hensarling: mr. chairman, i yield myself five seconds to encourage the gentleman from washington to read section 1017 of the dodd-frank fact and would discover that the cfpb is funded by the federal reserve which happens to be taxpayer money. at this time, mr. chairman, i'm happy to yield one minute to the gentleman from missouri, mr. luetkemeyer, the vice chairman of our housing subcommittee. the chair: the gentleman is recognized for five minutes. mr. luetkemeyer: thank you, mr. chairman. my colleagues have done a good job listing problems of the cfpb. i want to tell you about the overreach of this already. one business purchased a small lending company and it comes with a lease for the building you're operating out of. the rent is $300 over what the rate should be for that area. they go in and tell the bank they'll fine them $107,000 for this lease which doesn't -- nothing the bank made. it doesn't impact consumers, yet they're fined $107,000. the bank eventually settles $80,000 plus $30,000 in at

hensarling: i rise in opposition to the motion. the speaker pro tempore: the gentleman is recognized for five minutes. mr. hensarling: first, i'm just very pleased that our friends on the other side of the aisle actually found somebody to offer were .r. since they having trouble finding speakers to come to floor to defend what is the most powerful and least accountable accountable government agency in the history of the republic. and it would be difficult, it would be difficult to defend this agency. but let me dispense with the motion to recommit. mber one, as we read this, dodd-frank did not grant the cfpb power over data breaches. so this part of the m.t.r. is irrelevant. the other portions are redundant. but, mr. speaker, more important point is how can anybody come to the floor to defend an agency that is collecting such massive quantities of data? i find it ironic that the m.t.r. is concerned about data breaches to a government agency that is collecting 53 million data on 53 million borrowers who took out mortgages since 1998

how big is this what chairman hensarling is proposing to do?let me start out with the bigger picture, to me, fannie and freddie were part of the financial crisis. they weren't the only cause, there were a lot of other causes. and if we had not had in this financial crisis, i don't think we would have had obamacare or this expansion of government. the new deal came out after the great depression. the point i want to emphasize is, when we have big financial .ries cease, it provides covers but also going to provide the environment for the next big expansion of government. if we want to attain these financial cycles, fannie and freddie is the place to start, not the place to end but place to start. >> and a big task. we have to remember there was a 1934 act that gave us fannie mae but didn't authorize the creation of a federal agency. after world war ii, continuously after world war ii, different presidential administrations have tried to privatize fannie mae and both g.s.e. and we haven't been able to eradicate this problem since it started. >> it

. >>> next i'm joined by congressman jeb hensarling to the lead to the fight to rein in on the consumer finance protection bureau. the latest on his fight coming up. ♪ predicting the future is a pretty difficult thing to do. but, mufacturing in the united states means vanced technology. we learned that technology allo us to be craft oriented. no one's losing their j. there's no beer bot that has suddenly chased them out. tsiemens designed anduilty cthe right tools and resources to get the job done. but with less ergy, moodiness, , i had to do something. i saw mdoctor. a blood test swed it was low testosterone, not age. we talked about axiron the onlynderarm low t treaent that can restore t vels to normal in aut two weeks in most men. iron is not r use in women or anyone younger than 18 m with ostate or breast cancer. women, especlly those who are or who may become pregnt, and children should avoidt where axironapplied as unexpected signs of puber in children or changes in body hair or incased acne in women may occur. report these symptoms to your doctor. tell your doctorbout all medical

hensarling, as well as the ranking member in the committee on getting an answer. and as i've stated to people numerous times, i do appreciate not only them keeping this issue in the forefront, but it is something we must address in the rules committee. we intend to do that. i reserve my time. the speaker pro tempore: the gentleman reserves. the gentleman from colorado is recognized. mr. polis: thank you, mr. speaker. it's my honor to yield three minutes to the gentleman from maryland, the democratic whip, mr. hoyer. the speaker pro tempore: the gentleman from maryland is recognized for three minutes. mr. hoyer: i thank the gentleman from colorado for yielding. i thank my colleagues from florida for being on the floor. and i rise to urge my colleagues to defeat the previous question so that instead we can call up a bipartisan bill to alleviate the anxiety of millions of homeowners, flood-prone areas and their flood insurance premiums won't become simply unaffordable. should we do any less, twice already we've had the votes in this house to bring up this bill. a com

congressman jeb hensarling will jen us. "squawk box" will be right back. ♪ what is this place? we bring together the fastest internet and the best in entertainment. we call it the x1 entertainment operating system. it looks like the future! we must have encountered a temporal vortex. further analytics are necessary. beam us up. ♪ that's my phone. hey. [ female announcer ] the x1 entertainment operating system, only from xfinity. tv and internet together like never before. >>> stocks moving higher yesterday, ahead of federal reserve's chair's janet yellen's testimony. let's find out what investor should be listening for. david dars it is still here as well. jim, you'll be leaving in just a minute. i want to get your thoughts on this. you told us before we may see a pullback. you weren't expecting a massive pullback? >> no. >> do you think we're done with the downdraft at this point? >> i think so, for now. we may have another one later in the year but from higher levels, becky. if the fed does make comments about maybe slowing down the pace of tapering, that could be influential

