hensarling: mr. speaker, pursuant to house resolution 775, i call up s. 2244 and ask for its immediate consideration. the speaker pro tempore: the clerk will report the title of the bill. the clerk: senate 2244, an act to extend the termination date of the terrorism insurance program established under the terrorism risk insurance act of 2002, and for other purposes. the speaker pro tempore: pursuant to house resolution 775, the amendment in the nature of a substitute printed in the house report 113-654 is adopted and the bill, as amended, is considered as read. the gentleman from texas, mr. hensarling, and the gentlewoman from california, ms. waters, each will control 30 minutes. the chair recognizes the gentleman from texas. mr. hensarling: mr. speaker, i ask unanimous consent that all members may have five legislative days to revise and tend their remarks and include extraneous material in the record on s. 2244, currently under consideration. the speaker pro tempore: without objection, so ordered.

hensarling for working with my friend, mr. pearce. i want to thank my friends on the other side of the aisle who also have focused a great deal of attention and focus on this issue to try and make sure that the first americans aren't the last americans in almost every category. so, again, i thank my friends and look forward to the passage of this legislation. with that, mr. speaker, i yield back my time. the speaker pro tempore: the gentleman's time has expired. the gentleman from new mexico is recognized. mr. pearce: i thank the gentleman from oklahoma and appreciate his leadership. mr. speaker, i'd yield myself the remainder of the time. the speaker pro tempore: the gentleman from new mexico is recognized. mr. pearce: well, you've heard, there is no shortage of debate on the bill, but there's also no shortage of people coming together and saying let's pass this bill. i listened with interest to the ranking member and in these points that she made today were articulate, were made during the markup and, again, appreciate and respect t

jeb hensarling. mr.sen sar ling: i -- mr. hensarling: i rise to honor this great patriot from texas, mr. ralph hall. i feel most inadequate to the task. there are a number of members who come to the house floor and some provide humor. few have provided more humor than ralph hall at times when this body critically needs it. some members come to this body and they become more respected. certainly that is ralph hall. some are well liked. that is also ralph hall. some distinguish themselves for their accomplishments. and ralph hall will take second place to no one on what he's been able to accomplish in his house career. and then there's a handful, mr. speaker, of true american heroes. ralph hall served our nation with courage and distinction in world war ii. and my point, mr. speaker, is that i'm not sure i know of any member who combines them all, respectability, likeability, humor, effectiveness, and being true american hero. we will miss ralph hall, we will miss his wit. but you know, mr. speaker, even many so, i think i will

i mean, the snag apparently has to do with representative jeb hensarling wanting to have his way with a few dodd-frank regulations. isn't that typical? this guy brings in this to try to squeeze out from the process. to move forward we need to get the terrorism insurance done. >> a topic we talked about yesterday and if viewers want to watch that full segment we did on that. what are your democratic colleagues telling you about this proposal if speaker boehner doesn't have all the votes that he would need to pass it among republicans would enough democrats come over you think and support this measure? >> well, they might and the possibility that they might, that we might, is partly what's driving this. you know? there's some hard liners on the republican side probably not voting for anything. speaker boehner knows if he passes this cromnibus bill, he needs to have the votes and the sure way not to is to leave the riders on the bill that have been put on the bill by republicans in the appropriations process. >> provisions that go with it? >> that's right. his knowing that he needs the d

you agree with chairman hensarling about what he says about the dangers of fsocs? >> right. i do think we learned, especially with the aig experience, that there are some institutions that are outside the traditional regulating banking sector which can pose systemic risk. in my view we shouldn't have sis stem sick institutions. we have them all too big to fail in a bankruptcy process both of which impose laws on shareholders and creditors and does not impose external costs that require taxpayer support for orderly resolution. so that is the end game. i think in terms of if you are going to designate -- if you are going to make a title 1 designation, the central question should be not whether you're big. the question is what happens if they fail, can they fail without a lot off external costs, then let them fail. >> if wells fargo caught a terrible bug from silicon valley, tech evacuations would plummet and there was a mortgage crisis in california, we would save wells fargo. >> wells fargo is a regulated bank. most of their assets are in their insured bank. wells fargo would

i think that hensarling will happen. that's not really what i'm interested in. >> guest: i realize families are just in this and students are just sitting credentialing as well but we have to open their horizons to something beyond that. the most disheartening thing for me about the reaction to the book is that a simple paraphrase i said many of her most of these schools are not giving students what i would call a real education which is what you just described and the response has often been from within those institutions are people who recently graduated not as we do give a real education but who wants a real education these days? this is about jobs. this is about careers. this is about return on investment and the kinds of things you just talked about that it's about life and not just about your job this is increasingly difficult argument to make and it's one of the main reasons i wrote the book to try to push back against this intensely pragmatic and self exceedingly pragmatic idea of education in general and higher

this is with sheila bair and jeb hensarling, who chairs the house financial services committee. >> we haven't concluded that that is bad that the data is bad. the question is there organic market growth or not. i can't say that since the passage of this, and i guess we could debate, the big banks have become bigger, the small banks have become fewer and i do believe that there is causation. so what i would like to do is the too big to fail phenomenon which is the house this past yesterday a bipartisan bill to add a new chapter to deal with the larger financial institutions and i do believe that that should be paired ultimately and there's so much that we agree on and we may disagree on that. and i am concerned about the ability to designate this. >> explain those for the people that work in the real world and not washington. >> okay. you know, yes, we excel in washington and acronyms, but we've really cornered the market on acronyms. to this council is a group of regulators that i would argue have the ability to effectively control large financial institutions in america by designatin

jeb hensarling. mr.sen sar ling: i -- mr. hensarling: i rise to honor this great patriot from texas, mr. ralph hall. i feel most inadequate to the task. there are a number of members who come to the house floor and some provide humor. few have provided more humor than ralph hall at times when this body critically needs it. some members come to this body and they become more respected. certainly that is ralph hall. some are well liked. that is also ralph hall. some distinguish themselves for their accomplishments. and ralph hall will take second place to no one on what he's been able to accomplish in his house career. and then there's a handful, mr. speaker, of true american heroes. ralph hall served our nation with courage and distinction in world war ii. and my point, mr. speaker, is that i'm not sure i know of any member who combines them all, respectability, likeability, humor, effectiveness, and being true american hero. we will miss ralph hall, we will miss his wit. but you know, mr. speaker, even many so, i think i will