i want to help people understand how can there be a federal program, federal loan program? because wasn't it already a federal program at that point? >> no. it's just federally backed loans to students. here's the problem. you have 19 million student loans being administered by 2,000 lenders, nonprofit or for profit. so what we now have starting july 1 is one lender, the u.s. department of education and you call up through a call center. 19 million student loan applications. and that's how you get your loan. it creates a lot more convenience in choice for people to go to their local bank or local nonprofit to apply for their loan. second, the government said, well, we're going to save 61 million dollars and take it away from these greedy banks. but they took the money and spent it on health care and more government. so what they're really doing is overcharging the 19 million students 17 or 1800 per person on average loan over 10 years to help pay for the health care bill and more government. so it's just a difference of governmental philosophy. the administration seems to be

this involves the federal student loan program. you are very critical when congress voted to take over the private banks calling in a government takeover. i think some of your colleagues called it that all's -- also. how can there be a government program? wasn't it already a federal program? >> a no, it is just federally backed. here is the problem. we have 19 million student loans being administered by 2000 lenders, a nonprofit or for profit. starting july 1, we have one lender, the u.s. department of education. you call in the through a call center for 19 million student loan applications. that is how you get your loan. it creates a lot more convenience and choice for people to go to their local bank or nonprofit organization to apply. second, the government said we will save $61 million taking this away from the banks, but what did they do? the spending on health care and more government. but they are really doing is overcharging the 19 million students $1,700 or $1,800 over 10 years to help pay for the health care bill and more

for the purpose of federal student loan cancellation program, it defines a year of seice to six months or longer in deployment in hostile fire or imminent danger zones. recognizing the critical role military families play and the sacrifices they make. the bill also establishes a career development pilot program for military spouses. to address the physical and mental scars borne in combat. it allows for exemption for military medical providers older than 42 to be considered for recruitment t also increases incentives for students in health care education programs to pursue military careers by allowing health professionals to also receive payments from the active duty health professionals loanepayment program. it also requires the services to increase the number of authorized mental health providers by 25%. the legislation authorizes $567 bill in budget authority for the department of defense. the bill also authorizes $159 billion to support overseas contingency operations and $34 billion for the military operations in iraq and afghanistan as well as disaster assistance for the victims

bernanke has changed his own policy statements by agreeing to provide a federal emergency lending program that will loan american taxpayer dollars to foreign central banks sew that they in turn can lend this money out to smaller foreign banks as reported in the "wall street journal" on may 10 of this year. this decision comes in the wakes of the european union's agreement with the international money fund to create a $1 trillion bailout package for the e.u. in order to deal with that region's ensuing fiscal crisis. the i.m.f., which is also funded by american taxpayer dollars, will be contributing over $250 million to this oversea bailout in addition to the federal dollar swap loan program. the question, mr. speaker, is, why did mr. bernanke change his policy? why are american taxpayers now helping to bail out european countries? the speaker pro tempore: the gentleman yields back the balance of his time. for what purpose does the gentleman from new york rise? >> to address the house for one minute. revise and extend. the speaker pro tempore: the gentleman is recognized. mr. towns: mr. speaker, i rise to

thunderstorm session are coordinated with and do not duplicate the efforts of other loan guarantee programs within the federal government. this is a good amendment that len able more small and medium sized manufacturers to take advantage of the loan guarantee program for innovation, technologies at the department of commerce and i yield back the balance of my time. the chair: the gentleman yields back the balance of his time. the gentleman from ohio reserves. the gentleman from texas is recognized. mr. hall: i reserve the balance of my time. the chair: the gentleman reserves. the gentleman from ohio is recognized. mr. boccieri: i'd like to inquire how much time we have remaining, mr. speaker. the chair: the gentleman from has 1 1/4 minutes remaining. the gentleman from michigan is recognized for one minute. mr. schauer: thank you, mr. speaker. in michigan gaining access to needed capital is hard to come by. in many michigan businesses continue to be redlined for loans. in my district there's a need for loan programs to help manufactures -- manufacturers, such as production engineering in jackson, michigan. to

extent program, the secretary shall ensure that programs coordinated with and do not duplicate the efforts of other loan guarantee programs in the federal government. so there is an effort to be sure that we do not have this kind of duplication. once again, this is a bill that authorization has been cut by 50% from what 365 members of this house voted for just three years ago and that was unanimously approved by the other body. and i yield two minutes to my friend, dr. rush holt. the speaker pro tempore: the gentleman is recognized for two minutes. mr. holt: mr. speaker, i thank the chair for yielding, and i rise in strong support of the america competes re-authorization act. our investments in scientific research and education underwrite our national prosperity and success. yet, for decades we have underinvested in our nation's tools for advancing innovation and competitiveness. the america competes re-authorization act will build on the successes of the original america competes act and the american recovery and reinvestment act by authorizing funding levels that will continue to double the budgets of our basic research agencies, nist

