hensarling: mr. chairman, at this time, i'm pleased to yield one minute to the gentleman from virginia, mr. goodlatte. the chair: the gentleman is recognized. mr. goodlatte: i thank chairman hensarling for introducing this important piece legislation. it replaces the liquid occasion authority with a new bankruptcy procedure developed by the committee on the judiciary in the financial institution bankruptcy act. in 2008, our economy suffered one of the most significant financial crisis in history. experts from the regulatory communities have examined how to prevent another similar crisis from occurring and alimb fate the possibility of using taxpayer monies. the judiciary committee has advanced the review of this issue to better equip our bankruptcy laws to resolve failing firms while encouraging greater diligence in order to reduce the likelihood of another financial crisis. this act is the culmination of a multi year bipartisan process that incorporated the views of a wide range of leading experts a

hensarling: mr. chairman, i'm happy now to yield one minute to a real workhorse of the financial services committee, the gentleman from maine, mr. poliquin. the chair: the gentleman is recognized for one minute. mr. poliquin: thank you very much, mr. speaker. thank you, mr. chairman. mr. speaker, i represent the most honest, hardworking families in this country in the great state of maine. i also represent tens of thousands of small business owners in our state that create thousands and thousands of jobs for our families. and you know, in the state of maine, mr. speaker, we know the difference between right and wrong, and it is wrong to force taxpayers to bail out huge wall street banks that take too much risk when it goes wrong. now, the small community banks and credit unions that dot our landscape in maine did not cause the most recent recession. and these reforms that we're passing today in the choice act reduce unnecessary paperwork and costs that will help our small community banks and credit u

hensarling: mr. speaker, i ask unanimous consent that all members have five legislative days in which to revise and extend and submit extraneous materials on the bill h.r. 10, the financial choice act of 2017. the speaker pro tempore: without objection. mr. hensarling: -- the speaker pro tempore: pursuant to house resolution 375 and rule 18, the chair declares the house in the committee of the whole house on the state of the union for consideration of h.r. 10, the chair appoints the gentleman from arkansas, mr. womack, to preside over the committee of the whole. the chair: the house is in the committee of the whole house on the state of the union for consideration of h.r. 10. the clerk will report by title. the clerk: a bill to create hope and opportunity for investors, consumers, and entrepreneurs by ending bailouts and too big to fail. holding washington and wall street accountable, eliminating red tape to increase access to capital and credit, and preeling the provisions of the dodd-frank act that

i thank chairman hensarling and the financial services committee for their hard work. i thank chairman sessions for bringing this bill to the floor. i urge you to vote yes on the resolution and vote yes on the underlying bill. i health will continue debate tomorrow around noon eastern. we'll talk to a capitol hill reporter. >> what was the purpose of the wouldaw and why republicans want to repeal? >>. frank was passed by president obama as a response to a 2008 crisis. the idea was to create new rules and give regulators more power to prevent that kind of crisis from happening again. ,hose were the key provisions new requirements on assets as old -- they had to hold. host: the bill is called h.r. 10, the financial choice act, so it's a high priority for the speakers. here's joe leif lawler's headline at washingtonexaminer.com. g.o.p.'s dodd-frank replacement bill heads to the house floor, in particular on the consumer protection bureau. what would the g.o.p. bill do? guest: the republican argument is that the pendulum swung too far. the idea is to lessen the burden of t

and then financial services committee jeb hensarling is going to join us.ing ready to vote on this thursday on a bill that would replace dodd-frank. we're going to ask him about that plus talk tax reform. stay tuned you're watching "squawk box" on cnbc. [vo] when it comes to investing, looking from a fresh perspective can make all the difference. it can provide what we call an unlock: a realization that often reveals a better path forward. at wells fargo, it's our expertise in finding this kind of insight that has lead us to become one of the largest investment and wealth management firms in the country. discover how we can help find your unlock. it's been over 100 years since the first stock index was created, as a benchmark for average. yet a lot of people still build portfolios with strategies that just track the benchmarks. but investing isn't about achieving average. it's about achieving goals. and invesco believes doing that today requires the art and expertise of high-conviction investing. translation? why invest in average? spl >> welcome back to "s

