hensarling: thank you, mr. speaker. . speaker, the question before us, with apologies to william shake spafere to bail out or not to bail out, that is the question. the motion to instruct by the ranking member says, no more bailouts. quite simply, it cannot be said any other way. unfortunately, whether you're dealing with the house bill or the senate bill, there's still -- there are still firms that are in their view too big to fail. the phrase used is systemically significant, stemically risky, but they are identifying firms for a specific regulatory scheme and in the house version, as the distinguished chairman of the financial services committee pointed out, has a prefunded bailout fund. in the senate version they drop their prefunded but there's an infinite line of credit that the fdic can draw upon with respect to the treasury. again if you have firms, mr. speaker, that are too big to fail, then you are saying they can't fail, so if they can't fail, then at some point, you're going to bail them out. now, i've heard t

hensarling: this should be defeated. i yield back. the speaker pro tempore: the gentleman from massachusetts. mr. frank: i yield one minute to the speaker of the house. the speaker pro tempore: the gentlelady is recognized. pell pell thank you very much, mr. speaker. i thank -- nancy pelosi thank you very much mr. speaker are, mr. speaker -- the speaker: thank you very much, mr. speaker. as i listen to the debate here, i can't help but remember, and i have a vivid memory of it, a couple of years ago, almost two years ago, september 18, a thursday afternoon, we were gathered in our office and had just seen a week and a half proceeding, a week and a half to two weeks preceding that day, some unusual events that related to lehman brothers, merrill lynch and then a.i.g. and the said bailout of a.i.g. i called the secretary of the treasury and said, we're meeting here in my office and wondered if we could be helpful in any way in terms of public policy because what we seemed to see coming out from the executive branch is chaos, different r

host: we are talking with representatives hensarling -- rep hensarling about the ben bernanke hearinghat will be taking place later today. missouri, joe, independent line. good morning. caller: good morning. this might seem minuscule in the grand scheme, but i will tell you where i would like to see cuts, cuts in the salaries of the senate and the congress. they only need for 100 days each year. that is just ridiculous. also, in your retirement, there is no place in the private sector where it for a sinking codeword for eight years and draw retirement for the rest of their lives. that is just utterly ridiculous. host: congressman, do you make too much money? [laughter] guest: not according to my wife. [laughter] members of congress are paid well, no doubt about that. since arriving i have never voted for a salary increase. i never intend to. if one day we wake up and balance the budget, maybe at that point i might think i had earned it. there are many reasons i ran for congress but retirement was not even one of them. frankly i do not even know what the retirement program is. every am

make it known that this amendment received a lot of help and input from the office of congressman hensarling and i thank him for what he has done. this amendment would provide that an institution engaged in the lending process with the funds from the program, that this institution will on applicable loan documents indicate that the funds being loaned are funds that are coming from the fund. this is important because the public desires to know where the money is going, how it's being utilized. this amendment would also require, if the institution has a website, it would require that that website contain the written report of the treasury secretary. these reports would indicate to the extent that loans have been made, how the money has been utilized and this again would provide additional transparency which will lead to accountability. finally the amendment will require lending institutions to make known to capable, competent and qualified borrowers that they will have the opportunity to participate in the program by way of receiving loans and that these loans must be based upon the law as it

hensarling: thank you, mr. speaker. .speaker, the question before us, with apologi to william shake spafere to bail out or not to bail out, that is the question. the motion to instruct by the ranking member says, no more bailouts. quite simply, it caot be said any other way. unfortunately, whether you're dealing with the house bill or the senate bill, there's still -- there are still firms that are in their view too big to fail. the phrase used is systemically significant, stemically risky, but they are identifying firms for a specific regulatory scheme and in the hou version, as the distinguished chairman of the financial services committee pointed out, has a prefunded bailout fund. in the senate version they drop their prefunded but there's an infinite line of credit that the fdic can draw upon with respect to the treasury. again if you have firms, mr. speaker, that are too big to fail, then you are saying they can't fail, so if they can't fail, then at some point, you're going to bail them out. now, i've heard the dist

hensarling. the speaker pro tempore: mr. hensarling from texas is recognized for three minutes. mr. hensarling: i thank the gentleman for yielding. i was very interested, madam speaker, to hear the gentleman from colorado defend the job statistics under the democratic rule of congress. i don't know too many democrats coming to the floor who want to defend 9.7% unemployment. frankly, it's one of the major reasons that the legislation on the floor ought to be opposed today. madam speaker, it's a job killer. once again we have legislation that will make credit less -- less available and more expensive. let me point out four different aspects of this bill. number one, it creates a permanent wall street bailout authority. if you build it they will come. you build a bailout authority because you expect to bail people out. there's a choice to be had here. republicans believe in the bankruptcy code. there are improvements that need to be made, and unthe leadership of our ranking member, spencer bachus, we introduced that legislation, but our democratic friends prefer bailouts, bailouts over