extent program, the secretary shall ensure that programs coordinated with and do not duplicate the efforts of other loan guarantee programs in the federal government. so there is an effort to be sure that we do not have this kind of duplition. once again, this is a bill that authorization has been cut by 50% from what 365 members of this house voted for just three years ago and that was unanimously approved by the other body. and i yield two minutes to my friend, dr. rush holt. the speaker pro tempore: the gentleman is recognized for two minutes. mr. holt: mr. speaker, i thank the chair for yielding, and i rise in strong support of the america competes re-authorization act. our investments in scientific research and education underwrite our national prosperity and success. yet, for decades we have underinvested in our nation's tools for advancing innovation and competitiveness. the america competes re-authorization act will build on the successes of the original america competes act and the american recovery and reinvestment act by authorizing funding levels that will continue to double the budgets of our basic research agencies, nist,

program is used as the cornerstone for a low-income student financial aid package. through this grant and the other financial aid pgrams like federal work study, the supplemental educational opportunity grant, the perkins loan program and the stafford loan program, millions of students have been able to pursue their dream of a postsecondary education. while it is important to recognize the role that the role that federal financial aid plays in access, it is important to discuss the partnership that must exist between the federal government, states, institutions of higher education and students and their families. without each part of this partnership, it will be impossible to continue to help students attend some form of college. in recent years, the federal government has increased the amount of aid provided exponentially only to have institutions continue to raise their costs at rates outpacing inflation. costs continue to rise at 4%, 5%, 6% per year, students will quickly find themselves unable to afford a college education. all participants must do their part if we want college to remain an option for all students. while federal financial aid is important, it is not the only thing that should be mention

accreditation you qualify for the student loan program. ( bell tolls ) >> smith: and that's what clifford needs. accreditation is the key to unlocking federalinancial aid funds. >> i heard about patten university from one of the regional accrediting executives, who said, "we really like this school. we're very concerned about its future financially. would you go talk to them, michael?" and i kept looking at patten, going what can i do with this school? i kept working on it. and then it hit me like a ton of bricks that it was the perfect fit for the dream center. >> smith: dream center is a non-profit christian mission associated with the angelus temple, a mega-church near downtown la. ( upbeat music ) since its founding in 1994, the dream center has been a hit with christian teenagers from across southern california. michael clifford is on its board of directors. the dream center is housed in a former hospital that acts as a 24-hour rehab facility and shelter for ex-convicts, drug addicts, and prostitutes. but, if clifford can make his deal with patten, dream center will also include a fully accredited dream center college. >> we are now in

marketplace so people had more choices and swallowed everybody up and the federal government has done the same thing with the student loan program in the united states and had to hitch it on to obamacare to do it, what a bunch of cynics that they couldn't do something like that in broad daylight in front of all of america of the they had to stick it in when they had another tactic of another swallow-up of the private sector. remember, a month ago or six weeks ago, remember that date was, all of the health insurance in america -- some will say there are exceptions, medicare, medicaid and you could argue whether those are government programs to pick people up to help people when they are in retirement age. and income outside of medicaid, we didn't see a federal health insurance program except for s chip, another effort to try to close this gap. there have been effort after effort for the liberals, the people who deny the liberty of the american people to take over the health care in america. and when bill clinton stood here and i believe the date was september 13 about 1993 and he said -- he gave his health care speech and wanted

federal loan guarantees. this bill improves the manufacturing extension partnership program by reducing the low--- the local cost share allowing manufacturing extension program centers like magnet in ohio, to leverage more funds. magnet, which is based out of cleveland, has leveraged management extension partnership funds to generate $10 million in new investment and has created or retained over 400 jobs in my congressional district alone between 2005 and 2009. manufacturing extension partnership centers will help rejuvinate our manufacturing base by informing local community colleges of the skill sets local manufacturers seek. our workers must have the necessary job training to secure good paying jobs. we must invest in our students, our workers, our small businesses and our short, mid and long-term economic competitiveness. and that is exactly what our bill does. for these reasons, i am proud to co-sponsor the america competes reauthorization act. and when the bill is called up for a vote tomorrow, i urge a yes vote. and i yield back my time. the speaker pro tempore: the gentlelady yields back the balance of h

