garrett of new jersey. the chair: pursuant to house resolution 578, the gentleman from new jersey, mr. garrett and a member opposed, each will control five minutes. the chair recognizes the gentleman from new jersey. . mr. garrett: more than 19 years ago when i first ran for public office in the very densely populated state of new jersey i believe that we were not doing enough to preserve our precious farmlands and our vital open space and upon being sworn in as a member of the house of representatives six years ago, i continued to advocate for reserving open space, expanding our recreational lands and protecting our natural resources. one of the highlights of my time here in congress was the unanimous bipartisan support for the highlands conservation act which became law back in 2004 and i especially want to commend my colleague from new jersey, mr. frelinghuysen, for working diligently over the years to accomplish its passage. our commitment to preserving en space runs deep for us, however more of our pri

garrett said must end. the american people demand a end to the bailout and any discussion of the long term bailout to the gses must include a exit strategy for the gses. i look forward to the witnesses today and the hearing and their ideas for a transition period for the gses. i yield back the balance of my time. >> thank you very much. we will recognize the gentleman from illinois, mr. foster for two minutes. >> i would like to follow up on ranking member garrett's interest in covered bonds. i think that we should all show some humility in the current situation and look laterally of countries that have systems that did not get into this mess and in particular the american enterprise institute has had meetings and presentations on converting the gse-based system and mortgage-backed system to covered bonds known as the danish system which i think has tremendous potential. it has provided an efficient and liquid model for housing finance since the great fire of 1795 in copenhagen and survived numerous booms a

we told you about garrett mock. he's been named, he won a bear of games, his e.r.a. 0.60, a league best 15 innings pitched. options from the nationals earlier this year. he becomes the chief's player, first player to earn player of the week honors this season and our congratulations to garrett mock. if he continues to pitch like this, it's a matter of time until he's brought back up here to pitch in the big club. >> of all the guys that i saw pitch, other than balancister, this is the kid i like the most. and they say, well, he may be a 4-a pitcher meaning he's not good enough to pitch in the big leagues, but he's too good to pitch in the triple-a. he's throwing the ball well. >> isn't the biggest adjustment a player has when they have, go back to syracuse, i've been a starter, now i've got to work my way back up the ladder. >> it's tough if you're not tough. if you are tough, you can learn things down there, the instruction is phenomenal if you're having a problem with the release point or mechanics. they can work on that. they can do side sessions. there's a lot of

garrett: thank you. chairman price, i have constituents in my district in the state of new jersey who have highlighted a current fema solicitation for risk map production. what it does, it seems to shut out the small and the medium and the small and medium sized businesses. back after hurricane katrina fema was, rightly so, criticized for issuing sole source contracts to three very large companies. unfortunately that pattern seems to be repeating itself. now we agree that updating the nation's flood map is critical to managing and reducing the nation's flood risk and operating the program under a fair and an open competition, i think, will produce the best results for the district, the state and the country as well. and i yield. mr. price: i thank the gentleman from new jersey for highlighting this issue. i agree that the flood map program is an instrumental tool in reducing the loss of life and property from floods. this subcommittee will work with the gentleman to review the recent contract solicitatio

notwithstanding that, the supreme court in garrett said that there was an insufficient record. in dissent, justice scalia called the test of congruence in proportionality a flabby test, a test that was -- quote -- "an invitation to judicial arbitrariness and policy-driven decision making." when you look to a standard of congruence and proportionality, it is very vague. sharp divergence from a standard that justice harlan articulated in maryland v. west in 1968, whether there was a rational basis for the congressional decision. so that as justice scalia noted in his dissent in blane v. tennessee, the standard of congruence and proportionality was flabby, and justice scalia went on to say this: "worse still, it tasks this court in the role of congress's fask h. task master. under it the courts and this court must regularly check congress's homework to make sure it has identified sufficient constitutional violations to make us remedy constitutional -- its remedy constitutional and proportional." in the confirmation hearings of chief justice roberts, he responded in a way very supp

