mr. frank: to strike the requisite number of words. the chair: the gentleman is recognized for five minutes. mr. frank: mr. chairman, being of an optimistic nature i look for silver linings so i look for the fact that my colleaguings on the other side have adopted gender neutral language. a large number of the czars would have been called czarinas in the old days. i also -- i guess they were in a little bit of a hurry. the gentlewoman from missouri has spoken, the gentleman from louisiana, and they listed the czars they didn't like. they overlooked one. maybe it was hard to read. here's one of the ones they want to eliminate. many of the once they want to eliminate -- ones they want to eliminate have already been eliminated. they're denying funding for nonexistence positions, climate change, health care. i'll yield to the gentlewoman. mrs. emerson: but the money in the funds still exist. we're trying to save some money here. mr. frank: rather than deal with it this way, i would have thought in

ladies and gentlemen, mr. frank ware. [ringing bells] [applause] >> ah-ha! yes! in there. frank ware. our fifth contestant is his second time to qualify for the finals. he is a grip. he's been with muni for nine years and spent seven years with the cable car division. ladies and gentlemen, please welcome mr. trini whittaker. so trini -- >> like i told frank, the cable car has two people. who would you take as your second person? >> my son. my son loves the cable cars. >> oh, that's fantastic. work on the sentimal -- sentimental vote. very smart. very smart. ladies and gentlemen, mr. trini whitaker. [ringing bells]

mr. frank: the procedure under the mag newson -- magnuson act where they can propose that but it includes the men and women of the fishery. much of the east coast people don't like that. what noaa is doing is going around the referendum requirement by a new thing they call catch shares and can do

mr. frank ware. and before we announce the winner i'm going to drag this out even longer.oment to thank the kind people who made the 47th annual cable car bell ringing contest possible the the vice chair of the sfmt board of directors. and friends of the cable car music, union square association, trophy masters shanghai restaurant, ghirardelli chocolatesing, and the american automobile association and the $250 cash prize, deluxe sightseeing. let's bring up gilberto gad oy with the hand-crafted bell. and the winner is -- >> mr. leonard oates. congratulations. >> leonard oates. he retains the crown. [applause] that concludes the 47th annual cable car bell ringing contest. thank you, everybody, for coming. don't forget next year the 48th annual cable car ringing contest. stay tuned for details.

mr. frank, came to me, told me where he wanted to take the cuts to pay for this. we were both not happy about it but we felt that it was so important to do this, that we would take it from where we had to and then deal with it later. but let's understand something, now. there are some new members here who are either watching in their offices or here on the floor who need to know something. i've been in public office 36 years. this is my 37th year. and the state assembly in new york and in congress. i've never seen, except for once, a commissioner or a secretary or a director of an agency come before me as chairman of a committee and when i asked them, do you want, do you need more money, they said to me, no, we don't want, we don't need any more money. you know who that was? you guessed it. the s.e.c. a few years ago told us that they didn't want any more money, they didn't need any more money. why? because that was during that era when there was the word out throughout an administration not to

for the late mr. frank malia. for the late mr. kevin ray. for the late mr. david kato. for the late mr. john trana. for the late mrs. jesse zamuda. that concludes our business for today. president chiu: we are adjourned for today. supervisor mar: so here we go, everyone. the meeting will come to order. this is the regular meeting of the land use committee for the san francisco board of supervisors. this is the february 7, 2011, meeting. i am supervisor eric mar. next to us is supervisor malia cohen and scott wiener. our clerk is alisa somera. clerk somera: -- supervisor mar: i also want to thank sfgtv for televising this. ms. somera, we only have one item before us today. could you please read the item? clerk somera: a resolution authorizing the port of san francisco to accept and expend a great in the amount of 15,000 $200 from the california department of boating and waterways -- $15,200 from the california department of boating and waterways. supervisor mar: we have a speaker. >> this is for abandoned watercraft. staff has identified seven recreational vessels that h

for the late mr. frank malia. for the late mr. kevin ray. for the late mr. david kato. for the late mr. john trana. for the late mrs. jesse zamuda. that concludes our business for today. president chiu: we are adjourned for today.