, representative hensarling is from the texas fifth district. has been instrumental in doing something we have been promising and trying to accomplish for many years. with that i yield to my good friend, chairman jeb hensarling. mr. hensarling: i want to thank the gentleman for yielding and i want to thank his leadership for the republican study committee and what that means to the conservative movement and what that means to the cause of freedom and opportunity for so many working men and women. i especially want to thank the gentleman from north carolina for his work on the american health care act and what that means to so many of our constituents to truly be able after this rise of premiums, people are paying more to get less in health care, to really bring us to a moment where we can have patient-centered health care. so i just want to thank him for that. these are actually hopeful times for the american people. regrettably as we know, working america hasn't received a pay increase in almost a decade. their savings have remained decimated s

>> i spoke with jeff hensarling, they are anticipating this will pass. the moat vote is likely to expected second half of this week. all eye also turn to the snafment got to be candid here. not much movement on the senate banking committee on that front. in fact, any type of plan that passes the senate will have to be more moderate than the conservative plan that chairman hensarling has sent a mark around in the house. mark: it was a busy weekend from tweets. he was criticizing the london mayor's reaction to saturday night attacks. he tweeted about the travel bans. gun control. here his tweets haven't gone down well. they have been received harshly by u.k. leaders. how has this weekend thing gone down over that? their one is cratching heads. i know the market doesn't have reaction anymore to the president's twitter account. here in washington it's getting a lot of attention in their heads. i know the market doesn't have reaction anymore temples people saying this was supposed to be a week from a strategic standpoint about infrastructure, we're not even h

i thank chairman hensarling and the financial services committee for their hard work. i thank chairman sessions for bringing this bill to the floor. i urge you to vote yes on the resolution and vote yes on the underlying bill. i health will continue debate tomorrow around noon eastern. we'll talk to a capitol hill reporter. >> what was the purpose of the wouldaw and why republicans want to repeal? >>. frank was passed by president obama as a response to a 2008 crisis. the idea was to create new rules and give regulators more power to preve t

. >> we are here with house committeeservices chairman jeff hensarling.lked off the floor of the house. passes. now what. >> we won. the american people won. the nightmare of dodd-frank will be gone soon. what we can do is get capital back into our economy. too much capital is sitting on the sidelines. under dodd-frank is the big banks gotten bigger, small banks gotten fewer. our economy is lagged. it codified too big to fail in house. house no. economic growth for all bank bailouts for none. preserver to of our community banks and our credit unions. devoted tohole title capital formation. day.a good this is all about jobs. it's all about economic growth. werel the regulations that imposed on our economy in the obama era, dodd-frank was the worst. we just threw it off. animal spirits, free enterprise can roam again. we'll see americans with pay increases in the economy will come back. ask you about what democrats are saying. going to potentially deregulate the economy so much. that will would lead a financial crisis. what's your response to that? >> numbe

earlier today, president trump tweeted this, congratulations to jeb hensarling and republicans on successful house vote to repeal -- he is referring to yesterday's house measure by

essentially what i think people like chairman hensarling, chairman of the financial services committee, realizes that we will have to do -- we have done basically for 40 years, almost 50 years we have had the grant. host: the parts that were 1214,ed -- repealed in where they moved off the books? guest: we were trying to move toward people paying the full risk-based premium. we are still seeing rate increases because it has changed the rate by a certain percentage every year, but it has made it so that the movement forward would not go as quickly for primary homes, and we would still do that for second homes, for business companies, and for severe competitive loss properties. also it was not going to change your premium basically on home sales. -- he new homeowner was or she would still be paying the subsidized premium. host: a couple more calls. in the eastern or central time zone, 202-748-8000. mountain and pacific time zones, 202-748-8001. from texas, good morning. caller: the southeast side of houston is where the johnson space center and all the chemical plants and or -- and oil re

what was the purpose of the 2010 wall and led by the financial service committee chair just jeb hensarling want to repeal or make major changes? >> it was passed in 2010 by president obama and congressional democrats as a response to the 2008 crisis. the idea was to create new rules and get regulators more power to prevent that kind of crisis from happening again. those were the key provisions of the law new restrictions on

