mr. frank: will the gentleman yield? mr. hensarling: i would recommend that the ranking member have the debate with the obama administration. mr. frank: will the gentleman yield? mr. hensarling: because that's where we got this information. i will yield to the ranking member. mr. frank: there were two ways we could do it. i disagree with the president. we could have avoided that by reducing american cotton subsidies to the same amount as they do in brazil. so we could have either saved $300 billion or not. mr. hensarling: reclaiming my time. reclaiming my time. i would just point out to the ranking member that was not the vote before us, and if there was a chance to get out the cotton subsidies -- and i must admit that both sides of the aisle voted for them -- but the opportunity was at the point on the conference report of the farm bill which the gentleman from massachusetts voted for. but to put this again in a larger context, we on this side of the aisle federal reservently believe that you will not have -- fervently beli

mr. frank, each will control 30 minutes. the chair recognizes the gentlewoman from illinois. mrs. biggert: mr. chairman, i yield myself such time as i may consume. the chair: the gentlelady is recognized. mrs. biggert: mr. chairman, i rise in support of h.r. 861, the neighborhood stabilization program termination act. and i commend my colleague, mr. miller, for introducing this bill that would end n.s.p. as i mentioned during debate on the rule for this bill, congress has appropriated $7 billion for n.s.p. this bill would save taxpayers up to $1 billion. instead of stabilizing neighborhoods, n.s.p. allowed lenders and servicers to off load their investments to taxpayers. some critics point to the hazard of n.s.b. which may speed up foreclosures for families. if the lenders and servicers know that they can quickly sell a property to a nonprofit or local government with n.s.p. funds, why wouldn't they do this? why wouldn't they simply evict the homeowner instead of doing a proprietary private sec

mr. frank, each will control 30 minutes. the chair recognizes the gentlewoman from illinois. mrs. biggert: thank you, mr. speaker. i rise -- i yield myself such time as i may consume. the chair: the gentlewoman is recognized. mrs. biggert: mr. speaker, i rise in support of h.r. 839, the hamp termination act and commend my colleague from north carolina, mr. mchenry, for introducing this bill. h.r. 839, the hamp termination act, would put an end to the poster child for failed federal foreclosure programs. announced by the administration in february, 2009, and launched in march, 2009, the program has languished for two years, hurt hundreds of thousands of homeowners and must come to an end. according to the congressional budget office, this bill would save $1.4 billion over 10 years. to date, the hamp program has already consumed $840 million of the more than $30 billion of tarp funds that were set aside for the program. for this extraordinary investment, the administration predicted that three mi

chair -- mr. frank: i yield -- i have one remaining speaker so i'll defer until you have your last speaker. mr. bachus: you just have one remaining speaker? mr. frank: yes. mr. bachus: at this time i recognize the gentlelady from illinois, mrs. biggert, for 2 1/2 minutes. the chair: the gentlelady is recognized for 2 1/2 minutes. mrs. biggert: i thank the gentleman for yielding. and, mr. chairman, president ronald reagan famously said with tong and cheek, no doubt, that the closest thing to eternal life on this earth is a federal government program. and i rise today in support of h.r. 830, legislation authored by my friend from illinois, mr. dold. at the risk of disproving the late president's ax yum, let me say that h.r. 830 will demonstrate that congress does have the good sense, the fortitude and the wherewithal to bring an end to a federal program, especially one that's not working. the program in question is the f.h.a. refinancing program which was authorized under the broadest provisions in the ta

mr. frank: will the gentleman yield? mr. miller: yes. mr. frank: will the gentleman tell us what's the maximum number people should be eligible to buy a house under fannie or freddie mac? mr. miller: i was in the building industry in my early 20's and the most excitement you can see on a person's face was when they bought a home and they were moving into that home and they thought about raising that family. i would love a country that every person in this country has the ability and the opportunity at some point in their life to buy a home. but in some fashion lenders have put people in positions to put them in homes that they could not afford. mr. frank: will the gentleman yield? mr. miller: in just a second i will. mr. miller: in those homes in many cases the people lost those homes to foreclosures. and those people that were well-intentioned, that moved into homes they could not afford because the lender perhaps did not describe exactly or they thought the way the economy is going in three or four years the house will be worth 40% more and

chair -- mr. frank: i yield -- i have one remaining speaker so i'll defer until you have your last speaker. mr. bachus: you just have one remaining speaker? mr. frank: yes. mr. bachus: at this time i recognize the gentlelady from illinois, mrs. biggert, for 2 1/2 minutes. the chair: the gentlelady is recognized for 2 1/2 minutes. mrs. biggert: i thank the gentleman for yielding. and, mr. chairman, president ronald reagan famously said with tong and cheek, no doubt, that the closest thing to eternal life on this earth is a federal government program. and i rise today in support of h.r. 830, legislation authored by my friend from illinois, mr. dold. at the risk of disproving the late president's ax yum, let me say that h.r. 830 will demonstrate that congress does have the good sense, the fortitude and the wherewithal to bring an end to a federal program, especially one that's not working. the program in question is the f.h.a. refinancing program which was authorized under the broadest provisions in the ta