for the late mr. frank malia. for the late mr. kevin ray. for the late mr. david kato. for the late mr. john trana. for the late mrs. jesse zamuda. that concludes our business for today. president chiu: we are adjourned for today. >> i work with the department of environment and we are recycling oil. thank you. we can go into a refinery and we can use it again. they do oil changes and sell it anyway, so now they know when a ticket to a. hal>> to you have something you want to get rid of? >> why throw it away when you can reuse it? >> it can be filtered out and used for other products. >> [speaking spanish] >> it is going to be a good thing for us to take used motor oil from customers. we have a 75-gallon tank that we used and we have someone take it from here to recycle. >> so far, we have 35 people. we have collected 78 gallons, if not more. these are other locations that you can go. it is absolutely free. you just need to have the location open. you are set to go. supervisor mar: so here we go, everyone. the meeting will come to order. this is the regular meeting of t

. >> this question is for mr. frank. i am "the new york times" this morning there was an interesting story about the lack of success that the obama and administration had in convincing the public that there are good things about the health care bill. they referred to studies from ann arbor saying that people with his -- specific political opinions, confronted with facts contrary to the opinion, they may be reinforced into the wrong opinion. wrong opinions may be reinforced. you are talking about the amortization of the media, but on a political scale people want to read what they want to read. getting people to read something different is extremely challenging. how do you address that? how much responsibility the media -- responsible to its stockholders, to challenge the leadership to read something different? >> a really good question. i hate to fall back on the british model again, everyone loves british newspapers that because they are very lively and fun to read. they managed to figure out exactly where they are. the

i will turn it over to mr. frank perdue from montague. >> good afternoon. i will cover a few of the affected -- president vietor: if you would not mind introducing yourself. >> frank perdue from montague and associates. i will talk about the objectives of the study and what we set out to do in the results of the study. i also want to provide a few points that were already mentioned by mr. rydstrom about the quality of the utility and its costs compared with other utilities. with regard to objectives, the first step really is to establish the total costs of the power enterprise. we developed a model to address that. secondly, it is to allocate those costs to customer groups and categories. part of that process is using a revenue requirement model, what we call an enterprise model. we look at the whole power enterprise, its production cost, its financial cost, and understand the drivers of those costs. we feel in our work it is important to stress the cost and revenues. we work with power enterprise to do that. when i say we stress test revenues and costs, i

mr. frank: will the gentleman yield? mr. cantor: i will yield to the gentleman from massachusetts. mr. frank: i gather unanimous consent may be compounded to reduce debate time. i want to stress, we were told yesterday we were debating the whole government. we were then going to debate important public policy questions for 10 minutes. we're now going to get the privilege of debating important public policy questions for six minutes. if this is open government, i think i vote for something else because i think it is, as i said yesterday, a travesty. mr. cantor: if the gentleman will yield? mr. frank: if the gentleman will continue to yield. the chair: the house will be in order. mr. cantor: continue to yield. mr. frank: i think we need to make sure what we're talking about, important amendments being debated three minutes on each side. that is a travesty. mr. cantor: if the gentleman will yield. mr. hoyer: i don't hear an objection on this side of the aisle. mr. cantor: just for the record, mr.

ohio and i yield the balance of the time on the minority side and the gentleman from massachusetts, mr. frank. >> thank you, mr. chairman. i am pleased to welcome an old friend back, bill thomas, who gives me some affirmation that there is life after chairmanship. and i appreciate that. the -- checked his pulse. we've just heard some criticism on the republican side that the congress should not have acted on the financial reform until the commission finished. but the point is one very prominent commentator has argued that a significant part of the commission's report is a justification of the rationale of the bill, and to some extent, of its substance. let me read from peter wallaceson's dissent. we'll hear from mr. wallaceson later. second, by suggesting that a major cause of the financial crisis was the wholesale failure of bank and financial institution managements, this section endorsed a policy foundation for more regulation, as well as the underlying rationale for the dodd/frank act. after all, the management's -- virtually all the financial institutions cannot be trusted to manage thei