chairman, ranking member garrett, members of the subcommittee. i appreciate the opportunity today to testify on behalf of the mortgage insurance companies of america, the trade group representing the private mortgage insurance industry. mortgage insurance enables foreigners to responsibly buy homes with less than a 20% down payment. many of these are first-time and lower-income borrowers. since 1957, mortgage insurance has helped over 25 million families purchase homes. today about 10% of all outstanding mortgage loans have private mortgage insurance. this morning i would like to make three points. first, we do not cause or contribute to systemic risk. to the contrary, we absorb risk. if a borrower defaults, mortgage insurance pays the lender or investor 20% to 25% of the loan amount plus expenses. the insurance payment plus the proceeds from the sale of the house makes up much of the lender's or investor's loss. in the current crisis since 2007, we have paid over $15 billion in losses, just like we are supposed to do. i would also note that beca

garrett from new jersey. mr. king. under the speaker's announced policy of january 6, 2009, the gentleman from iowa, mr. king, is recognized for 60 minutes as the designee of the minority leader. mr. king: thank you, madam speaker. madam speaker, i appreciate the honor to be recognized. address you this evening on the floor of the house of representatives. and at the conclusion of what some consider to be a long week here in congress. i'd like to go back and reflect upon some of the events that took place this week and perhaps look into the future and always our deliberation here on the floor of the world's greatest deliberative body should be be about perfecting legislation and moving america forward in the right direction. looking back upon some of the things that have taken place this week, that are unprecedented, some would say that yesterday, it was unprecedented, more votes on the floor of the house of representatives than ever in the history of the united states ever america. after all of these years, from 1789

shelley capito on the house and is our ranking member on the house and scott garrett, capital markets and the member. jeb hensarling whose financial institutions. from paul worked on this plan and has endorsed it. he's not here. congressman miller supports the plan so we have come to the united way and we have to other people that worked on it also. we have tom price, senior member of the kennedy and mike castle, if most of you know mike is very involved over the past few days making some decisions, but they are very supportive and then we have the vice chairman of the committee, randy neugebauer in fact as we met the past two months we met in randy's office and he's scheduled all the meetings and we have had several meetings. we have all ironed this thing out and we knew we needed to get it right. let me say this, financial services, regulatory reform and the structure of our financial regulatory system is a critical importance and we knew that we had to get it right. we are offering today our solutions to address the causes in the financial crisis that revolve in auslin through and

bottom of the ninth, two outs, matt capps gets norton to fly out to end the game and the danger, garrett anderson had the two-out homer that brought atlanta within one. pittsburgh starter charlie morton left after pitching just one inning due to tightness in his right hammy. the braves see their winning stream come to an end. the braves have seen their winning streak come to an end. >> the vikings have backed off their pursuit of brett favre after favre failed to report to organized team activities this week. brad childress hit the radio air waves with his version of what was expected this week. >> was there a deadline or not placed on brett favre to report this week to practice? >> absolutely not. maybe by deanna or somebody like that, but certainly not from me, not even close. don't know where that would have dropped out of the sky from. >> would it be safe to say that there will be a later date where this will resume in a more serious manner? >> i don't know. i'm not into predicting the future. we'll just have to see what's around the corner tomorrow. he was a great player. he obvious

garrett. thank you, mr. chairman. it is interesting that i heard pretty much everyone say that the insurance industry doesn't threaten the system. i'm just curious, are you familiar with the acronym tria? tria was the one that that the insurance company had a pass and everyone was afraid they would take down the economy at that time. did anybody here who now thinks that the insurance industry somehow doesn't provide risk, did you come up and tell us that we should not do tria because everything was fine? i don't think it did. >> actually the mortgage insurance companies did. >> so you don't think we should have passed tria? >> that was our position at the time. >> good for you. >> i'm sorry. we got ourselves exempted. i apologize. >> know you got yourselves exempted. i know that. but the question is do you think we should have passed the tria act? >> does anybody think we should not have, i guess is a better question? >> so we should have. >> and i agree. >> go right ahead. the issue with terrorism is the absolute imp