hensarling: mr. chairman, i recognize myself for as much time as i may consume. the chair: without objection. mr. hensarling: mr. chairman, we are now into the sixth year of the obama administration and probably the two most common comments i hear from my constituents, i just can't make ends meet in this economy. and washington has become arrogant, unaccountable, and out of touch. and at the apex of these sentiments lies the newly minted dodd-frank government agency known as the cfpb. although many have yet to hear of it, the cfpb is perhaps the single most powerful and least accountable federal agency in all of washington. first, let's speak of its power. mr. chairman, when it comes to our credit cards, auto loans, mortgages, the cfpb has unbridled correctionary -- discretionary power, not only to make them less available and more expensive, but to absolutely take them away. what does an agency with this kind of power do? it imposes rules like the qualified mortgage rule, or q.m. for short. mr. chai

hosting a daylong conservative policy summit including speakers tend -- ted cruz, mike lee and jeb hensarling. president of that organization. you can watch live all day until .bout 6:00 eastern on c-span3 tomorrow, janet yellen will deliver first monitoring policy report before the house committee. you can see that tomorrow on c-span3. >> i think it is an evolutionary process. you grow into this world. my sense is you never get comfortable if you are always pushing for change and growth, not just in yourself but the issues you care about. done, so there's never a point in time when you feel like you are there. wayi can do this the same all the time. it is always changing. >> first lady michelle obama, tonight live on c-span and , also on c-span radio and c-span.org. we bring public affairs offense to washington directly to you, putting you directly in the room at congressional hearings, briefings and conferences and offering complete gavel to gavel publice all as a service. c-span -- created by the cable industry 35 years ago and funded by your local provider. watch us in hd, like us on face

among the speakers, senator ted cruz and mike lee, jim jordan, jeb hensarling. you can see this live. easternrun until 6:00 on c-span. the u.s. house will return for work at 2:00 this afternoon, it's just two bills on the calendar. funny, andrizes noaa another condemning violence in ukraine. we are expecting general speeches first and then a recess until 5:30. then we will see work on the debt ceiling. republican's are holding aim members-only meeting today. 5:30 thisg is set for evening. you can see that house when it returns today on c-span at 2:00 eastern. and look at the week ahead in congress with a reporter who joined us for "washington journal." continues. continues. host: welcome back. our guest is susan ferrechio. she's the chief congressional correspondent for "the washington examiner." thank you for being here. walk us through. what are the major story lines running on capitol hill this week? guest: everyone is going to be talking about the debt limit. the treasury secretary said he needs the debt limit to be raised by the end of february. otherwise h

the -- hensarling. the investors are responding. we're starting with senior economist michelle girard. we have my favorite harvard professor, marti feldstein. two of my very favorites, i can barely take it! michelle, you're so money, glad you could join us at 2:00 p.m. what did you think of what you heard so far today from janet yellen? >> i don't think we heard anything unexpected. everybody talked about how it is really continuity. what she brings to the fed in the wake of chairman bernanke and i think we heard that message coming through loud and clear. we're going to see more of the same. we are going to continue to see a scaling back of these quantitative purchases. i think that was clear. she didn't back away from any of that even though we've seen some weaker data but she did absolutely reinforce the economy needs to be doing better. unemployment still need to come down and that's why they continue think we're going to see or continue to signal we're going to see lower rates for a long time. melissa: what would you put on her

chairman hensarling wrote to express his concern and i just want to ask today for your commitment to give a letter -- to give this letter your personal attention and to provide a subs instantive response to that letter before the rule making comment period closes out. and to also provide an opportunity for the other members of the board to similarly provide their individual views of this letter. would you do that on our behalf? >> we have put out a -- i want to make sure i understand what you're saying. we have put out a proposed rule to implement what's in dodd-frank on 13-3. >> 13-3. >> we very much welcome comments on that and we'll take them into account when we come out with a revised proposal hopefully a final proposal. >> chairman hensarling wrote a letter to chairman bernanke and in the letter he wanted to give a commitment and that for a substantive response to that letter. would you look at the letter of chairman -- >> we certainly will but as i understand, it's submitted as part of the set of comments on -- during the comment period on 13-3 and we will collect all of the c

