mr. bachus: thank you. mr. speaker, at this time i recognize the chairman of the republican study committee the gentleman from georgia, mr. price. for two minutes. the speaker pro tempore: the gentleman is recognized for two minutes. mr. price: thank you. thank you, mr. speaker. this ought to sound pretty familiar. here's just part of this bill, another 2,000-page monstrosity. look at it, mr. speaker. it's down there, held together by rubber bands. held together by rubber bands. called the dodd-frank wall street reform bill. senator dodd even said about it, quote, no one will know until this is actually in place how it works. unquote. that's no way to do business. the fundamental assumption of this bill is that since the smart people regulating banks let us down, we should just hire really, really smart people to prevent it from happening again that assumption is not only false, it's dangerous. when the government picks winners and losers, the nation loses. if my colleagues on the other side of the aisle believ

mr. bachus: thank you. madam speaker, at this time i recognize the very able ranking member of the oversight committee, mrs. judy biggert, for four minutes. the speaker pro tempore: the gentlewoman from illinois will be recognized -- recognized for four minutes. mrs. biggert: thank you and i thank the gentleman for yielding and i rise in support of the motion to instruct. madam speaker, taxpayers are tired of paying for the mistakes of others and fed up with bailouts and it's timfor congress to recognize that financial managers that drive their firms into insolvency should be met with bankruptcy and not bailouts. unfortunately both the house and senate financial regulatory reform bills allow the government to take over any he financial business washington bureaucrats deem as too big to fail. in other words, if federal regulators like treasury secretary geithner fail to do their job, then these same regulators can simply ke over, dismantle or prop up any financial institution that they choose at taxpayers' ex

mr. bachus: mr. speaker, at this time i have no other speakers and would like to reserve the balance of my time until the gentleman from massachusetts has no further speakers and is prepared to close. thank you, mr. chairman. i surrender -- yield myself such time as i may consume. the speaker pro tempore: the gentleman is -- the gentleman is recognized. mr. bachus: mr. chairman, i hear two people that i know are leaders of the majority and they each, mr. hoyer and ms. pelosi, and i know they appear to be sincere when they say that never again will the american people be asked to bail out those on wall street who made reckless deals. no longer will the taxpayer be put on the hook. but there's an inconvenient truth here for my democratic friends and that's the clear wording of the bill. i mean, i think the elementary that before we pass legislation that we read it. and i would not repeat this except my colleagues in the majority continue to say time after time after time that there's no bailout. and th

mr. bachus. >> and the gentle lady from illinois. as necessary. that is apparently what they did with an aig. they decided that because certain european banks had so many obligations, that they needed to pay them off dollar for dollar or they would fail.

mr. bachus. >> thank you. i would like to address the gentleman from michigan, who talked about who is opposed to this resolution authority. he said the big banks, the wall street banks are opposing it. let me shed some light on that statement. i passed out a thing listing the six largest companies. let's talk about number two, jpmorgan. jamie dimon says jpmorgan chase has argued for a resolution of authority that would let regulators wind down failed firms in a controlled way. he has endorsed this. i do not think he is opposed to it. lloyd glenn fine -- i think you know who he is. he says we should make sure the consequences of failure are not so great again, and that is the resolution authority. "i'm in favor of the bipartisan bill." how about vic from -- victor pandit, that the city grew, the 93 largest bank. strongly supports the creation of the authority. a round table, "we support 80% of the bill, including the resolution authority." >> could gentleman yield, please? >> i will yield. >> my reference is t

mr. bachus. the speaker pro tempore: the gentleman from alabama has four minutes. mr. bachus: i thank the chairman. this bill has good in it. it really does. it has enhanced consumer protection, similar to what the federal reserve has enacted, it has greater transparency and disclosure and the field of derivatives, it has provisions to prevent companies like british petroleum from manipulating the market as they did last year. but there's a lot of bad in this bill and there's a lot of ugly. i'm going to talk about the bad when i address the bill and the bad is some capital requirements on companies that could cost $1 trillion. and that's a greater amount than the two stimuluses put together, that could cost hundreds of thousands of jobs. but right now i want to talk about the ugly. and the ugly is the bailout of creditors and counterparties. this is a wall street bailout bill, make no mistake about it. this bill says that the fdic can lend to a failing company, now, this is a company who's failing, that can't meet their obligations, you loan a failing company money, you

mr. bachus: thank you, mr. speaker.this motion to instruct directs the confereeso insist that this legislation end the possibility of taxpayer-funded bailouts once and for a by stipulating that bankruptcy is the only available option for liquid ating a failed financial firm. the motion also reqres that the conferees and the public by xtension have at least 72 hours to review the contentof the conference report before its inal approval. we've heard time and time again that the democrats, quote, resolutionuthority to wind down systemically significant financial institution ends the too big to fail doctrine and protects taxpayers. that's an outrageous and false claim. read the bills. both the house and the senate let the fdido the following -- lend to a failing firm, purchase the assets of a failing firm, guarantee its obligations to creditors, take a security interest in its assets, and even sell or transfer assets that the fdic has acquired from it. and while the house establishes $150 billion bailout fund to pay for the

mrs. maloney, messrs. gutierrez, watt, meeks of new york, moore of kansas, ms. kilroy, messrs. peters, bachus, royce, mrs. biggert, mrs. capito, messrs. hensarling and garrett of new jersey. from the committee on agriculture for consideration of subtitles a and b of title 1, sections 1303, 1609, 1702, 1703, title 3 except sections 3301 and 3302, sections 4205-c, 4804-b-8-b, 5008 and 7509 of the house bill and section 102 subtitle a of title 1, sections 406, 604-h, title 7, title 8, sections 983, 989-e, 1027-j, 1088-a-8, 1098 and 1099 of the senate amendment and modifications committed to conference, messrs. peterson, boswell and lucas. from the committee on energy and commerce f consideration of sections 3009, 3102-a-2, 4001, 4002, 4101-0118, 4202, 4204 through 4210, 4314, 4401 through 4403, 4410, 4501 through 4509, 4601 through 4606,815, 4901. in that portion of section 8002-a-3 by adds a new stion 313-d to title 13, united states code, of the house bill and that portion of section 502-a-3 which adds a new section 313-d to title 31, united states code, section 722-e, 1001, 1002, 1011 through

mr. chairman. >> the committee will resume work on tuesday, june 15, with six public meetings planned. more the financial regulations bill tomorrow with congressman spencer bachus financial services committee ranking member, on how the bill could alter the financial community. that is at 6:00 p.m. eastern on c-span. with the confirmation hearings for supreme court nominee elena kagan coming up later this month, c-span2 inside the supreme court to see the public plaaes and is rarely seen spaces. hear directly from the justices as to provide insight about the court, the building, and its history. the supreme court, home to america's highest court, this sunday at 6:30 p.m. eastern on c-span. >> thursday, the ceo of bp is scheduled to testify on capitol hill. of the house energy and commerce subcommittee on oversight investigation, on bp's role in the gulf coast oil spill. that is live at 10:00 a.m. eastern on c-span3 and c-span radio. >> a discussion on the federal response to the gulf of mexico oil spill with a former lead reporter with the anchooage daily news during the exxon valdez oil spill. this is about 20 minutes. host: as promised, you are a lifelong alas