garrett. we'll now hear from the gentleman from california mr. sherman, for one minute. >>> underlying the hearings is the question what is insurance? derivatives are at best, insurance. at worst, they are a casino bet. aig sold fire and life insurance through its regulated subsidiaries and those subsidiaries are pretty much okay. it sold portfolio insurance through unregulated subsidiaries convincing the world that it wasn't insurance and they took down the company, if not the world economy. the fire insurance policy on my house protects my lender in case my house burns down. if my lindher wants protection from a much greater risk, that the value of my house goes down or the value of my mortgage goes down, they also buy insurance. they call it a derivative and it's completely unregulated. we need to make sure that credit default swaps, similar derivatives are classified as insurance and are subject to reserves. i yield back. >> thank you, mr. sherman. we'll hear from mr. royce for two minutes. >> thank you, mr. chairman. i would like to briefly

garrett: i thank the ranking member. i thank the chair. thank you for the inclusion of this amendment with regard to israel and the underlying bill. i'd like to speak for that minute then with regard to one of our strongest allies in the middle east and that is the state of israel. i'm thankful for the strong relationship that we have, that our two countries share a lot in common, that we fought for peace and freedom. we both continue to pursue liberty despite ongoing opposition. we both face many common enemies. now, throughout my time in congress i've been a strong supporter of israel's right to exist. and when you think about it, it's even disturbing that we have to come here and talk about it in terms of such as that. but the truth of the matter is there are few peoples on earth where more of the crosshairs than israel. not even the united nations can be called to talk about israel. israel has remained a shining beacon of democracy in a dark part of the world. standing with the united states against the threat of islamic extremism. and

garrett? . wide approach may help. >> thank you, mr. chairman. i yield back. >> mr. garrett? >> thank you, mr. chairman. mr. chairman, you know, the other hat i wear is in financial services and when you come over there, the issue that is often discussed the term the systemic risk, the systemic risk regulator. of all the hearings we had, of all the hearings we had, nobody defined w is, what authority they'll have, what they'll regulate, so on and so forth. one thing, out of tboth of the committees i serve on, i'll take a page out of paul ryan's comments here that is that one thing is a systemic risk is the unfunded debt out there. the numbers vary on that. interesting enough, we had expert after expert last six years come before the committee. they all say the same thing. and we hear it from both sides of the aisle. in the budget we got this year, unfortunately, it really isn't addressed. we spend more of the numbers you already said before, we're looking at a national debt double in ten year, and interestingly on those numbers, maybe somebody else referenced this, what happe

jot garrett. jeb hensly. congressman milwaukee supports the plan. we have come in the united way we have tom price and mike castle. mike is not here, most of you know mike. we have had several meetings and ironed this out. we knew we needed to get this right. financial services and reform and the structure is of critical i am importance we knew we had to get it right. we are offering today, our solutions going through you'll see a lot of what we propose here is about transparency and better protect investors, taxpayers and consumers. consumer protection is very important and to hold risk takers on wall street for their actions. for the last two years, queff seen regulations. we have acted with little oversiggete. the american people deserve better regulatory structure. the individuals behind me have worked diligently, contributed to our proposal. during our work, we were guide i by three key principals. these are principals we not only felt but our constituents told us again. no more bail outs. we need to restore financial discipline. and we'll no l

many believe it was one man posole decision garrett i am compelled, also, to the name of the democracy movement and on behalf of those living in china today, to call on the chinese government to bring freedom to our homeland. and to have the courage not to be held captive by the actions of the predecessors on june 4, 1989. [speaking in chinese] > that night the chinese government sent tanks in order to shoot and kill and the square. they crushed our peaceful demonstration and squashed any hopes that they would not reconsider our peaceful request for economic, social, and other reforms. we had been there for 50 days of protests and hunger strikes. we were prepared for the worst situation, a crackdown more like the 1976, when the police came in and beat the people and arrested the leaders. we never expected a brutal massacre. the world was oucity was outragd the world was shocked. >> [speaking in chinese] >> our dear friend and some other friends still standing in the back, we would love to have them to come up to the stage, to the podium. [speaking in chinese] the shooting started about

