hensarling: mr. chairman, the committee is not in order. he chair: the gentleman is correct. the committee is not in order. the chair would ask all staff to please take their conversations from the floor of the house. the chair would ask all members to please take their seats and all members and staff to please take their conversations from he floor of the house. the gentleman from texas is recognized. mr. hensarling: thank you, mr. chairman. i rise today to urge the adoption of h.r. 1062. this is a bill that technically is about something called cost benefit analysis. i know to some that sounds a little bit like ph.d. economics, but, mr. chairman, what it's really about is kitchen table economics. when i go home to the fifth district of texas, when i hear from my constituents that they are insecure in their jobs, those who are lucky enough to have them, we know that millions of our fellow citizens are unemployed, underemployed and those who are fortunate enough to have jobs wonder will they have the

i think what the hensarling story underscores for me is the inequity here. i added up the lobbyists with the top five consumer advocate groups in d.c. and it has 18. goldman sachs alone has more than 50 lobbyist, j.p. chase alone has over 60 lobbyists. we're talking about unequal warfare here. >> i think what's so interesting about the article and i would tell people to definitely check it out. we talk about campaign finance as part of the problem. obviously we are highlighting this moment of nexus of money and influence. but the inequity is so massive that that outmatched sense that you get in the lobbying on congress then carries over to things that happen in the regulatory facet and in the courts as well. >> i wanted to find the one regulatory agency where someone was really trying. gary gentz, so the cftc, they're right at the center of this, they're derivatives control. what's he able to do? he said i want to have an open door. anybody who wants to come in and talk about derivative reform can come and see me. and what happens? goldman, sachs. >> you kno

this house financial services committee is chaired by congresswoman deb hensarling. >> that committee will come to order without objection. the chairs authorized to declare a recess committee in a time. the chair now recognizes himself for five minutes for an opening statement. this morning we welcome treasury secretary jack lew for his first appearance before the financial services committee. today the secretary is here to present according to statute the third annual report of the financial stability oversight counsel or fsoc. the fsoc is an amalgamation of regulators heading agencies that either help cause the financial crisis or were largely negligent in preventing it in the first place notwithstanding they had the regulatory power to do so. yet we know the root cause of the crisis was not deregulation, it was regulation. the federal policies incented institutiinstituti ons to loan money to people to buy homes that ultimately they could not afford. this dramatically eroded historically prudent underwriting standards of the sub-prime and alter a mortgages that led to the financial

hensarling: i thank the distinguished chairman of the rules committee for yielding, mr. speaker. i also want to thank the gentleman from california, mr. mcclintock, who has been perhaps the most cogent defender of the constitution on the floor of the united states house of representatives and has provided his leadership today to ensure that we do not have default on sovereign debt but we put this nation on a path to fiscal sanity. and i thank him for his leadership. mr. speaker, the folks in the fifth congressional district of texas that i'm proud to represent have a lot of insecurity about their personal economy and i have great fear that their children will not enjoy a brighter future. now, i heard my friend, the gentleman from colorado, say that everyone gets paid. well, mr. speaker, maybe that's part of the problem. maybe that is one of the reasons why under president obama's leadership there has been more debt created in the last four years than in our nation's first 200. we are awash in debt. and mr. speaker, we know that we have a debt, not because we have insufficient tax

jeb hensarling says it's his job to be the watchdog on wall street. last month -- no. i'm sorry. he took that position in chairman in january, six weeks later, it's been reported now. he went off to a big ski vacation in park city utah to what's called the ritz carpalton of ski resorts with of course lobbyists of wall street firms, banks, and financial institutions. >> right. >> this is business as usual. >> you've got a problem with that? come on, bill. wake up to the world. poor guy, geoff hencearling working hard, you begrudge the guy a couple of days of skiing with the bankers? come on. here is the question. did they ski the hardest run? did he push them over the edge? i want to see you bounce down the runorski the bunny slopes. >> did they ski at all? >> yeah. sit in the lobby there and drink heavily. >> this is the kind of stuff that you were fighting as attorney general. right? it is outrageous. >> both the run up to the 2008 cataclysm and the ab severance of post-cataclysm efforts to hold anybody accountable or reimpose a meaningful regulatory scheme. thank goodness for s

i also want to thank chairman hensarling, the ranking member waters, and subcommittee chairman campbell with his ranking member clay, all the members of the financial services committee, and the house leadership for their support in bringing to the floor here today h.r. 324. it is a bill that grants the congressional gold medal to the members of the first special service force. i also want to thank the members of the first special service force association. specifically mr. bill wound for his advocacies and association's efforts in continuing to spread the inspirational story of a truly heroic group of american and canadian service men. i would be remiss not to thank congressman al green of texas and congresswoman debbie wasserman schultz of plafment for -- of florida for encouraging support from their caucus members for support of this piece of legislation and the 324 members of this body who have co-sponsored the bill. i join my colleagues today in support of a bill that was -- that bestows upon the first special service force the congressional gold medal. it's congress' highest expre

hensarling, the chairperson of the committee. he gave me his word, he said this bill would come to the floor answered has kept his word. i'd like to thank the ranking member, ms. waters. she committed to help with this bill, in fact, the genesis of this was a conversation that i had with her and she kept her word. i would like to that mr. mchenry. indeed he and i do serve on oversight investigations and i appreciate very much his being here today to help us by managing this piece of legislation. i believe that he and i will accomplish additional things on a bipartisan basis. this is a bipartisan piece of legislation. i'd also like to thank the staff. while i will stand here and hopefully rise to the occasion, it really takes greater people to make the occasion. these people are the staffers that work long into the night on many occasions to try to reach a consensus on legislation. the staff really put a lot of time into this piece of legislation, mr. speaker, and i think they should be complimented. i especially would recognize o