of h.r. 10, the financial choice act, which represents years of hard work by our chairman, jeb hensarling, and the entire financial services committee. for nearly eight years dodd-frank has targeted main street pocketbooks and stripped families of real opportunities for financial success and independence. for instance, the cfpb has spent years removing choices and making access to financial products more difficult to obtain. under these regulations, it is now harder for families to qualify for a mortgage, to obtain an auto loan, and access other forms of credit that they have depended on every day of their lives. meanwhile, the cfpb fails to monitor and spreent actual and consumer fraudof like we saw with the opening of millions of unauthorized customers' accounts at wells fargo. mr. speaker, i have the privilege of chairing the oversight and investigation subcommittee on financial services, and today, today we released a report titled, was the beat? this is regarding the cfpb's wholly inadequate role in investigating the wells the bea fraudulent account scandal. we have received numerous

jeb hensarling joins us. >>> trump administration wants to push through health care overhaul before thethe story behind green mountain coffee and fair trade? let's take a flight to colombia. this is boris calvo. boris grows mind-blowing coffee. and because we pay him a fair price, he improves his farm and invest in his community to make even better coffee. all for a smoother tasting cup. green mountain coffee. i decided to see if there was a way for design to play a... ...positive role in what was going on in the world. there's a jacket that's reflective for visibility... ...a sleeping bag jacket, jackets that turn into tents. i usually do my fashion sketches on the computer. i love drawing on the screen. there's no lag time at all. it feels just like my markers. with fashion, you can dress people and help people. it's really cool to see your work come to life. ♪ ♪ ♪ ♪ sfx: engine revving ♪ (silence) ♪ he came to the world justin the usual way ♪ ♪ but there were planes to catch and bills to pay ♪ ♪ so i moved my meeting saw him walk that day ♪ ♪ he was talking 'fore i knew it, and as he

i thank chairman hensarling and the financial services committee for their hard work. i thank chairman sessions for bringing this bill to the floor. i urge you to vote yes on the resolution and vote yes on the underlying bill. i yield back. and i move the previous question on the resolution. the speaker pro tempore: the gentleman yields. the question on ordering the previous question on the resolution, those in favor say aye. . those opposed, no. ms. slaughter: i ask for the yeas and nays. the speaker pro tempore: in the opinion of the chair, the ayes have it. the yeas and nays are requested. those favoring a vote by the yeas and nays will rise. a sufficient number having arisen, yeas and nays are ordered. pursuant to clause 38 of rule 20, further proceedings on this question -- clause 8 of rule 20, further proceedings will be postponed. votes will be taken in the following order. ordering the previous question on house resolution 3374, adopting house resolution 3374 if ordered, ordering the previous question on house resolution 3375 and adopting the house resolution 3

congratulations to jeb hensarling and the republicans on successful house vote to repeal major partsrank financial law. growth! let's dig deeper into this. first, what they've put forth is the financial choice act. the goal here in this bill, which has passed the house. it's got to go to the senate. it will be a massive challenge. why? it wants to do two things. replace dodd/frank. go after the consumer financial protection bureau. why is all of this -- >> designed by elizabeth warren, public enemy number one to a lot of senate republicans. now she sits with them. rather than letting her become the head of the financial consumer bureau, they didn't. she ran for senate and now sits with them. >> this is classic politics. the dodd/frank act was put into place after the financial crisis, when angrier. this was around lending practices and deposits. the president said people aren't able to borrow money. banks are being strangled. that's not really the case. we're going to interrupt this conversation. as soon as we cover what i love -- >> now the president is coming out at the department

jeb hensarling, thanks for joining us. always a pleasure. that. >> you're welcome. stuart: yes, sir, all right. blue apron is now up 4 cents. 10.46. not much of a gain but it's a gain. >>> look at that, martin shkreli defense attorney, referencing the lady gaga song, "born this way" as the his trial got underway. lady gaga? >> lady gaga made her way into the opening statement of martin shkreli. he is on trial of eight counts of wire an security fraud related to two hedge fund and pharmaceutical company. the prosecution is saying he is the villain. he defrauded investors alike. defense attorney. so he wore fuzzy slippers to the work and a stethoscope. so he stares at jury and made odd faces. he is victim born this way. he might be bisection wahl. he might be homosexual. he might be autistic. that is how he is born. don't judge him by that he is a victim because he was victimized by the boards he ran. stuart: he is victim because he is little odd in defense. >> that is brilliant by the defense attorney. they had such trouble getting a jury. ma