and the student loan program, taken over completely, exactly within the mold of what happened when we had federal flood insurance that came in to provide one more competitor for the private market back in 1963, now there is no private market. now the federal government runs it all. when the federal government steps in to compete on student loans, people said, well, you know, we need to keep these people honest. somebody is making money off these students. now the federal government runs it all. and the president's idea was that he would set up one more insurance company to provide health insurance for americans to compete against these insurance company whoms he demagogued relentlessly, forgetting one more company, correct. but there existed up until obamacare passed, 1,300 health insurance companies in america. 1,300 companies that produced a variety of policies numbering to 100,000 policies. so who could imagine that one more company and a handful more policies was going to provide more options for people that would help with the competition, take some of the profits out of the industry? if the

loan guarantees. both california chairman neal and the federal proposals require the department of objective selection criteria. and due to adversity required by the california financing model, over the last 10 years in the direct loan program 50% of the projects were in rural areas come and 50% of the projects were in urban areas. i think the california chairman neal shows a structure that can work. there are many brought and creative financings in which we have been involved with the infrastructure state revolving fund, with 16 categories of infrastructure. i know here we're talking sort of from one to five. we were blessed with 16 and i think we probably made loans in all those categories. and that program since 2000 we have made 95 direct loans, totaling 417.6 million. the appropriate funds have been committed to borrowers and additional financing is available because of an innovative leveraged loan program structure. we sold bonds for our own account three times to leverage the appropriation, 2004 we were rated aa. the next time we were rated aa in september 2008, during that time you will remember the sky really was falling. we were rated, we were upgraded to aa plus. is that the end of the time? okay. we have a varie

fannie mae and freddie mac have programs now to assist people struggling with a mortgage to work out loans because they are effectively under the supervision of the federal housing finance agency and treasury department and the administration has been weighing in consistently to figure out ways to keep more people in their homes. the administration is also trying to make sure fannie mae and freddie mac continue the role of backing mortgages to make sure people can get home loans. but in have been clearly changes in the mortgage availability, higher standards, more restrictions on getting the home loans, higher down payment requirements and tighter policies. host: how heavy feels the lobbying the last couple of weeks in the senate? guest: there was enormous hroeurbing because you have enormous financial institution was a lot of of money behind them and weight and they have been stepping up to deal with this. perhaps more interesting is how the community banks have really stepped up around the country, come to washington, lobbied their lawmakers very closely. in the house they were able to prevent falling under a lot of measures. community banks were able

federal loans. as a result of a conversion, the federal government would earn about $9 billion and this would improve funding for the pell grant program and provide opportunities for learning and training in various jobs that are available right now. finally, i am introducing careers. career attainment remedial education and resources act of 2010. this act is for dropouts and adjudicated youth. with the help of the national urban league, i crafted this legislation to help those most in need of career training services. this bill will provide grants to -- this bill will provide grants to communities and organizations helping young people find jobs. we must retrain workers and expand the industries. instead of those industries that are shrinking, we must provide financial support for students to complete their trade certifications and their college degrees. education is the only way to end the cycle of poverty. we must demand innovation in lending so small businesses and those in minority communities have access to capital. . in short, mr. speaker, we need a concerted effort from the federal government to expand critical services and re

the fact that the federal reserve stepped out of its normal job of just raising and lowering interest rates and lending money, bailing out groups, and creating all sorts of loan programs in the last year they purchased $1 trillion worth of mortgage-backed securities all with the aim of getting lending going again. by absolutely this is not something we want the fed doing normally. it's politicizing them. it risks creating inflation. the money that they printed to do that lending is not taken out of the system. but in the deptteds of the crisis when the private sector and the banks were completely shutting down and lending to nobody, we needed the fed to do that job. as to the point would society be better off with no debt? i'm certainly going to argue that we didn't overdose on debt in the last decade. we had people buying houses they couldn't afford. but let's not go overboard here. debt has a lot of uses as well. there's a lot of new, growing companies that don't have enough money to get started. it's valuable that they can go out and borrow and share in that risk and maybe enjoy some of that reward. if we were a country with no mortgage market, you would have to wa

the federal proposals require the development of objective selection criteria and due to the diversity required by the california financing model, over the last 10 years in the direct loans program, 50% of the projects were in rural areas and 50% of the projects were in urban areas. i think that california i-bank shows a structure that can work. there are many broad and creative financing in which we have been involved with the infrastructure state revolving fund. we have 16 categories of infrastructure. i know here we are talking from 125. i think we probably make loans in all of those categories. in that program, since 2000, we have made 95 direct loans totaling 417 .6 million. the appropriated funds have been committed to borrowers. additional financing is available because of an innovative leveraged loan program structure. we sold bonds for our own accounts three times to leverage the appropriation. in 2004 we were rated aa. the next time we were really-- rated aa was in september 2008. during that time you will remember that this guy really was falling. we were upgraded to aa plus. is at the end of the time? okay. we have a variety of other programs-- i wish is going to say