thank you. >> thank you, miss lowey. mr.ecretary, thank you for your indulgence and to each and every member of the subcommittee, because it's a bittersweet day for all of us in the subcommittee. today we welcome secretary julian castro from the department of housing and urban development to discuss the 2017 budget request. they're requesting $49 billion in new resources in fiscal year 2017, about 3.5% above 2016. this is not a dramatic increase. there are, however, so many accounting gimmicks in the budget as a whole that it makes it difficult to frankly take any of it very seriously. we don't need to look further than frankly other agencies funded by this subcommittee to demonstrate that point. as we saw on the previous hearing, the department of transportation's budget uses gimmicks to cheat the budget by nearly $10 billion. however, the appropriations committee must abide by the agreement. so the administration is only frankly cheating itself out of the opportunity to communicate its priorities. the appropriations commit

lowey. and mr. secretary thank you for your indulgence. it's a special bittersweet day for all of us. we welcome secretary julian castro from the department of housing and urban development to discuss the fiscal year 2017 budget request. hud is requesting a total of $49 billion in new budgetary resources in fiscal year 2017. about 3.5% above 2016. this is not a dramatic increase. unfortunately, however, there are some so many accounting gimmicks in the budget as a whole that it makes it difficult to frankly take any of it very seriously. we don't need to look further than, frankly, other agencies funded by this subcommittee to demonstrate that point. as we saw in the previous hearing, the department of transportation's budget uses gimmicks to cheat the bipartisan budget agreement by nearly $10 billion. however the appropriations committee must abide by the agreement so the administration is only, frankly, cheating itself out of the opportunity to communicate its priorities. the appropriations committee must pass bills within the discretion

>> thank you very much for your focus on this miss lowey. what happened in flint was a shame. at the same time, we know this administration has marshalled a lot of resources to try and do what we can to address the needs of the residents of flint. hud, in fact, is involved in that response and has had somebody as part of the strong communities program on the ground in flint for over a year. but let me just address more specifically your questions. i wish that i could say that the resources that hud has received in the past met all the needs. as you heard earlier in testimony i believe that we're able to serve about half of the eligible applicants in the program, the lead hazard control program. in fiscal year 2015, there were 47 eligible applications. about $141 million of requests that went unfunded. so you're correct that the need outstripped the resources that we have. there are other resources aside from this grant that are -- that can be used to address lead issues. one of those, for instance, is cdbg, community development block grants can be used. i wish i could give yo

havehis electio never been higher and the rhetoric on the other side has never been lower trying toeen loweying to divide america between us and them is wrong, and we're notg, and wre not going to let it work. as for ben carson and ohio governor john kasich. cnn reports that gop operatives will pu the race and run for marco an rubio's florida senate seat.d run fo kasich came in second in vermontame in sec and massachusetts but fourth orond in vermo 5th in 8 other states.r state he's focusing on what he e' considers his home court, michigan next week and ohio on the 15th. con long campaign on both sides.s. no response fromw him he sayshe s he's committed to staying in howhow he will react to that proposal who knows as far as he'spr a president.s h and drifting.g.and dr we will see what happens. thanks so much. the republican presidential contenders will meet again for another debate in detroitit we what happenen the l that happens tomorrow.t happe and our own gabe spiegel will be cover it.ael er i be sure tot. tune in for liver live reports from the gop debate, this thursday beginning at four on

lowey for a statement, question or both. >> thank you very much, mr. chairman.ppreciate your leadership and i do want to say how fortunate we are to have a chair who is so experienced and your years of experience has con tributed to your outstanding management of this difficult agency. when i look at the numbers, the market you are policing have a lot of new registered members. more than 800 municipal advisors are expected to be registered in 2017. in the next two years the number of new registered members are expected to be subject to examine nation including swap execution, security swaping, crowd funding portals. how do you prioritize examinations given how large the existing portfolio is, how much larger it will become, and how many do you anticipate you can examine? how can investors have confidence everything is being done to prevent another meltdown when so few entities are being investigated and will a budget request help build the confidence? >> i think there is no question that the sec is a significantly unfunded agencies despite the resources we have