mr. frank: the procedure under the mag newson -- magnuson act where they can propose that but it includes the men and women of the fishery. much of the east coast people don't like that. what noaa is doing is going around the referendum requirement by a new thing they call catch shares and can do the equivalent in another way. i'm particularly puzzled to have in the obama administration people tell us, well, it's ok, what it does is of course lead to consolidation and says the same amount of income but goes to a small number of larger entities and the smaller individuals are frozen out. and in the area that i represent, the fishing industry doesn't want it. so i hope what we'll do -- the gentlemen's amendment doesn't interfere with the magnuson act and the fisherman can get a system of quotas and transferable quotas which is in the magnuson act, transferable quota with a referendum because they couldn't impose that over the objection of the fisherman and came up with something called catch shar

mr. frank. the chair: the gentleman from massachusetts is recognized for one minute. mr. frank: madam chair, i think if we were to have a contest on the youcut for the single stupidest thing the federal government could do, it would be to take $120 million more of american tax dollars and send it to subsidized brazilian cotton farmers so we can subsidize american cotton farmers. that's what we are talking about. i find it ironic, my friends or great believers in the free market think there is an exception for agriculture. whether you do or don't, sending money to brazilian cotton farmers at a time when we are making fundamental cuts here is problematic. it also illustrates my problem with the structure of this bill. i was hard molested to find -- hard-pressed to find offsets so we could find consumer protection. where could we have gotten the money? from brazil. instead of accepteding it to the cotton farmers, we could have used it for our own law enforcement. but the bill is structured to prot

mr. franks of arizona. the chair: the point of order is reserved. the gentleman from arizona is recognized for five minutes. mr. franks: my amendment calls on the new government of egypt to fulfill the commitment to the egypt-israel peace treaty signed march 26, 1979 into the freedom of navigation in the suez canal. for over a 1/4 of a century, israel and egypt have chosen to transcend their differences to promote their respective national interests. through hostile times and dramatic regional and international changes, egypt and israel have maintained a steadfast commitment to the well-being and existence of one another. the united states now calls upon egypt to maintain their lives with the state of israel during these perilous times. israel has been a beacon of democracy in the middle east even in the midst of experiences both foreign, state sponsors and other omnipresent terrorist attacks, all the while being surrounded by those who embrace a radical islamist agenda and pledge a jihad against the tiny jewish state. for this reason i offer amendm

now, what mr. frank has suggested has merit. but to support this of amendment is a none sequiter to that amendment. the gentleman offering the amendment, i'm sure that it's well intended, but let me try to explain why it is counterproductive. it defines the phrase penny wise and pound foolish. in fact, where we have made our greatest strides within the defense budget is in small business innovation. for half a dozen very large defense contractors, they serve our country well. they take good ideas. they hire people, they develop them, they achieve major procurement contracts with the defense department. but for the most part, they don't come up with the innovations. it's small businesses throughout the country that come up with those innovations. for example, the predator drone that has been the smose successful -- the most successful weapon in afghanistan, it was an earmark for small businesses that came up with an innovative idea. much of our i.e.d. success has come from small businesses. many of the sthration, the training tha

mr. frank: mr. speaker, i am a dissenter in this orgy of self congratulations and if i can't explain, i have to object. i either explain or object. i object not to the u.c. at this point but to the self-congratlation that the majority is engaging in because they had such an open process, the reputation was stated by the gentleman from kentucky and said we debated the whole government. yes, we have and very inappropriately. to debate the whole government and to debate fundamental policy issues under the guise of a budget, under the constraints of a budget debate and not a whole week, two and-a-half days so far, maybe we'll get a third day, we have dealt with the most fundamental questions, issues came up under great constraint. the reform bill of last year has been damaged by what was done here, fortunately it will never become law and we were constrained because we had to choose between the s.e.c. and the i.r.s. this is not an open process. yes, you could offer amendments. you could offer amendments

thank you. >> thank you, mr. frank. >> thank you, mr. chairman. chairman gensler come in your testimony i believe you said something along the lines that unregulated swap markets played a central role in our economic crisis. i assumed he was mainly a living to aig come is correct? >> yes, but also i think it helps accelerate the bubble. >> just remind us all of the record, in march of '09 ahead of the ots, testified to a question that i asked again in retrospect it wasn't the lack of authority, it wasn't the lack of resource, it was at the lack of expertise. you just flat-out made a mistake. is that a correct assessment? answer, yes or. in 2004 we failed to assess how bad the mortgage economy, the real state of the economy would become in 2000 a. so at least the regulator in question thought they had the authority and expertise. i peeked into the testimony come into the testimony of the panel the following year. so to some extent i want to try to bust a bit of the conversation here. we'll hear from a gentleman, craig reiners, with the miller tours

