cassidy: thank you, mr. chairman -- sen. cassidy: thank you, mr. chairman. giancarlo, when is the a stocke you bought exchange traded funds, mutual funds or a bond? >> i hold a generally traded fund. >> when was the last time you bought one? before i started at the commission. >> two years ago? >> yes. >> what did you buy? equity? >> index funds. >> did you sit down and read the prospectus? >> i am not supposed to say that i probably didn't read it cover to cover but i will confess i didn't read it cover to cover. >> how many investors you think don't read it? >> most. >> what is the point? we are talking about all of the dangers and the risks of cryptocurrencies like bitcoin. i am putting aside the shyster fraud issue. what is the point? of all this over disclosure if nobody is reading it. why do we want to do the same thing with bitcoin? >> historically it has been one of the foundational principles of our securities laws that adequacy of disclosure, full disclosure is one of the building blocks. i will tell you having been in business, most visits people

mr. b! nice threads! (chuckles) uh-oh, did somebody die? no, we're having a meeting with billie cassidy this morning.uld be here any minute. it's my lucky deal-making tie. well, you look very sharp, sir. thank you. anytime you're meeting an old flame,

mr. chairman. >> thank you, senator warren. senator cassidy. >> thank you. i'm going to put you on the payroll, man. earlier responding to senator smith regarding a possible bill. we have that bill. public health emergency fund actually stimulated by conversations with dr. freeden and he said that in the ebola crisis there was ten different authorizations that had to be signed off on before he could get somebody to travel to africa. kind of crazy. which was cumbersome and slow before and after katrina. before katrina fema had to come to get the additional dollars. after katrina congress recognized that's not the best way, so there's a pot of money that can be immediately be accessed, if it goes over that, they come back and get another authorization. dr. shotz and i put together a bill so you can deploy people and secondly based upon and dr. kadlec this is where you nailed it, upon the previous 14 years of public health emergencies we take the average of that expenditure and we make those dollars available up front to be immediately drawn down. still account

there is a degree of volatility, okay, we have fixed the audio for senator cassidy, republican from louisiana. good morning, mr for joining us, sir in. >> thank you for having me. stuart: gop seems to have abandoned all types of financial restrain, you're big spenders? >> number one, i'm not a big spender, i voted against the budget. there's a lot of good things but should have been offset. so i can't speak for others, but i recognize what you said and voted against the budget for that reason. stuart: do you think there are any votes in real austerity, cutting back, there don't seem to be any votes for that? >> everybody recognizes the military has global responsibilities, that their budget is in strap and increasing amount of money are going to retirement benefits leading less for training and for maintenance material. that is what created, if you will, momentum for the bill to pass despite the fact that the spending was not offset. stuart: you voted against it? >> yes, i did. stuart: what would it take to make you vote for it? >> i would like to see the money offset. when they were spending for katrina, 33 b

mr. chairman, we continue to spend more money from one year to the next. medicaid is an example of the proposal and we can talk more about graham cassidy and the proposal for how fast the culture programs should grow and into it with content that you are absolutely correct. gripping something more slowly than might otherwise grow does not constitute a coat or a splascut or a splashor a guttin. it might be the responsible thing to do. >> the expected economic growth is to average 2% over the next ten years accounts on the sustained growth in the budget window. it is going to likely rear its ugly head if we accelerate growth in this economy. how do you anticipate the growth impacting interest rates and the impact it will have on that de debt? being here last year even taking a little bit of heat from the delegation in south carolina for having overly rosy economic assumptions that in the real world we actually need. as a result of the economic performance of the economy and of the nation for the last 12 months, we have made some slight increases in our assumptions for the next couple of years, some slight reduction in the out years as we bring them more in l

mr. cassidy: mr. president. the presiding officer: the senator from louisiana. mr. cassidy: i'd like to speak some louisiana-specific issues -- the presiding officer: the senate is in a quorum call. mr. cassidy: i ask that the quorum call be vitiated. the presiding officer: without objection. mr. cassidy: madam president, i ask to be speaking on some issues relating to the spending bill, some things which have happened in louisiana. louisiana had two catastrophic floods in 2016 affecting not just our state but louisiana and texas with over 100,000 disaster victims who became eligible for s.b.a. or s.b.a. disaster assistance loans. here's one picture. oh, my gosh. here's the window. the water is this high inside the patio area as outside and the woman has got a face of despair. and here's another picture which kind of just shows a family being evacuated in a boat. obviously the neighborhood with stop signs and nice trees and street lights, and they're being evacuated. you can imagine what their family home looked like. 56 of louisiana, 64 parishes have federal disaste