will turn to mister quigley, we have been joined by the ranking member of the full committee, miss loweyand she will be asking a question or two along the way. mister graves. >> i know many of the members of the subcommittee have raised concerns related to the dol and fiduciary rulemaking. this was brought up with director donovan a few weeks ago and there was an area we feel has been ignored too much in its implications of the rule, we feel impact hard-working constituents we all represent including hard-working georgians that i do. chairman johnson produced a report with the department's rule published february 24th and i would like that submitted for the record for the committee, and a 40 page report, there is one area i want to focus on and i want to quote the report. despite public assurance, the labor department has collaborated with sec, emails between labor department employees, labor department employee and sec expert revealed discord between the agencies about the rulemaking and the report goes on with a senior sec official stating concerns about reduced pricing functions, risi

lowey for either a statement or a question, or both. >> well thank you very much, mr. chairman.rship, and to do what is how fortunate we are to have a cheer who is so experienced and your years and years of experience have contributed to your outstanding management of thi these are difficult agency and we thank you very much. when i look at the numbers come the markets your policing have a lot of new registrants, more than 2300 private funded advisors have registered with the sec since the effective date of dodd-frank, and with 800 municipal advisers are expected to be registered in 2017. in the next two years the number of new registrants are expected to be subject to examination including swot execution facilities, security-based swap data, repository swap views, crowdfunding. how do you mayor dies examinations given how large your existing portfolio is? how much larger will become with all these new registrants? how many do you anticipate being able to examine? how can investors have confidence that everything is being done to prevent another meltdown when so few of these ent

lowey said to pregnant women and their babies. to take a look in yesterday's "new york times," pregnancies shadowed eyes fears of zika. this is real in the minds of men and women, and women particularly. i look forward to hearing from dr. fauci about the current status of ebola vaccine candidates as well as progress on moving a vaccine candidates towards clinical trials. some of my colleagues have expressed a desire to shift an obligate funds that congress provided for ebola to respond to zika. i strongly oppose that idea. i would be anxious to do what activities would have to forgo if we shift funds away from ebola to zika. we need to be able to respond to multiple public health threats at the same time. which is why in this congress and the last congress by proposed funding a public health emergency fund that mirrors a disaster relief fund which would enable the federal government to immediately respond to public health threats. i would also urge the nih to use its statutory authority to respond to the rising cost of prescriptio

you very much, chairman diaz-balart, to the ranking member price, to chairman rogers, ranking member lowey, and members of the subcommittee. thank you for inviting me to discuss hud's proposed budget for fiscal year 2017. our request honors the president's commitment to provide more americans with the chance to secure quality and affordable housing. and to use housing as a platform that sparks greater opportunity in people's lives. this proposal comes at a time of tremendous momentum for the american economy. the unemployment rate has been cut in half since 2009. over the past 71 months, businesses have added 14 million jobs, the longest streak of private sector job growth in our nation's history. now we must ensure that this progress reaches every corner of our nation. and expanding housing opportunity is a vital part of this mission. today, one quarter of american renters spend more than half their incomes on housing and for every dollar that goes toward a rent payment, one is taken from a family's grocery budget, a child's education, or a couple's retirement savings. that's what the pre

thank you. >> thank you, miss lowey. mr.tary, thank you for your indulgence because it's a bittersweet day for all of us in the sub committee. today we welcome secretary julian castro from the department of urban housing 2017 budget request. they're requesting $49 billion in new resources in 2017. about 3.5% above 2016. this is not a dramatic increase. unfortunately, however, there are so many accounting gimmicks in the budget as a whole, that it makes it difficult to frankly take any of it very seriously. we don't need to look further than frankly other agencies funded by this subcommittee to demonstrate that point. as we saw on the previous hearing, the department of transportation's budget uses gimmicks to cheat the budget by nearly $10 billion. however, the appropriations committee must abide by the agreement. so the administration is only frankly cheating itself out of the opportunity to communicate its priorities. the appropriations committee must pass bills within the discretionary caps that we have all agreed to in l