colleagues to join me in support of the financial choice act, financial services committee chairman jeb hensarling's bill aims to bring economic opportunity to all americans. after speaker pelosi and house democrats passed the dodd-frank act of 2010, dozens of small community financial institutions in my district were forced to close or merge with big banks. my state of georgia has lost more than 40 of these institutions over this period of time. this was due to the unbelievable complexity and compliance costs of the regulations imposed on them. with the financial choice act, community banks will be able to get relief from these regulations. as a business owner myself, i know how important access to capital can be for a new business. we know 70% of all new job creation is created by the growth of small businesses. my hope is it will spur small business growth and entrepreneurship in my district. this legislation extends taxpayer-funded bailouts or ends taxpayer bailouts fulfilling the promises that democrats failed to keep. it reduces the deficit by $3 .6 billion over 10 years. president trump has a

committee as a staffer for several members of congress including most recently the representative jeb hensarling and chuck hagel.ou mr. chairman. i would like to thank my family. my wife is here, my daughter ella, two sisters and many friends. the institution protects the rights of the minority to be heard in other states would debate their colleague. they live free and prosperous lives. it is an honor to be nominated and to be serving the director of the office of management and budget and it's a job that comes with great responsibility, and i am humbled president trump and the director asked me to serve. i know the quality of the men and women that previously served in this particular role and i want to contribute to that line of public service. my career has readied me for this moment and i spent over 12 years working in the house and senate with a specific on budget policy. studies budget director writing its budget resolutions and advising on budget policy. i went on to be the director and then the policy director of the house republican conference in durban chairman mike pence. under all t

he congratulated chairman hensarling of the financial committee, growth, but it faces long odds in theter, quite active. we still need that legislative agenda. for more, please stay on us. we'll talk about what it means for banks. we are joined right now by russell goldsmith, city national bank chairman and ceo. you have $40 million in deposits, largely based in l.a. do you think there's a chance that the choice act gets through the senate? >> i hope there will be something that gets through senate. i don't think it will look anything close to what the choice act is. i think as you heard from your kbw guest it will take a while. it's stacked up like over -- like planes over jfk to get to this. i think it's time to take a fresh look at dodd/frank. seem glad to see the house act and kind of get the debate started because for seven years we have piled on a lot of rules and regulations. and it needs to be re-examined. >> what sort of priorities within the framework of a choice act or a dereg of dodd/frank are most important to you and banks like yours? >> i think what's happened is the pen

what was the purpose of the 2010 wall and led by the financial service committee chair just jeb hensarling want to repeal or make major changes? >> it was passed in 2010 by president obama and congressional democrats as a response to the 2008 crisis. the idea was to create new rules and get regulators more power to prevent that kind of crisis from happening again. those were the key provisions of the law new restrictions on things that could and couldn't do and the access that they had to hold and the creation of the new powers including the consumer financial protection bureau to the police markets and to prevent abusive or unfair or fraudulent loans and products from being offered. >> the bill is called hr ten the financial choice act so it's a high priority for the speaker and republicans. here's the headline in the washington examiner gop dodd frank replacement bill heads to the house floor in particular on the consumer financial protection bureau created under dodd frank what would the gop bill due? >> it would cut back a lot of the rules. the argument is that the pendulum swung too f

action says it is key voting yes on the financial choice act, praises courageous leadership of jeb hensarling. the white house is behind the bill. are there any implications, political implications in voting for this bill? guest: they are limited in one sense which is that the bill is not expected to be picked up by the senate. this is not a bill that could get around a democratic filibuster. it's not one that could go through reconciliation which would allow it to pass with 51 votes only. so in the sense, how far this would go is limited and republican leader have acknowledged that. the politics are this is a way for conservatives to express what they think, a conservity alternative to dodd-frank and the rules imposed by president obe ma would be. it's a chance for them to demonstrate they can get bills across the house floor and maybe get momentum for other agenda items they have. host: joseph lawler, economics writer with "washington examiner," read more at washingtonexaminer.com and find im on twitter, @josephlauer. hoe house plans to complete work on that bill tomorrow, follow the house