and so i know you discussed this immediately to mr. frank, his question to you about pinto's report on housing. you reference page 219 to 221. you're being a bit generous. you used three paragraphs to rebut. well, to explain mr. pinto's report. and the crux of what pinto is saying is, is that there are 49% of the mortgages out in 2008 in america where alt-a or sub prime or equivalent to that. of these, pinto counts 45% that were purchased or guaranteed by gse's. in contrast, the gse's categorize 3 million of their loans as sub prime. did you verify mr. pinto's work? >> yes, let me just say one more time -- >> why is that not included in the report? >> it is discussed in the report, and the staff's analysis of mr. pinto's work, full analysis -- >> where is that? >> placed on the web. it is footnote 11 and 12 in this chapter. you can see -- first of all, everyone can see, the staff did an analysis, put together a database of 25 million loans to see ho loans, purchased and guaranteed by the gse's performed, how those guaranteed by fha performed

mr. smith. frank? >> okay, christin ayers live in novato with some new information.>>> 6:58. a lot of excitement in the weather department. cold temperatures and word of very low snow. very low snow. >> is it really going to snow. >> we are keeping our fingers crossed! that's still the big question. there is a chance of snow but things still have to go just right for it to happen. still, we are seeing scattered showers around the bay area right now. some heavier cells making their way across part of san francisco in through the bay. heading toward oakland and berkeley but the air will continue to get colder through the day today. snow levels will be dropping throughout the day and by the afternoon, winter weather advisories go up for parts of the north bay. looking a snow levels down 1,000 feet and that's spreading across the rest of the bay area. into tomorrow it gets even colder. snow levels expected to drop possibly all the way down to sea level. all right. one last check of traffic with elizabeth. >> all right. thank you, lawrence. they are getting closer now to

mr. chairman, ranking member frank, and other members of the committee. i appreciate the opportunity to provide the federal reserve board's use of the implementation of titles vii of dodd-frank. the boards of responsibilities fall into three broad areas prefers, consultation and coordination with other parties, both foreign and domestic. dodd-frank requires the cftc to consult with the board dodd- frank to--- to implement title vii. we have familiarity with market and data sources to assist the commission. important coordination activities related to derivatives regulation are occurring internationally. most prominently, the group of 20, or g-20 leaders, set up commitments related to reforms of the otc derivatives markets that would form a broadly consistent international regulatory approach. the apostle committee on banking supervision has strengthened -- basel committee on banking supervision has increased liquidity standards. the committee on payment and settlement systems is working with the international organization of securities commissions to upda

mr. franks, in want to ask you a question. you made a comment about the amount of medical services provided basically as defensive medicine and i think you mentioned the number 25% possibly? >> yes, that's correct. >> where did that number come from? >> it came from a study that that came from the jackson care and the johnson noungs >> there's studies that the number is considerably lower than that. we can all agree there's a lot of service that's being unjustified. there are numbers that are considerably lower than that, are there? >> what we're going off is that study. it was -- the interesting thing about that study was the fact that it was done in private. it was something that the anonymous and it was something the physician felt compelled under anonymity and they were given that cloak. we like to think that number and potentially admitting medicare fraud. but to pursue that question just a little bit further, would ending the fee for service compensation system medically unnecessary procedures and so forth can that help

constraints in your perspective agencies as you continue to implement the dodd-frank act. >> i'm happy to go first with that, mr. chairman. for the purposes of conducting the studies and getting the rules required under dodd-frank we are using buckles agency teams of employees who are on board and have been longtime employees many instances and we feel the pressure of the budget continuing resolution with respect to that. in order to operationalize any of the rules we e writing we will require additional resources that are laid out in the president's budget request because we don't have the capacity now to take on the examination of hedge funds for example which is under the legislation and the new entities that are partof the overhe-counter flop markt. with respect to the current core functions we are feeling the pressure of operating a continuing resolution and we're making difficult choices restricting the hiring across the agency and seectively hiring very special positions. we've cut travel and to me most importantly we have delayed very significant technology programs that would help bring the sec's techn