a special week for garrett mock. suddenly tearing it up as a starter at triple-a. here we go.il nieves, elijah dukes, and then willie harris. the nats only have one left- handed bat on the bench tonight. you never know when you might need your other catcher for later action. here's nieves 1 for 2 with an infield hit. target in, he gets under that one. looks like it's going to stay in the park for now. it's up against the board, and caught by cody ross. oh, if wil could have pulled that ball just a little bit, it would have been a double or his second career home run. >> rob: ricky nolasco may be running out of a little gas. that fastball right there, almost left the building. cold di ross will run it down, right up against the wall. deepest part of the park. a lot of balls have gone out there to die, or be caught. >> bob: wil knows how close he was right there. here's elijah dukes. of the guys on the bench, he easily has the most power, and manny knows that one swing of the bat might decide this game, 2-2 in the 8th. dukes is in a big-time slump though. he's four for his last

i thank you and ranking member garrett for holding this hearing today to discuss systemic risk. treasury will release its regulatory reform proposal tomorrow, june 17th, which makes this hearing all the more important. i've always supported state regulation of insurance and i will continue to rally behind the regulatory construch, if a failure based and up rating in the united states will generally not impose systemic risk, we need to pursue this claim further and not rush to judgment on the capability of state insurance commissioners to properly and effectively regulate the insurers. furthermore, i cannot support a system in which an insurance company head quartered in one state is given permission to operate in the remaining 49 states based on their home state's insurance regulations. whereas, this might be acceptable in the european union, i'm not certain comparing sovereign nations to states in the united states is appropriate. we might be comparing apples and oranges. i ask my question and direct it to michael mcraith from illinois department of insurance and if possible to

how about garrett mike huckabee, outpitching john smoltz. >> ray: base on ball, seven strikeouts, justits for the big right hander. >> johnny: and mr. maxwell in syracuse, 1-for-3. they take 2. scores identical, 4-1, 4-1. hairs burg, six homeruns. that's the final in haggerstown with a 5-3 win over delmarva. >> the haggerstown bullpen had a pretty good night tonight. and frederick potomac, 4-1 over spreadic and 10-39 final in the second game. potomac, 7 runs certified. >> pretty good night. >> johnny: and homerun number 5 for -- meats and yankees, bottom of the 6th, mets up. matsui with a shot. yankees lead it. game tied at 7. david wright doubles to center off mariano rivera. carlos beltran of the mets scores. the mets take a one-run lead. the mets are celebrating. hold on. bottom of the 9th. two on, two out. alex rodriguez pops up. he says, i got t he drops it. both runners score. the yankees win 9-8. how about that? braves and orioles tonight, top of the 5th. this ballgame is tied at 2 and brian mccannn sing tolls center, newly acquired nate mclouth scores. just like our game in tam

garrett of new jersey for five minutes. >> i don't want to hold up the panel either. mr. mcraith, and i saw mr. skinner -- i shouldn't make comments, maybe disagree with you. my wife always says that. with regard to the aig situation and you were running down the scenario with regard to who's looking at it and raised theish issue, portions of the units were overseas and london specifically. i believe i've heard that before, that part of the issue mere is that it was not -- not state regulator necessarily, federal regulators or lack there of, as well as the european arm of it, looking at it, maybe missing it as well. want to chime in on that? >> i think the important point is that regulators need to have formalized structure for information sharing, for communication, not because of the risk because frankly, there are large companies who will present risk. it's to avoid the disruption so that the structure of the stability -- >> i guess what i heard, mr. skinner, you can comment, was there failure, not only on the federal reserve part or federal regulators, was there also

it has create add situation where with one swing orioles can get back in the garrett. >> gary: 2-1 delivery opt way -- on the way. that's the one roberts wanted. he turns away in disgust. count goes to 2-2. brian felt he had a pitch there he could do something with. >> jim: that at that ball was thrown well because it had a lot of late sink on it. >> gary: mets lead it 4-0. bathe bases load. two ball, two strike count with two down. pelfrey's delivery and roberts goes down swinging! foul tipped held on to by schneider. no runs, one hit, no errors. three are left on base. it remains 4-0, mets. now that college is a few years behind me, it seems i've got three times the bills i used to. and they're getting in the way of things i'd like to do. with the money bar, i can move my money around instantly, so when there's more bills than usual, it's no problem. and i use the wish list to put any extra money aside for anything i want. being in control of my money feels good. introducing the virtual wallet from pnc, a high-definition, online view of your money. pnc. leading the way. >> jim: take a

