mr. fitzpatrick. >> thank you, mr. chairman. much of the discussion regarding jpmarch gone's trading losses focused on whether the activity in question would have been prohibited if it the so-called volcker rule had been in effect. what's your view on that? >> i've already said i don't know. the volcker rule isn't fully vetted yet. it's not fully written, and i just don't know. the volcker rule specifically allows portfolio ledging properly done, properly vetted. what it became wasn't really that. >> putting aside the question whether it would have been prohibited under the volcker rule since the regulators who wrote it can't seem to answer that question either, what's your view on whether it should be prohibited? >> i believe that portfolio hedging properly done should be allowed. it protects the companies, particularly in times of dramatic credit crisis or eurozone crisis. i do believe it should be allowed, portfolio hedging. >> mr. dimon, some have suggested that your position as a board member on the new york federal reserve

mr. fitzpatrick. the speaker pro tempore: without objection. mr. fitzpatrick: i rise today to honor and commemorate the 60th anniversary of levitytown, pennsylvania, the place i called home my entire life. located in bucks county began in 1952 and completed in 1958, one of the first planned communities in the united states, it became a popular first home for thousands of returning veterans from world war ii and korea. over the course of its rich history they have developed into a model middle class community. now it is home to over 50,000 residents with schools, churches, and businesses. it helped create a sense of community and foster a warm environment for families to live and to work, to raise their families, and to retire, too. levittown's residents have worked in our steel mills, served in our military, all while raising their children and grandchildren. it was a pleasure growing up in such a close knit, hardworking community. i'm proud to say i'm from levittown raising my own family there. the highest honor of all is being given a chance to se

mr. fitzpatrick. >> thank you, mr. chairman. much of the discussion regarding jpmorgan's trading loss has been focused on whether the activity in question would have been prohibited if the so-called for coral -- volcker rule had been in effect. what is your opinion? >> i do not know. the for parole is not fully that it yet. -- the volcker rule is not fully that it yet. what it has became was not that. >> putting aside the question whether it would have been prohibited, since the regulators cannot seem to answer that question either, what is your view on whether it should be prohibited? >> i believe that hedging, properly done, should be allowed. it protects companies, in particular in times of credit crisis or eurozone crisis. i believe it should be allowed. >> mr. dimon, some have suggested that your position oz -- as board member on the new york federal reserve is a significant conflict of interest. it is suggested that you and other bankers to sit on the board should resign or positions. how you respond to that? >> federer re

mr. fitzpatrick, the sponsor of this legislation. the speaker pro tempore: the gentleman is recognized for five minutes. mr. fits spat rick -- mr. fitzpatrick: thank you, chairman smith. your staff has been wonderful to work with and i'd like to give special recognition to carolyn lynch and art bake whore did a fantastic job of this bill. i rise to support this bill with needed reforms to the public safety officer's benefit improvement program. the public safety officers' benefits imact provided benefits to families of those who lost their lives in the line of duty. now we have the opportunity through needed reforms to make the p.s.o.b. program even better this bill corrects a tragic oversight in current law that unfairly excludes certain first responders. my inspiration for ts bill, madam speaker, is daniel mcintosh. danny mac, as he is known to his family and friends, was a veteran of the ben salem emergency medical services. he serves numerous other bucks county communities both as paramedic and volunteer firefighter since 1993. he

. >> jim fitzpatrick. >> mr. speaker, my constituency are reportedly high and 900 families in my constituency who have between them 2,000 to 4,000 children and their benefits will be cut on average by 200 pounds a month. this allows them to have to move. the mayor boris johnson -- >> one sentence. >> says he will not preside over the removal of them from london. [inaudible] >> i know the honorable member has long-running concerns about this and has frequently expressed them. and i think it's important to stress that for all but the most expensive parts of london, at least 30% of all private rental properties will be affordable in london under the system that we inherited, 150 families were receiving housing benefit of over 50,000 pounds a year, and that is not acceptable to the taxpayers of this country in general. our reforms are fair. housing benefit will still be paid to meet rents of almost 21,000 pounds a year. there is also 190 million pound fund for discretionary payment to help local authorities with the

mr. fitzpatrick. >> thank you, mr. chairman. much of the discussion regarding jpmorgan's trading losses is focused on whether the activity in question would have been prohibited if the so-called a ball girl would of been in effect. what is your -- paul volcker rule had been in effect. what is your opinion? >> i do not know. if it did not prohibit it, it would not bother me. >> putting aside the question, since the regulators who wrote it cannot seem to answer that question, what is your view on whether it should be prohibiting? >> it for textile companies. in times of dramatic credit crisis. i do believe we should be allowed. >> some have suggested the your position as a board member on the new york federal court is a significant conflict of interest and has suggested the you and other bankers who sit on the board should resign your positions. how do respond to that? >> the federal reserve's rules are written. i should tell you that i did not vote the president. i do not get involved in the supervisory. i cannot serve the audit

mr. fitzpatrick. >> thank you. much of the discussion has focused on whether the activities in question would have been prohibited if the volcker role had been in the affect. >> i do not know. it has not been fully vented yet and i do not know. >> what is your view on whether it should be prohibited? >> i believe that portfolio hedging properly done should be allowed. it protects the companies. the dramatic credit crisis -- what some have suggested that your position as a board member on the n.y. federal reserve board is a significant conflict of interest. they have suggested that you and other bankers should resign your positions. how do you respond? >> the rules are written by you all. i don't vote for the president or get involved with the supervisory. rounds andit's a gets -- talks about the economy and what is going on. it is more of an informational advisory group. i would personally want to hear from a lot of different kinds of people. >> nothing further. >> mr. sherman. >> thank you. mr. lynch one to swear

mr. fitzpatrick: administrators from the e.p.a.ey to russell train have all expressed support for protecting our streams, rivers, wetlands, lakes, and other waters of the united states from pollution and from destruction. the rider in this bill will in my view perpetuate the current confusing and cumbersome bureaucratic situation. i would suggest it's time to take a step forward not backward and i urge my colleagues to oppose the rider and support the amendment. yield back. the chair: the gentleman from pennsylvania yields back his time. for what purpose does the gentleman from washington rise? mr. dicks: i rise in opposition to the amendment and ask for -- strike the required number of words. the chair: the gentleman from washington is recognized for five minutes. mr. dicks: i received a letter from the american fisheries society, the american fly-fishing trade association, the american sport fishing association, backcountry hunters and anglers, i think these are very important groups. as a westerner i pay attention to these peopl

dan fitzpatrick joins us now. mr. bernanke is finished, the market's up 99 points on the trading session. dan, how would you play his statements and the testimony you heard this morning? >> you know, sue, we talked about this a couple days ago. that is that the s&p was rallying because of this. so let's talk about what we're going to do. we talked about trading the inverse etf of the s&p 500. that's down today. it's actually at a really good buy point. also another way to trade it is the vxx, the complacency or fear index. folks were paying less for portfolio insurance. the vxx is pulled back to a point that you can be buying it right now. last, gold, it's been trading between 1,500 and 1,600 an ounce. right now there doesn't seem to be much fear of inflation. i think gold is down at a good buy point. as long as it stays above 1500. >> okay. >> thank you very much. we're going to talk about it more. is $40 million enough to sway investors who lost big on facebook? next up, more on that nasdaq plan. also ahead, what a