mr. frank: i thank the gentleman from virginia for giving me a chance to go earlier. i want to speak now because when we voted the second time on the patriot act, the first time i did vote on the extension, the second time i missed the vote, my fault, but i want to make clear my opposition not to an extension of the basis of self-defense that we have here, but passing it unchanged and a failure of the legislative process. we knew this day was coming. to extend this now and the gentleman from texas will mention the fact we were unable to do it indefinitely, without a chance to amend it, when the bill came up twice it was in either case a chance to offer amendments. twice on suspension, once in a closed rule. to be presented with either or is a bad idea. there are things that can be improved. there are areas where there are excesses. we have gone through a lot of symbolic activity in the legislative process this year. the vote to repeal the health care bill. vote reaffirming that we would do oversight which we have been doing and which is our duty. time that could have

mr. harrington, and we were surprised by the frankness and the angry tone that he used when addressing our members. suggesting the elimination of some classifications. there were performance decisions within the departments, and when i say that, he pointed out problems, and we consider this to be kind of divergent that had been presented a previous hearings. he talked mostly about development at the previous commission hearings, but in this meeting, he was clearly focusing on performance problems, and we believe this is not an issue that should be addressed in this forum as targets of the moved through the budget process. this clearly is a personnel matter that he has with the department. our concern about but is that there is no accountability in the proposal. as far as we're concerned, there have been no attempt made to hold management accountable. correcting existing problems that he has pointed out, a pretty extreme approached. wanting to replace experienced real-estate professionals with a general classification, no background in real estate, and we believe that is pretty extreme with

power of course original washington the american ambassador in egypt mr skopec has been talking to of are talking field position frank wisner has been talking to the generals to the new vice president the former head of the secret police a muslim and of course mr barker and so america seems to be playing a double game too like on the one hand talking up democracy president obama praising young people and on the other hand classical protective apocalyptic frank wisner is such you can see him for a managed change and even the violence on the streets may be cultural that management to hire a strategy that has the right engine just say about washington ructions this white man he speaks with. is it safe to say that the u.s. is now preparing to put its weight behind el baradei mohamed el baradei as a suitable candidate. well it seems to me that barlow is what we might call a backstop he is from the point of view of the speech the opposition release detection of the person to the americans who has also perhaps some growing trust among the judge really i think what the americans would like is somebody from within the regime

mr. franks, your numbers were interesting. you went through defensive medicine as a major part. the committee will be dealing with it. the billions of dollars in outright payments for procedures that did not occur in four entities that were not what they claim to be, has your organization studied what would cost the federal government equally for avoiding all of that, or part of that? where is the sweet spot? is $1 billion in a system to attack that waste yielding more? let certainly. money on the front end will yield results on the back end. it curbs the idea of stopping suppliers in checking bangs before they go out the door. you will see drops in the amount of fraudulent payments that exist. putting in $1 billion will give you a much higher yield. those numbers are not insignificant and they will be incredibly influential. there is this fought out there that if you apply to be in medicare or medicaid supplier, you are automatically granted that. and that is simply not the case. there will be more savings. >> you are familiar with the recovery database management. my understan

frank. funny time to be coming to work, mr. osgood.

mr. chairman. >> we will be back to that, but i do not want to interrupt n.nator frank ane >> i want to continue with this, because, mr. grossman, i am a little confused. in your previous answer, you said it would require coercion for this to be done. that is what you said. so now it seems like your answer is very different when confronted with the reality, when taken out of your theoretical framework in answering the ranking member. you said it would require coercion, but now what i see from judge greene's court, as you just acknowledged, is that this is -- from judge drain pus --rt, as you just knowledge to me, let's get to the reality of this. and what has really happened, as opposed to some theory. drainve heard from judge green -- can you tell me what percentage of loan modifications in your program resulted in reduction in principle for the loan? >> not that many. most of them involved significant reductions in interest rate -- 12%, down to 3%, 4%, to present separate waiver of fees, default interest, and rolling defaulted principal payments back into the loan. where there has been a princi