it's why we've had a long successful asian program for many years directed by ban and garrett. recently opened up a south asian center and our launching a center for atlantic african partnership. this evening is under the international security program of the director damon wilson. and there's the reality. take a look at the situation now. nato reaching out to develop its global partnerships with japan, australia, south korea. asian powers playing a key role in stabilizing afghanistan. the u.s. and e.u. working together to engage china and india on global climate change. the g20 bringing together key asian and european partners to address the global financial crisis. north korea -- i don't have to say much about the. security developments in the pacific such as the development of long-range ballistic missiles impact the debate on missiles in europe. i think this link has been apparent since the u.s. entered world war ii in europe after the attack in the pacific so, admiral, the atlantic council will continue to float its boat as well in the pacific. i now want to turn the podiu

you have garrett to the us in spain. i remember in 1975 when i was very young as franco was about to die clutching the left elbow up saying something they were detained and anarchist in barcelona. you shot at them in germany and you guillotined us in france like to he tried to avenge by killing people which is not good, but what you can never do is extinguished the roots of anarchism. there are too deep. of course, he was wrong. he was wrong about that in that for a couple reasons. anarchism is still terribly born in places where the impact of this day was seen as an imposition on the local folks paris summit once said that a language is a dialect with a provo army. witness catalonia and invaded and conquered by the castilians and that is certainly true or in southern italy where the state seemed to be tax collectors and fill the rich industrialists from the shrine bowl of the milan and turin. and, of course, in barcelona anarchism is terribly -- terribly important. to understand the mentality and will tell you a quick s

major garrett. >> in your opening remarks, sir, you said about iran that you were appalled and outraged. what took you so long to say those words? >> i don't think that's accurate. track what i've been saying. right after the election i said that we had profound concerns about the nature of the election. but that it was not up to us to determine what the outcome was. as soon as violence broke out, in fact, in anticipation of potential violence, we were very clear in saying that violence was unacceptable. that that was not how governments operate with respect to their people. so we've been entirely consistent, major, in terms of how we've approached this. my rule has been to say, the united states is not going to be a force for the iranian government to try to blame what's happening on the streets of tehran on the c.i.a. or on the white house, that this is an issue that is led by and given voice to the frustrations of the iranian people and so we've been very consistent the first day and we're going to continue to be consistent in saying this is not an issue about the united states, this

garrett. >> before i go to my questions, to go back to the opening of the meeting were the chairman wastalking about history and how history is relevant. indeed it is. the revisionist history is not relevant. yes there were some republicans on this side of the aisle just the repudiating what the passive administration did with a lot of the bailouts. unfortunately the chairman and others were not repudiating it when it was going to the house. he remember the chairman as some say carried the water for the passive administration to make sure that legislation was not only engaged and major the t.a.r.p. legislation actually past and also we must remember history tells us that this the administration has basically adopted the, line and sinker the passive administrations of the bailout philosophy so yes there are a number on the side of the aisle that repeated the in the past then there's one i see over there they joined with us and the fight against the tar bailouts and all the string of bailouts that followed, so let's remember what history was. i also see we have the counter to the secretar

garrett anderson a two-run double. scott rolen, a home run and the phillies beat tampa bay 10-1. with a six-run first, four-run fourth. chase utley with a two-run double. that's a look at our interleague scoreboard. when we come back, we'll preview tomorrow night's game in florida with jason were kin on the mound that is the story after the orioles lose to florida 7-6. (announcer) you do have health insurance don't you? if you don't, now you're in luck. carefirst bluecross blueshield can cover you for as little as $75 a month. depending on the plan you choose. just call us at the number on your screen for the plan that's right for you. carefirst bluecross blueshield lets you customize coverage so you have an individual plan that suits you best. select a ppo or an hmo, add vision or dental-- you can design a plan that fits your budget and protects you even as your life changes. call us at the number on your screen and get this free information kit. when it comes to protecting your health you can count on carefirst bluecross blueshield. call today and get the benefit of blue. odds