. >> chairman hensarling, members of the committee, i want to thank you for the invitation to appear at today supportinsupportin g. before you begin let me first commend the chairman of the establishment of the federal reserve's continued oversight project. certainly the opinion every government program should be reviewed regularly the subject of vigorous oversight, the american people deserve nothing less. quite frankly i can think of no part of the federal government more deserving of oversight right now than the federal reserve. had vigorous oversight of the federal reserve been done in the past we may very well have been able to avoid the creation of a massive housing bubble. i will not repeat chairman does assessment of the economy as i agree with much of it, but will highlight a few issues, touch upon the monetary policy and wrap up with a few comments on regulatory policy. the release last week of january's associate survey revealed continued weakness in the job market. the one of 13,000 jobs number was cancer but below expectations. the consensus was 189. the results are belo

hensarling cut her off five times. my guess is in conversation, men cut off women much more easily than they cut off other men. >> absolutely true. >> republicans cut off -- >> but that is a good point. >> do you think there's a little bit of politics there? >> it's something to watch over time. >> gender is a strong point. >> we talked about this in the makeup room. how do you think from a body language perspective she's handling all of that pressure? >> she did really well. again, at think point you are going to see, she's been doing this awhile, you will see points of anxiety leak out. she was consistent for the most part. one of the things you have to realize is she does have, if you see her face, look at her mouth, it's slightly off so people are always going to prejudge her based on her facial expression. >> what do you mean? >> if you watch her mouth, lot of times when you see a mouth move in certain positions, my job is to tell you that meant contempt, that meant anger. with her, you have to recognize that's on

who is jeb hensarling and should janet yellen fear him? >> absolutely.e is the chairman of the house financial services committee. a strong conservative from texas. actually a staffer of phil gramm. chairman of the banking committee. anniversarytuted a investigation of the federal reserve grid on the 100th year in existence, the committee has pledged to spend the year digging into what the fed doesn't how they can change it. janet yellen needs to be on guard. he is a very smart lawmaker. he can try to back witnesses into about spot. >> thank you so much. and sterling studied economics at texas a&m. >> what a surprise. >> i have no idea which way it will go. michael mckee thinks he will be gentle on chairman ellen. i am not sure. >> wall street is so excited. let's see if he will be a puppeteer. when we come back, a game changer in the nfl. we're talking about pro football getting its first openly gay player. we will talk about it when we come back. you're watching "market makers." you can watch all of our interviews on apple tv. it ran new experience fea

. >> chairman hensarling, ranking member waters, and other members of the committee, i'm pleased to present the federal reserve's semiannual monetary policy report to the congress. in my remarks today, i will discuss the current economic situation, and outlook before turning to monetary policy. i'll conclude with an update on our continuing work on regulatory reform. first, let me acknowledge the importance contributions of chairman bernanke. his leadership helped make our economy and financial system stronger and ensured that the federal reserve is transparent and accountable. i pledge to continue that work. the economic recovery gained greater traction in the second half of last year. real gross domestic product is currently estimated to have risen at an average annual rate of more than 3.5% in the third and fourth quarters. up from a 1.75% pace in the first half. the pickup in economic activity has fuelled further progress in the labor market. about 1.25 million jobs have been added to payrolls since the previous monetary policy report last july, and 3.25 million have been added since au

congressman jeb hensarling, chairman of the house financial services committee looked at a gathering about housing progra programs. >> i have been concerned about housing finance reform, not simply because i'm a policy wonk about housing but it's because i care passionately about freedom and opportunity and to most of you in this room. simple truth is america cannot have a healthy economy unless we have both a healthy and sustainable housing finance system, regrettably, that is not what we find ourselves today in america. we do not have a healthy, sustainable housing finance system because we lacked both freedom and opportunity. so where are we today in america? today, hard-working taxpayers have been forced to engage in the mother of all taxpayer bailouts, nearly $200 billion to bail out fannie mae and freddie mac. that is unconscionable. today, taxpayers remain on the hook for more than 5 trillion, a mortgage guarantees, roughly one-third the size of our entire economy, weighing in at roughly $42,000 for american households. ladies and gentlemen, that is unfathomable. and today bec

. >> and we are seeing opening remarks from capitol hill, introductory remarks from jeb hensarling andwell and we'll get to janet yellen as soon as she gets sworn in we want to bring in the chief managing director at mesereaux financial. the market really liked what it saw in that testimony, the continuity angle here, but is there anything that janet yellen could say at this point to make the market retreat? what's one of those fear factors? >> i think the fear factor is on the panel that follows. the panel with john taylor, the only friendly face on that panel will be sort of don kohn who janet knows well who is very supportive of janet but john taylor will cop out of the market and say the fed is wrong and you'll see the hailstorm from the house what they'd like to do in terms of the real challenge will be maintaining the federal reserve's independence with the congress and particularly a house of representatives that wants to clip its wings on independence like they've done so well on fiscal policy, they'd like to do it with monetary policy as well, and that's the real challenge aft