constraints in your perspective agencies as you continueto implement the dodd-frank act. >> i'm happy to go first with at, mr. chairman. for the purposes of conducting the studies and getting the rules required under dodd-frank we are using buckles agency teams of employees who are on board and have been longtime employees in many instances and we feel the presure of the budget continuing resolution with respect to that. in order to operationalize any of the rules we are writing we will require additional resources that are laid out in the president's budget request because we don't have the capacity now to take on the examination of hedge funds for example which is uder the legislation and the new entities that are part of the over-the-counter flop market. with respect to the current core functions we are feeling the pressure of operating a continuing resolution and we're making difficult choices restricting the hiring across the agency and selectively hiring very special positions. we've cut travel and to me most importantly we have delayed very gnificant technology programs that would help bring the sec's

mr. buckley sr.. frank chertoff whom we mentioned. wasn't one of the big four, but he was very important. >> yeah. >> he was a younger, he was midway in age between knock and bill, and he was very influential on bill as a young man, when bill was a young man. whitaker chambers, of course. jim burnham. that, i think -- >> maybe willmore kendall. >> who was his professor at yale. >> yep. and then a bit later, milton friedman. >> to that list maybe i'd, also, perhaps add one of bill's closest friends, namely henry kissinger. they went way back, and i think that henry had a, i think it was a mutual, a mutual influence. but they were very close. >> yeah, yeah. and hayek. >> you'll note how many libertarians there are among those. >> yeah. well -- >> that was always a part of bill buckley. he was, of course, a very devout roman catholic, very much a believer of the church, followed the church, believer. but also he did have a very strong libertarian strain in him, no question about that. >> in fact, it's interesting, his starting -- he star

constraints in your perspective agencies as you continue to implement the dodd-frank act. >> i'm happy to go first with that, mr. chairman. for the purposes of conducting the studies and getting the rules required under dodd-frank we are using buckles agency teams of employees who are on board and have been longtime employees in many instances and we feel the pressure of the budget continuing resolution with respect to that. in order to operationalize any of the rules we are writing we will require additional resources that are laid out in the president's budget request because we don't have the capacity now to take on the examination of hedge funds for example which is under the legislation and the new entities that are part of the over-the-counter flop market. with respect to the current core functions we are feeling the pressure of operating a continuing resolution and we're making difficult choices restricting the hiring across the agency and selectively hiring very special positions. we've cut travel and to me most importantly we have delayed very significant technology programs that would help bring the s

mr. chairman. dodd-frank creates the position of vice chairman of supervision for the fed. how close are we to getting that person in place and in the interim who was taken the lead in terms of what you now have as an extraordinarily more complicated and vast supervisory responsibilities? >> well, the administration has not yet nominated anyone, so we are so nowhere in that respect. but governor cirillo who has had bitter banks provision area and has testified before this committee and number of times is taking the lead on the supervisory and relevant programming issues. >> thank you. >> welcome to the committee. senator curt. >> thank you. congratulations and i look forward to working with you on the subcommittee. chairman bernanke, i'm an admirer of yours that just finished the lords of finance, which is a human story of what central bankers go through. a quick question on dodd-frank titles one and seven, which creates the oversight council and talks about systemic risk, regulatory gap and the key phrase, regardless of legal charm. so they brought authority authority to e

mr. chairman. >> senator frank and deep -- franken. >> thank you. senator mansion last why there were not subsidies recalled and none of you seem to want to answer that and i don't know if it was a rhetorical question but it seems that it is doing pretty well without subsidies. it's very politically the very cheap and relatively as compared to other fuels and therefore we don't subsidize it. speaking of subsidies, president obama called for a squeeze of cuts in subsidies for the oil companies and what affect, dr. newell, do you think such a cut would have on domestic oil production or gasoline prices? >> we haven't specifically evaluated the administration proposals for the changes in those tax incentives. >> fair enough but to those of my statement to the senate finance committee, i have this right here. alan krueger, assistant secretary, chief economist of the treasury department, said and i quote, because we expect little or no effect on the world supply of oil removing the subsidies would have an insignificant affect on the world oil prices toob

frank mallicoat. happy monday. thanks for joining us, president's day thank you mr. lincoln, thank you mr. washington. >> don't take away our 49ers stadium money that is the message santa clara city council plans to send to gerry brown. sharon chin is at the site to explain why $40 million is at stake. >> reporter: good morning sydnie. santa clara city council does not want to fumble on this one. it wants to keep redevelopment money for the new 49ers stadium. the city has already committed up to $40 million in redevelopment money for a new 49ers football stadium, land near great america theme park. council's message to governor gerry brown don't cut that money as part of your budget tightening proposal to do away with redevelopment funds. >> the council plans on firming up its right

