this lack of authority presented federal regulators with a hobson's choice with respect to nonbank financial institutions like a.i.g., bailed them out; or allowed them to fail, notwithstanding the damage to the economy as a whole. madam president, let me conclude my comments, as a former maine financial regulator i am convinced financial regulatory reform is absolutely essential to restoring confidence in our financial markets and to prevent a recurrence of the crisis such as the one we now face. i rock forward to working with the -- i look forward to working with the administration and i ask unanimous consent the reminder of my statement be included in the record. the presiding officer: without objection, so ordered. morning business is closed. under the previous order the senate will resume consideration of the motion to proceed to s. 1023, the clerk will report. the clerk: motion to proceed to consideration of s. 1023, a bill to establish a nonprofit corporation to comown indicate united states entry policies and otherwise promote leisure, business, and scholarly travel to the united stat

if we could have such a system in place, we would no longer be in the hobson's choice of standing aside and letting the system collapse or taking actions which are very uncomfortable for us. that would be an area where we would be happy to withdraw or pull back on our activity if the government would provide a good system for addressing that issue. >> we discussed a little bit the treasury bill rates and specifically the ten-year treasury which according to my thing now is 3.58% yield. most adjustable rate mortgages reset on the ten-year treasury number. if that ten-year treasury yield were to increase some more this year, what impacts might that have on potential second wave and mortgage-backed security failures or arm resets? >> i would like to check the data on that, but my impression is that most a.r.m.s reset on shorter term interest rates, like the libor rate, which is very low now or the treasury bill rate. since the federal reserve brought interest rates down to such a low level in the last year or so, concerns about resets in the mortgage market have considerably been reduced.

they were sergeant nathan alagana, john rose, molly huckabee-hardy, staff sergeant kenneth hobson ii, arlene kirk, dr. luis martin, michelle o'connor, master sergeant sherry lynn olds. h.r. 2410 remembers their sacrifice and provides restitution to the loved ones they left behind. mr. speaker, this provision is the very least a grateful nation can do. i urge an aye vote on h.r. 2410 and i want to thank chairman berman, ranking member ros-lehtinen. thank you. the chair: the gentlewoman continues to reserve? ms. ros-lehtinen: yes. the chair: the gentleman from california. mr. berman: i'm pleased to yield a minute to a member of the appropriations committee, mr. schiff, one minute. the chair: the gentleman is recognized for one minute. mr. schiff: i request unanimous consent to revise and extend my remarks. i'd like to commend the foreign affairs committee for all their hard work on the foreign affairs authorization act and thank mr. berman and his staff for working to include the daniel parole act to this legislation. it brings much-needed atonings a critical human rights issue this cal

hobson of springfield. and that was all ralph's doing. he made a commitment to make sure there was an ohioan on every committee that mattered. i'm a lawyer by training and i said, ralph, i think i would like to be on the judiciary committee. he said, what are you nuts? we needed a republican from ohio on the transportation committee and he put me there and it was one of the happiest times of my life. the two things that i want to talk about. mr. serrano is right about his observations, but i came in the class of 1994, so i'm one of those republican revolutionaries that created the first majority since 1954. mr. speaker, you may remember and others may remember that at that time, there was a lot of rhetoric in this chamber and there were some things that became targets. and parks became targets. but what i will always remember is that it was the desire on my side of the aisle to zero fund things like the national endowment for the arts and national endowment for the humanities. and i thought it was misguided. and congressman regula as the