mr. crapo: before i make my remarks, i ask unanimous consent that senator reed from rhode island be recognized immediately following my remarks. the presiding officer: without objection. mr. crapo: thank you, madam president. i rise today also to speak about a subject on the mind of all americans, and that is the rollout of the affordable protection -- the patient protection and affordable care act or obamacare. many of us have predicted the implementation of obamacare would result in difficulties for american families, businesses and our still-fragile economy. we spoke about the tax hikes that would come to the rising premiums, the canceled policies, the benefit cuts to medicare programs for seniors and other problems in the flawed law. still, the president insisted that he was right and that he knew best what americans wanted. since then, countless opportunities have been provided for our colleagues to join us in defunding or at least delaying the implementation of this damaging law. to furth

mr. crapo: mr. president, i join my colleagues on the floor today because i, like many of them, have many, many upset constituents. idahoans are finding out that the president's promise to the american people that if you like your health care plan, you can keep it, simply was not true. over 100,000 idahoans will find that they cannot keep their current plans. idahoans like jennifer are finding this out the same way. jennifer is a working, self-employed mother of three, whose current health care coverage costs her family $375 a month. now jennifer is being told that her current plan is no longer available under the president's health care law and that the next available plan to her family will cost $900 per month, with a $10,000 deductible. that plan will require jennifer to spend $20,000 a year between premiums and deductibles before she has benefit coverage. then there's kelley, another hardworking mother from boise who was promised affordable health care coverage under obamacare. optimistic to enr

let's go to mr. crapo. >> thank you very much. i have listened very carefully to the comments that have been made today and i am heartened by the fact that everyone recognizes that we need to come together and find a consensus. when he to turn the current crisis. we need to recognize the facts that we have to deal with. i have started to hear talk recently that we don't really have a debt crisis anymore. the congress has been responsible in the fast two years. we have passed $2.5 trillion of reform and that we are well on our way to climbing out of the problem that we face. the reality is that we do still have a debt crisis. the $2.5 trillion that is talked about is essentially made up of about $5 billion or $6 billion in tax increases and the budget control act -- anybody who has watched congress and budgets know that the record congress has in sticking to its budgets is deplorable. one of the things we are to focus on is making sure that this $2.5 trillion we talk about is maintained. we have stayed to that budget for the last c

mr. chairman. >> thank you, senator crapo. are there any other members who would like to give -- mr. richard cordray, as director of the consumer financial protection bureau, mr. cordray, you may begin your testimony. >> members of the commitity, thank you for inviting me to testify about the fourth semiannual report of the consumer financial protection bureau. since we opened our doors just over two years ago, the bureau has been focused on make consumer financial markets work better for consumers and honest businesses. the report we're discussing today describes the bureau's efforts to achieve this vital mission through fair rules, consistent oversight, appropriate enforcement of the law and broad based consumer especially gam especially gaemg, the bureau is helping to put more than $750 million back in the pockets of millions of consumers. these include a refund of more than $6 million to tens of thousands of u.s. service members in a case involving the military allotment system. because of our supervisory work, financial institutions are making changes to the compliance managemen

mr. chairman. >> thank you, senator crapo. are there any other members who would like to give -- mr. richard cordray, as director of the consumer financial protection bureau, mr. cordray, you may begin your testimony. >> members of the commitity, thank you for inviting me to testify about the fourth semiannual report of the consumer financial protection bureau. since we opened our doors just over two years ago, the bureau has been focused on make consumer financial markets work better for consumers and honest businesses. the report we're discussing today describes the bureau's efforts to achieve this vital mission through fair rules, consistent oversight, appropriate enforcement of the law and broad based consumer especially gam especially gaemg, the bureau is helping to put more than $750 million back in the pockets of millions of consumers. these include a refund of more than $6 million to tens of thousands of u.s. service members in a case involving the military allotment system. because of our supervisory work, financial institutions are making changes to the compliance managemen

mr. chairman. you, senator crapo. we have agreed to allow for sufficient time for questions we limiting opening statements to the chair and member. senators are welcome to sub smit an opening statement for the record. now swear in dr. yellin. please rise and raise your right hand. that theear or affirm testimony that you are about to give is the truth, the whole but thend nothing god?, so help you >> do you agree to appear and testify before any duly of theuted committee senate? >> i do. >> please proceed. >> please be sure that your written statement will be part of the record and i invite you andntroduce your family friends in attendance before beginning your statement. proceed withlease your testimony. >> thank you. i would like to introduce my husband george and my sister and a formers and san francisco fed director carla chambers here with me today. senator crapoon, and members of the committee, thank you for this opportunity before you today. it has been a privilege for me reserve ate federal different times and

mr. chairman. >> thank you, senator crapo. we have agreed, to allow for sufficient time for questions, we are limiting opening statements to the chair and member. all senators are welcome to submit an opening statement for the record. we will now swear in dr. yellin. please rise and raise your right hand. do you swear or affirm that the testimony that you are about to give is the truth, the whole truth, and nothing but the truth, so help you god? >> do you agree to appear and testify before any duly constituted committee of the senate? >> i do. >> please proceed. >> please be sure that your written statement will be part of the record and i invite you to introduce your family and friends in attendance before beginning your statement. dr. yellin, please proceed with your testimony. >> thank you. i would like to introduce my husband george, and my sister, and my friend and a former san francisco fed director carla chambers here with me today. chairman johnson, senator crapo and members of the committee, thank you for this opport

let's go with senator crapo and senator baldwin. >> thank you mr. chairman. dr. elmendorf i want to ask a two-part question like senator portman did. first of all in 2009 when we had the $300 billion stimulus package before the congress, i believe you were the cbo director. you are just starting them and cbo issued a report that is a common type of report that we see from economists who testified before us which said the stimulus package which was entirely or a money would in the short-term have a stimulative effect but in the longer-term which if i recall correctly was two or three years, starting in two or three years would start to have a depressing effect on the economy because of the impact of the borrowing. is that your recollection of that report? >> we actually still update this pursuant to federal law on a regular basis. the recovery act, the biggest boost to the level of output employment fairly soon after it's enacted has provided a waning boost since then. we think the extra debt will start to be an actual drag on the level of output later in this dec

let's go with senator crapo and senator baldwin then. >> thank you, mr. chairman. dr. elmendorf, i kind of want to ask a two-part question like senator portman did. first of all, in 2009 when we had the $800 billion stimulus package before the congress, i believe you were cbo director. you were just starting then. >> yes. >> cbo issued a report that is a common type of report that we see from economists who testify before us, which said that the stimulus package, which was entirely borrowed money, would in the short term have a stimulative effect, and in the longer term, which i recall two or three years, it would start to have a depressing effect on the economy because of the impact of the borrowing. is that your recollection of that report? >> so, our analysis, senator, and we actually still update this, pursuant to federal law, on a regular basis, is that the recovery act provided the biggest boost to the level of output and employment fairly soon after its enactment and provided a waning boost since then. we think that the extra debt will start to be an actual drag