mr. chairman. dodd-frank creates position of a vice chairman of supervision or chairwoman of supervision of the fed. how close are we to putting that into place, and who is taking the lead on what you now have as a complicated vast supervisory responsibilities? >> well, the administration has not yet nominated anyone. we are still nowhere in that respect, but headed the bank supervision area and testified before the committee a number of times is taking the lead on the supervisory and rule writing issues. >> thank you. thank you, mr. chairman. >> welcome to the committee senator kirk. >> thank you, thank you, mr. chairman, and i look forward to working with you on the subcommittee. i'm an admirer of yours. i just finished "lord of finance" which is a real story of what human bankers go through. questions on titles i and vii that credits the systemic risk, regulatory gap, and a key phrase regardless of legal chart. it's a broad authority to examine risk. you established this office of financial security to loo

>>> next, frank brady examines the life of chess master turned international fugitive bobby fischer. mr. brady recounts his reclusive miss come his issues with the united states government and his reemergence later in life as a man who championed conspiracy theories and suffered from paranoia. frank brady recalls the life of bobby fischer at barnes and noble booksellers in new york city. this is about 45 minutes. >> i would like to start off -- this is not a reading this evening. it's just simply talk and then we will have q&a. but i would like to start off if i may to read something from the book to set the mood, and i will set the scene was in the 1960's when bobby fischer was going to go to argentina to martelle ploch the to play in a big international tournament. so, here we go. a week before he left for argentina, bobby and the author of this book had dinner at the cedar tavern in greenwich village hanging out with artists and abstract expressionists in one of bodies favorite eating places. the night we were there, jackson pollock and franz kline were having a conversation of the o

mr. chairman. today i rise to honor the life of frank buckles. mr. fitzpatrick: who was the last surviving veteran of world war i. frank buckles passed away this weekend and he was 100 years -- 110 years old. i'm particularly proud to pay tribute to him today because of his deep roots in connection to bucks county, pennsylvania, located in my congressional district, pennsylvania's 8th. frank buckles' ancestors first arrived in 1702. they settled in family and in 1732 the same year that george washington was born, frank's ancestors moved -- married into a quaker family and moved into buck's county. with the passing of frank buckles we mourn not just the man who served this country honorably, but the passing an of much an era. his death reminds those of us who served and those who continue to serve their country in the armed forces and we honor their sacrifices in the name of frank buckles. i yield back. the speaker pro tempore: the gentleman yields back. for what purpose does the gentleman from california seek recognition? the gentleman is recognized f

mr. chairman. >> senator frank and deep -- franken. >> thank you. senator mansion last why there were not subsidies recalled and none of you seem to want to answer that and i don't know if it was a rhetorical question but it seems that it is doing pretty well without subsidies. it's very politically the very cheap and relatively as compared to other fuels and therefore we don't subsidize it. speaking of subsidies, president obama called for a squeeze of cuts in subsidies for the oil companies and what affect, dr. newell, do you think such a cut would have on domestic oil production or gasoline prices? >> we haven't specifically evaluated the administration proposals for the changes in those tax incentives. >> fair enough but to those of my statement to the senate finance committee, i have this right here. alan krueger, assistant secretary, chief economist of the treasury department, said and i quote, because we expect little or no effect on the world supply of oil removing the subsidies would have an insignificant affect on the world oil prices toob

mr. general barno, thank you very much. you've been frank and given us your opinion on all of these things. i also want to thank the people that asked questions and people that came out. very good questions, as always, from this crowd. please join me in thanking these three panelists. [applause] [applause] >> and we can allow mr. mohammadi to leave the building. >> are you going this way? : [no audio] >> coming up next on c-span2, a world economic forum about economic growth, and then new ideas in financing health care, and charlie cook of the cook political report gives an overview of the 2012 political landscape. >> at the world economic form up, ban ki-moon joined leaders from mexico and other countries on how stainability can lead to economic growth. they talked about the role of businesses and the advances made in technology and the environment. bill gates and mike duke, the ceo of wal-mart, debate the issues in this one hour event. >> welcome, everyone. our subject this morning is can the state of development drive growth? how? what ar