hensarling and garrett of new jersey. from the committee on agriculture for consideration of subtitles a and b of title 1, sections 1303, 1609, 1702, 1703, title 3 except sections 3301 and 3302, sections 4205-c, 4804-b-8-b, 5008 and 7509 of the house bill and section 102 subtitle a of title 1, sections 406, 604-h, title 7, title 8, sections 983, 989-e, 1027-j, 1088-a-8, 1098 and 1099 of the senate amendment and modifications committed to conference, messrs. peterson, boswell and lucas. from the committee on energy and commerce f consideration of sections 3009, 3102-a-2, 4001, 4002, 4101-0118, 4202, 4204 through 4210, 4314, 4401 through 4403, 4410, 4501 through 4509, 4601 through 4606,815, 4901. in that portion of section 8002-a-3 by adds a new stion 313-d to title 13, united states code, of the house bill and that portion of section 502-a-3 which adds a new section 313-d to title 31, united states code, section 722-e, 1001, 1002, 1011 through 1018, 1021 through 1024, 1027 through 1029, 1031 through 1034, 1036, 1037, 1041,

question for you, the republicans that have been appointed -- spencer baucus, scott garet, jeb hensarling -- what was their role in crafting the legislation so far and what are the kinds of issues to you see them pressing for? guest: in the house republicans unanimously opposed the bill on the house floor when it passed in december. the republicans you just mentioned are members of the house financial-services committee. there were plenty of provisions on the marked up in december in which democrats and republicans worked together. perhaps not the majority of provisions, but some of them, at least. so, there is perhaps some scope for working out a few agreements on specific provisions. it is unlikely they will come out and all of the sudden support the bill. host: as you know, barney frank has been requesting for suggesting that he wants c- span, and therefore, televised coverage of the sessions of the conference committee. i should say our network has committed it will have a camera inside every open session as it meets, and we will make sure the people who are interested have an opportu

there are any number of ideas, the paul ryan proposal, the jim jordan proposal, jeb hensarling has a proposal, many that are comprehensive in nation that will provide the glide path to a better economy and do it without raising taxes, so even though you hear frequently that the republicans are being shortsighted in the fact that they do not want to consider tax increases as part of an economic recovery plan, you're correct that most of us don't and the reason we don't is because we know we can recover this economy without raising taxes and raising taxes will slow our ability to recover and i yield back to the gentleman from missouri. mr. akin: thank you for the insight and wisdom you've shared with us. this is a graph of actually what happens over time and this is -- i was talking about, when you ere flying those old-fashioned airplanes and you wanted to not drive your airplane into the dirt, what you had to do was push the stick forward, to stop the spin. the plane was start to drive. when you had control, you could pull the stick back. that seemed counterintuitive. this one crazy p

hensarling votes no. >> mr. garrett votes no. >> lucas no by proxy. >> no, by proxy. >> issa? >> no, by proxy. >> mr. graves? >> no, by proxy. mr. schumererkc, votes aye by proxy. >> what is the tally? >> 20 ayes, 11 nays. >> the house sends you its approval. >> let me congratulate you on a terrific job. we will now vote on the senate side. those in favor aye, those opposed nay. the ayes have it. i will ask the clerk to call the roll. >> mr. chairman? >> aye. >> aye. >> aye, by proxy. >> ye. >> aye, by proxy. >> aye, by proxy. >> mr. shelby? >> no. >> mr. crapo. >> no. >> mr. corker. >> no. >> mr. chambliss. >> no. >> the clerk will report. >> 7 aye, 5 nay. the bill is passed. hank my colleagues. [applause] >> with the votes of the house and senate conferees in favor of passage of the bill, i declare the bill passed and the conference committee is now adjourned. [applause] >> nice to meet you. take care. >> congratulations. >> congratulations. >> we recognize the remendous efforts of staff. it has been nothing quite like this. as is as good as it gets in terms of a legislative

hensarling votes no. >> mr. garrett votes no. >> lucas no by proxy. >> mr. barton? >> no, by proxy. >> mr. smith votes no by proxy. >> issa? >> no, by proxy. >> mr. graves? >> no, by proxy. >> madame clerk, mr. schumer votes aye by proxy. >> mr. schumer votes aye by proxy. >> what is the tally? >> 20 ayes, 11 nays. >> the house sends you its approval. >> let me congratulate you on a terrific job. we will now vote on the senate side. those in favor aye, those opposed nay. the ayes have it. [laughter] i will ask the clerk to call the roll. >> mr. chairman? >> aye. >> mr. johnson? >> aye. >> mr. reed? >> aye. >> mr. schumer. >> aye, by proxy. >> ms. lincoln? >> aye. >> mr. harkin. >> aye, by proxy. >> aye, by proxy. >> mr. shelby? >> no. >> mr. crapo. >> no. >> mr. corker. >> no. >> mr. gregg. >> no. >> mr. chambliss. >> no. >> the clerk will report. >> 7 aye, 5 nay. the bill is passed. >> i thank my colleagues. [applause] >> with the votes of the house and senate conferees in favor of passage of the bill, i declare the bill passed and the conference committee is now a