athletic director make garrett. this is what it says: >> senior college basketballteom writer for espn "the magazine," espn.com andy andy katz., lesta andy, let's start with this. a how big of a shock was it for floyd to resign today from.c u.s.c.? >> the fact that he is apparently making the decision, that comes as a surprise, nota , the fact that he's out at u.s.c. for weeks there's been rumorsdng that he's out, but coming fromad u.s.c., as they deal with allegations about whether or not he paid o.j. may yes's handlerar rodney guillory for walkingmo around money for the nba w all-star game. that was part of the larger o.j. mayo investigation.uris i talked to close friends of tim floyd, and they are surprised already that he made this m decision because the information i was given through them wasin a that he was going to fight this. now, floyd has not at all been accessible outside of making a couple of cameos at some trojana booster functions. and he has definitely let it be known at least publicly in those setti

before the conservativeship and i think congressman garrett asked earlier, there are ways to lessen the exposure through exchanges and clearinghouses and something we're looking at at the moment. >> i wonder if this is really true that this had no effect on them. logically, have been exposure totalled $1 trillion, 141 billion is something that could conceivably have an effect on your operations particularly since we're talking about a time two months before it went broke. why would they have such an exposure like that unless it were for a purpose and for that purpose, couldn't they have been something that went wrong? the reason i'm asking this question is because if you look at page 78, of the same 10-q you see for nonperforms single and multifamily loans together in their portfolio, which was almost a trillion by itself, the amount of interest income they lost because of nonperforming loans was only $192 million and going down. $192 million versus $255 billion. isn't it more likely they got into trouble over the $255 billion than they did over the $192 million? >> well, i can tell you

garrett. >> i think the chair and before i go to my questions to go back to the opening of the meeting with the chairman was talking about history and how history is relevant. indeed, it is. more the pity that revisionist history is not relevant. yes, there were some republicans on this side of the aisle just now repudiating with the past administration did with a lot of the bailout's. unfortunately the chairman and others are not repudiating it when it was going to the house and you remember the chairman adulate some said carried the water for the past administration to make sure that legislation was not only engage in the major that legislation t.a.r.p. legislation passed and also we must remember history tells us that this new administration has basically adopted with line and sinker the past administration's bailout philosophy. so yes there are a number that repudiated in the past and i look to the other side of the aisle and maybe one of their icy and join with us in that fight against the t.a.r.p. bailout and a string a bailout that followed so let's remember what history was. i

garrett of new jersey to provide with his time. >> thank you. i, too, will try not to lay blame or be partisan on any of these things. i appreciate the fact that you are laying tout history of things that it was the reforms did get through the house. they were requested by -- well, you were here sometimes and other people during the bush administrations were here. i remember secretary snow was here and a number of people pushing for limitations on portfolio and other limitations as well to get through the house and it did go to the senate. then senator and not president obama was in the senate at that time, and not being partisan at all one way or another, but he said that we could not get cloture, as i recall to get the piece of legislation to the president's desk. had we done it at that time, perhaps we wouldn't be sitting here today looking back to say, why didn't the world class regulator do the job, because the world class regulator could have potentially done the job. i find interesting your comment with regard to whether the gses or other

garrett: i thank the chair. it has now been one week since the iranian people went to the polls to elect their new political leader, and in the last seven days the results of the elections have been questioned, the media in iran has been suppressed, thousands of demonstrators have protested and some of these demonstrators have been injured and killed. yet, this very morning the supreme leader of iran compared the election to a family disagreement. he offered no apologies for the deaths of civilian protesters and instead simply blamed the western media for being zionist controlled. so as a member of congress, i am appalled at this response and the fundamental democratic freedom, the freed to protest and report on one's own government. we know the demonstrators were harassed rather than defended, and we know that internet connections were cut and cell phone services disabled. even foreign radio and television satellites were jammed. so i ask, is this the behavior indicative of a country that recognizes liberties?