple making nearly $50,000 a month shelling homemade cheese boards. >>> how on earth did a man fly a gyrocopter within a stone's tloef throw of the capitol building? that's some of the most restricted airspace in the world. ♪ if you're looking for a car that drives you... ...and takes the wheel right from your very hands... ...this isn't that car. the first and only car with direct adaptive steering. ♪ the 328 horsepower q50 from infiniti. new york state is reinventing how we do business by leading the way on tax cuts. we cut the rates on personal income taxes. we enacted the lowest corporate tax rate since 1968. we eliminated the income tax on manufacturers altogether. with startup-ny, qualified businesses that start, expand or rel

if you put your money in a bank, forget for a second, fdic limits of insurance, get your money in a bankwhat we've noticed is, trends that large dpois itors are not welcome at the big banks, i get that, i don't have a problem with that. a bank offer as service, if they want to charge a fee or they don't want your money hanging around because they're not making money on it, i get it. every piece of paper money on the ts, on the front face says this note is legal tender for all debts public and private. now i would like to put something that was in the mesis institute what they're calling the war on cash. as of march, chase began restricting use of cash in selective markets including greater cleveland. the new policy rye strikts borrowers from making payments on credit cards, auto loans and equity cards. i understand that there's money-laundering and all of this activity that might revolve around cash. one thing i've learned from over-regulation is that for the most part the people that are going to do those types of that type of behavior that isn't quite up to standard, they're not going

both of these are insured by fdic up to the legal limit of $250,000.lties for withdrawing your money before the end of the term and they may limit the number of transactions within a stated time period. in other words, no free lunch. for a little more interest you have to take on extra risk. >> all right. any other alternatives? >> well, speaking about risk, here's something interesting. brokerage firms have actually become competitive in the cd market. this is the secondary cd market so when you buy a cd from a broker it can often fluctuate in value so you get higher rate but it's generally interest rates are rising you might actually receive less than you paid for that cd. some people might not like that deal. a lot of viewers ask me about inflation-linked bonds as a place for save money. i bond have two components. it's a fixed rate that stays the same throughout the life of the bond and a variable inflation rate that's adjusted twice a year based on the cpi. the next adjustment actually occurs tomorrow. because inflation is low right now, ibonds ar

last july august the fdic and the federal reserve bank said 11 of the largest financial institutions so big that if they started to stumble that either the american taxpayer would have to bail them out, or they would bring down the entire economy. we got to fight back against this. >> is the democratic party any better than the republican party at that? is the democratic party stronger? this is your cause. there are a handful of people but i think of senator schumer is ascending in the leadership. in the democrats he has received a ton of money. he's been not a critic. i look at senator clinton as the expected nominee. i don't see any distance between her and wall street interest there. is there any difference? >> we are the ones we the people, we the folks who say we're not going to put this up anymore. look at where americans are on this. americans say we have to rein in the biggest financial institutions. we need some accountability on wall street. after that business firm citibank's threatening the rest of the democrats, we posted a petition on-line. elizabethwarren.com. posted a

the top six midsize agencies fdic, gao smithsonian institution, federal trade commission, federal energy regulatory commission and the nuclear regulatory commission all scored higher than the private sector. i'm encouraged that despite the klein in the indices of employ engagement work satisfaction 2014 term employment have youpoint data indicates federal employees have persevered through a lot of adversity and remain positive about their service to the country which the chairman alluded to. 90% of our federal employees believe that the work they do is important. 96% of our federal employees are willing to put in the extra effort to get the job done. 90% are constantly looking for ways to do a better job. that gives us a lot to work with and makes and renews my faith in who these public servants. they are dedicated fellow americans who want to make this a better country and i really appreciate that sentiment being expressed by the chairman who recognize that is in his own interactions with our public servants so thank you, mr. chairman for holding this hearing and i certainly look forwar

so the fdic bails out the banks.these states -- one of the few things bill clinton did that i liked, he made these companies by bonds to mess up -- clean up the messes they make. one of the first things george bush did was take that out of the law so the fdic is either going to clean it up or the epa. i know how c-span loves to talk about obama's war on coal. if you pay attention to the first page of the "wall street journal" they list that when president reagan came into office, there was 250,000 people below ground mining coal. by the time george bush senior left office there were 150,000. maybe something to do with automation, i do not know. almost half the job cuts came under reagan bush. no more on coal -- no war on coal. the front page reporting, autism booms around the areas that use pesticides and only three states monitor the use of pesticides and all those bills are getting off medicaid or medicare to cure autism. if you do not want federal government regulations, do not take subsidies to clean up the mess.

