mr. canseco. >> thank you, madame chair. i noticed at the february 1st fsoc meeting you updated the council on comments that it had received regarding the second notice of proposed rule making. the meeting was gavelled in at 1:00 pm and concluded at 3:13 pm. your presentation was one of five or six items on that day. and i'm not certain how long the council discussed your presentation or what questions were asked. i assume it couldn't have been more than 20 or 30 minutes of discussion on one of the most important provisions of dodd frank. could you shed some light for us on what was discussed that day and some concerns that were raised by the council members? >> the discussions at that particular council meeting were not the first time that the nonbank designation rule had been discussed by the council. the council actually put out an advanced notice of rule making, first notice of proposed rule making and a second notice of proposed rule making. all three cases, we received comments and all three cases the council discussed

mr. canseco: this agency created by dodd frank is a threat to the privacy of every american citizen and no place in the system of checks and balances such as ours. repealing the o.f.r. will save $270 million over 10 years and americans will be better off for it. i yield back the balance of my time. the speaker pro tempore: the gentleman from texas, mr. hensarling, is recognized. mr. hensarling: mr. speaker, i yield myself the remaining minute and a half. the speaker pro tempore: the gentleman is recognized for a minute and a half. mr. hensarling: mr. speaker, the american people know that after the nation's first, second, third, and now fourth trillion dollar deficit, the american people know after the worst employment record in 30 years, that the problem is with the president's economic policies and ultimately this debate comes down to this. do we have a debt crisis because washington spends too much or because the american people are undertaxed? my colleagues on the other side of the aisle say a nation can tax its way into economic growth, tax its way into economic prosperity. they want

mr. canseco: this agency created by dodd frank is a threat to the privacy of every american citizen and no place in the system of checks and balances such as ours. repealing the o.f.r. will save $270 million over 10 years and americans will be better off for it. i yield back the balance of my time. the speaker pro tempore: the gentleman from texas, mr. hensarling, is recognized. mr. hensarling: mr. speaker, i yield myself the remaining minute and a half. the speaker pro tempore: the gentleman is recognized for a minute and a half. mr. hensarling: mr. speaker, the american people know that after the nation's first, second, third, and now fourth trillion dollar deficit, the american people know after the worst employment record in 30 years, that the problem is with the president's economic policies and ultimately this debate comes down to this. do we have a debt crisis because washington spends too much or because the american people are undertaxed? myolleagues on the other side of theisle say a nation can tax its way into economic growthtax its way into economic prosperity. they want to imp