. >> chairman hensarling, ranking member waters, and other members of the committee, i'm pleased to present the federal reserve's semiannual monetary policy report to the congress. in my remarks today, i will discuss the current economic situation, and outlook before turning to monetary policy. i'll conclude with an update on our continuing work on regulatory reform. first, let me acknowledge the importance contributions of chairman bernanke. his leadership helped make our economy and financial system stronger and ensured that the federal reserve is transparent and accountable. i pledge to continue that work. the economic recovery gained greater traction in the second half of last year. real gross domestic product is currently estimated to have risen at an average annual rate of more than 3.5% in the third and fourth quarters. up from a 1.75% pace in the first half. the pickup in economic activity has fuelled further progress in the labor market. about 1.25 million jobs have been added to payrolls since the previous monetary policy report last july, and 3.25 million have been added since au

today, we'll be looking at the path act, which representative jeb hensarling has introduced to dissolve the bumbling fannie mae and freddie mac and encourage private investment and innovation. we'll see the transportation empowerment act, introduced by representative tom graves and senator mike lee, which lowers the gas tax, cuts red tape, and returns funds and decision making back to the same localities that know best how to handle them. senator lee is also going to reintroduce the welfare reform act along with representative jim jordan, which not only saves taxpayers hundreds of billions of dollars, but puts social assistance back on track: getting people into jobs and out of poverty. we'll be hearing about the hero act, which takes school accreditation out of the hands of federal bureaucrats and puts it at the state level, while lowering the cost of higher education for students across the nation. representative raul labrador will walk us through the marriage and religious freedom act, which enjoys broad bipartisan support, and prevents government discrimination of any person, church

representative jeb hensarling and former senator jim demint who now heads the heritage foundation. the summit begins live at 9:30 eastern over on c-span3, and you can join the conversation by sharing your comments on facebook and twitter using the hashtag c-span chat. >> the new c-span.org web site gives you access to an incredible library of political events with more added each day through c-span's nonstop coverage of national politics, history and nonfiction books. find c-span's daily coverage of official washington or access more than 200,000 hours of archived c-span video. everything c-span has covered since 1987. and our video is all searchable and viewable on your desktop computer, tablet or smartphone. just look for the prominent search bar at the top of each page. the new c-span.org makes it easy to watch what's happening today in washington and find people and events from the past 25 years. it's the most comprehensive video library in politics. >> the u.s. special envoy to south sudan recently talked about the civil conflict in sudan, its root causes and the prospects for

the -- hensarling. the investors are responding.chelle girard. we have my favorite harvard professor, marti feldstein. two of my very favorites, i can barely take it! michelle, you're so money, glad you could join us at 2:00 p.m. what did you think of what you heard so far today from janet yellen? >> i don't think we heard anything unexpected. everybody talked about how it is really continuity. what she brings to the fed in the wake of chairman bernanke and i think we heard that

features figures include senators ted cruz and mike lee and congressman jeb hensarling . former senator jim demint serves as president of the organization. you can see this on our companion network c-span3. i think it is all an evolutionary process. you grow into this role. my sense is that you never get comfortable if you are always pushing for change and you are never done. there is never a point in time were you say i am done and i can do the same thing all the time. it is always changing. >> first lady michelle obama tonight at 9:00 p.m. >> i have often said when i am traveling on amtrak that i run to the quiet car. this i

and this week, i've been so proud of my friend, jeb hensarling, chairman of the financial services, trying to rein in this consumer financial -- wow, what a misnoemer -- protection bureau that's -- misnomer -- protection bureau that's gathering information about our credit cards, our debit card activity, our loans when these are supposed to be, you know, private between us and our lender. as long as there's proper oversight to make sure they're not violating the constitution, but when the federal government , as they are, starts getting all of our debit card and credit card information, they now have all our medical ecords that they're getting, they're now watching and had the ability to check every email, check websites you visit , had the ability to examine every log, every call that you make. people who once said i was crazy for giving this example some years back may begin to realize i wasn't so crazy. when mple was this -- the federal government has the obligation to supervise every aspect of your health care, you ive government-run health care , force it on the people of this nation

today we'll be looking at the path act which which representative jeb hensarling has introduced to diso the bumbling fannie mae and freddie mac and encourage private investment and innovation. we'll look at the power act into deuced by senator tom graves and mike lee. it lowers the gas tax, cuts red tape and returns funds and decision making back to the same localities that know best how to use them. senator lee is also going to rebro deuce the welfare reform act along with representative jim jordan, which not only saves taxpayers hundreds of billions of dollars but puts social assistance back on track, getting people into jobs and out of poverty. we'll be hearing about the hero act which takes school accreditation out of the hands of federal bureaucrats and puts it at the state level while lowering the cost of higher education for students across the nation. representative raul labrador will walk us through the marriage and religious freedom act which enjoys broad bipartisan support and prevents government discrimination of any person, church, business, or other institution based on th