one category is that the fdic, the fdic, has tried out a few models, and they have provided financialentive to banks to offer these kinds of loans, which, maybe, is another way to say subsidizing them. an alternative model as the credit unions coming up with a few, but nobody has really cracked the code for lowering the cost of a payday loan precisely because it is a high-risk pool of people. the question of credit availability that always comes up in regulation of financial services, and probably, you're going to come back to this argument that the cfpb has made, namely that if all we are doing is squeezing out the payday loans that are taken out to pay other payday loans, then i think we are doing the right thing. host: a question from twitter -- every time we have a payday loan segment, a basic question goes unanswered, how do these terms not violate state usury laws? guest: the short answer is not every state has a usury law. new york has a criminal usury statute. west virginia has a usury statute, and axa, a provision in its constitution, -- and, actually, a provision in its cons

my aunt lily died and the fdic dumped land out there before the land could be sold. the irs came in and eventually sold every acre of her land. the family was called in, let's try to at least by some assets from her modest home. i bought this music box from her, it plays"amazing grace"they ran into the amazing greed of the congress. thank you. i yield back. pro tempore: the gentleman from washington is recognized. >> are you ready to close? mr. brady: we have one more. i am proud to yield one minute to my colleague from taxes. exas. mr. herd: i want to share the story of bobby mcknight for my district of fort davis texas. he said many families like his might be asset rich, but cash poor. most of their asset is used to grow food and cattle. a lot of that food, my colleagues will enjoy today. he has had to make sacrifices to keep his business above water. as many small business owners can tell you, sometimes you run out of places to cut. that is what happens to his family after the death tax. he had to lose skilled labor. his land values continue to increase and many f

the top six midsize agencies fdic, gao, smithsonian institution, federal trade commission, federal energy regulatory commission and the nuclear regulatory commission all scored higher than the private sector. i'm encouraged that despite the decline in the indices of employee engagement work satisfaction, 2014 federal employment viewpoint survey data demonstrates that federal employees nonetheless have persevered through a lot of adversity and remain dedicated and overwhelmingly positive about their service to the country, which the chairman alluded to. 90% of our federal employees believe that the work they do is important. 96% of our federal employees are willing to put in the extra effort to get the job done. 90% are constantly looking for ways to do a better job. that gives us a lot to work with and makes and renews my faith in who these public servants. they are dedicated fellow americans who want to make this a better country and i really appreciate that sentiment being expressed by the chairman who recognize that is in his own interactions with our public servants so thank you, mr.

the fdic, the fed itself, f.h.f.a. they are all nonbudgeted. but let's pick this one out of the pack. there is so much about this that is surreal to me. i have -- i believe there is a bit of a trial under way here today and we are laying a marker down on april 21 on whether or not we are actually going to be able to function in a bipartisan way. we did. it took hard work. 18-plus months. 53-5 in committee and now as i say, we are putting a torch to it. we are going to decide -- this is a test. are we going to use the cfpb as a piggy bank to pay for all other matter of agendas and ask them to swallow this poison pill in the goal of getting a bipartisan bill passed. it's a test of whether or not we are going to do it and it is an experiment to see how radical we can change bills and still keep yes votes in the matter of consistency although there is no consistency in the proposed pay-fors and that legislation that passed last week. in addition to the estate tax and sales tax totalling $300 billion. nobody offered pay-fors on those. so it is incon

well, my aunt lili died and the fdic dumped land out by her place before the land could be sold. and so the i.r.s. came in and eventually sold every acre of her land. the family was called in, let's try to at least buy some of her assets from her home, her little modest home. i bought this music box from aunt lili. it plays amazing grace, but she didn't get amazing grace. her heirs didn't get amazing grace. they ran into the amazing greed of the united states congress. let's take the green eyed monster and put it where it belongs and begin to feel good for people that work for what they own. thank you. i yield back. the speaker pro tempore: the gentleman's time has expired. the gentleman from washington is recognized. mr. mcdermott: may i inquire from the gentleman from texas, are you ready to close? mr. brady: we have one more speaker before we close. mr. mcdermott: i reserve the balance of my time. the speaker pro tempore: the gentleman from washington reserves. the gentleman from texas is recognized. mr. brady: i'm proud to yield one minute to my colleague from texas. the spea

lots of fundraising and trying to stick by the spirit and a letter of all of the fdic ideas. i do not like united citizens decision is all. we want to help fund those candidates on the edge, the reds or blue or frontline candidates. and there will only be 60 or 70 of them that have a chance to win. some seats are safe for the republicans and some are safe for the democrats. we will be focusing on those seats that we have a chance. host: let's go back to calls. california, joseph on the independent line. caller: hello, and good morning everybody. i just want to remind everybody that israel got its nuclear weapons with their ally in south africa when they were in the apartheid regime. they were outright fascist. me being a black person, i don't think israel should have any nuclear weapons. i think we should put sanctions on israel to get rid of their nuclear weapons. guest: thank you, joseph. one of the interesting things to come out of the last conference with the nonproliferation treaty, which iran has signed and israel has not signed, this frame is a big step in the right di

the chinese government as you said is creating it's own version of the fdic and the government has beenalking about this for many years but we finally have a launch date. may 1st. that's sending a signal to the markets that the government is willing to make good on some pledges to reform the financial sector. under the new scheme chinese deposits will be guaranteed up to 500,000, that's about 81,000 u.s. dollars. to what extent the chinese government is willing to protect chinese savers. people also see this as a way for the government to allow itself to close troubled financial institutions without creating public panic as the economy continues to slow down and put pressure on the banks and the program is seen as an important step to deepen financial reforms paving a way to a long awaited end to interest rates controlled not by the state but by the markets hopefully at some point soon guys. >> yes we'll talk about banks right now. the picture being painted for this earnings season is just days away from starting but s&p capital iq says financials could be the topper forming sector this

lots of fundraising and trying to stick by the spirit and a letter of all of the fdic ideas. do not like united citizens decision is all. we want to help fund those candidates on the edge, the reds or blue or frontline candidates. and there will only be 60 or 70 of them that have a chance to win. some seats are safe for the republicans and some are safe for the democrats. we will be focusing on those seats that we have a chance. host: let's go back to calls. california, joseph on the independent line. caller: hello, and good morning everybody. i just want to remind everybody that israel got its nuclear weapons with their ally in south africa when they were in the apartheid regime. they were outright fascist. me being a black person, i don't think israel should have any nuclear weapons. i think we should put sanctions on israel to get rid of their nuclear weapons. guest: thank you, joseph. one of the interesting things to come out of the last conference with the nonproliferation treaty, which iran has signed and israel has not signed, this frame is a big step in the right dire

well, my aunt lili died and the fdic dumped land out by her place before the land could be sold. and so the i.r.s. came in and eventually sold every acre of her land. the family was called in, let's try to at least buy some of her assets from her home, her little modest home. i bought this music box from aunt lili. it plays amazing grace, but she didn't get amazing grace. her heirs didn't get amazing grace. they ran into the amazing greed of the united states congress. let's take the green eyed monster and put it where it belongs and begin to feel good for people that work for what they own. thank you. i yield back. the speaker pro tempore: the gentleman's time has expired. the gentleman from washington is recognized. mr. mcdermott: may i inquire from the gentleman from texas, are you ready to close? mr. brady: we have one more speaker before we close. mr. mcdermott: i reserve the balance of my time. the speaker pro tempore: the gentleman from washington reserves. the gentleman from texas is recognized. mr. brady: i'm proud to yield one minute to my colleague from texas. the spea

the fdic, the fed itself, f.h.f.a. they are all nonbudgeted. but let's pick this one out of the pack. there is so much about this that is surreal to me. i have -- i believe there is a bit of a trial under way here today and we are laying a marker down on april 21 on whether or not we are actually going to be able to function in a bipartisan way. we did. it took hard work. 18-plus months. 53-5 in committee and now as i say, we are putting a torch to it. we are going to decide -- this is a test. are we going to use the cfpb as a piggy bank to pay for all other matter of agendas and ask them to swallow this poison pill in the goal of getting a bipartisan bill passed. it's a test of whether or not we are going to do it and it is an experiment to see how radical we can change bills and still keep yes votes in the matter of consistency although there is no consistency in the proposed pay-fors and that legislation that passed last week. in addition to the estate tax and sales tax totalling $300 billion. nobody offered pay-fors on those. so it is incon