mr. frank: will the gentleman yield? mr. hensarling: i would recommend at the ranking member have the debate with the obama administration. mr. frank: will the gentleman yield? mr. hensarling: because that's where we got this information. i will yield to the ranking member. mr. frank: there were two ways we cld do it. i disagree with the president. we could have avoided that by reducing american cotton subsidies to the same amount as they do in brazil. so we could have either saved $300 billion or not. mr. hensarling: reclaiming my time. reclaiming my time. i would just point out to the ranking member that was n the vote before us, and if there was a chance to get out the cotton subsidies -- and i must mit that both sides of the aisle voted for them -- but the opportunity was at the point on the conference report of the farm bill which the gentleman from massachusetts voted for. but to put this again in a larger context, we on this side of the aisle federal reservently believe that you will not have -- fervently believe that

mr. frank: will the gentleman yield? mr. hensarling: i would recommend that the ranking member have the debate with the obama administration. mr. frank: will the gentleman yield? mr. hensarling: because that's where we got this information. i will yield to the ranking member. mr. frank: there were two ways we could do it. i disagree with the president. we could have avoided that by reducing american cotton subsidies to the same amount as they do in brazil. so we could have either saved $300 billion or not. mr. hensarling: reclaiming my time. reclaiming my time. i would just point out to the ranking member that was not the vote before us, and if there was a chance to get out the cotton subsidies -- and i must admit that both sides of the aisle voted for them -- but the opportunity was at the point on the conference report of the farm bill which the gentleman from massachusetts voted for. but to put this again in a larger context, we on this side of the aisle federal reservently believe that you will not have -- fervently beli

and like mr. frank adams, most of us use the bank. >> reporter: mr. ank adams didn't have online banking then. nor would he have had it today. >> online banking right now currently down. they are experiencing some technical difficulties with the service. it should be -- they don't have an estimated turnaround time yet but they are saying within the next one to two business days it should be up and rolling. >> reporter: could it have gone down on a worse day? this is the first of the month! >> trying to pay my mortgage today. and online site's down. >> reporter: today's banking offered many services and like mr. shawn o'connor of san francisco, millions of us use online banking. but bank of america has been intermittent for the second day and the second time this month. >> we had a couple people come in actually today with a little distraught about the online banking situation. >> reporter: mr. shawn o'connor of san francisco was one of them. he took out thousands of dollars from his bank of america account to pay his mortgage at wells fargo. the lowest

mr. frage, -- frank, is recognized for 30 minutes. mr. frank: i yield myself such time as i may consume. i hope members will be careful walking on the floor right now, especially on the republican side of the aisle, because i wouldn't want anyone to fall into the enormous gap that has just been created between the gentleman's comments and his voting record. we heard a great argument about the need to cut the budget deficit and stop spending. during the recent debate on the budget, an amendment was offered to limit entitlement spending to farmers to $250,000 per entity. the amendment said, no agricultural entity, no individual could get more than $250,000 per year. it was defeated by the republican majority. -- republican party. the majority of democrats voted for it. we had the brazilian cotton farmers, my friends on the other side hate for me to mention that because unpleasant reality is bothsome, over a four-year period we are going to spend more money subsidizing american and brazilian cotton farmers than we are on this program. now the

mr. frank: i yield five minutes to the gentleman from massachusetts, mr. lynch. the chair: the gentleman from mahu

. >> reporter: mr. frank adams didn't use online banking then.ould he have had it today. >> online banking right now is currently down. they are experiencing some technical difficulties with the service. it should be they don't have an estimated turn-around time but they were saying within approximately the next 1-2 business days it will be up and rolling. >> reporter: could it have gone down on a worst day? this is the 1st of the month. >> trying to pay my mortgage today and the online banking is down. >> like shawn millions of us use online banking. but bank of america has been what they are calling intermittent now for the second day. and the second time this month. >> we had a couple of people come in actually today with a little distraught about the online banking situation. >> mr. shawn o' connor was one of them. he took out money from his bank account to pay his mortgage at wells fargo the low tech way. >> walking around with a couple thousand dollars just to pay your mortgage? >> yes. >> that is dangerous. >> it is. >> the bank provides m

you discussed with mr. frank the fact that while fannie and fraud -- freddie lost millions with single backed mortgages, they turned a profit in their affordable multifamily portfolios. what lessons did we learn in terms of the multifamily port foal owes, and -- portfolios, and what will that tell us in reforming the housing system, and should this approach this type of financing differently? >> i think the most important thing is in any reform proposal, we have to make sure we have a well-zined capacity for the government to help support multifamily housing and rental options. we have to do a better job of doing that in the past, and as you said, fabny and -- fannie and freddie gave us a model to do that prudently. that has to be assumed by the fha at least, but i think you're right to say there's a lot of examples of how to do that well and not so well. we're taking the best model available. >> you're from new york city, a multifamily preservation, transactions, and special needs housing are particularly import

kucinich: i yield two minutes to the gentleman from massachusetts, mr. frank. the speaker pro tempore: the gentleman is recognized. mr. frank: any suggestion that this is disrespectful of the sacrifice of our troops is nonsense. saying we don't want brave americans to continue in a very difficult situation in which they are at a great disadvantage and that in fact we would like to bring them home is no criticism of them at all. nothing undermine theirs ability to be there. there is a policy decision as to whether they should be there. my friend from washington, my friend from california have said, well, this isn't the right forum, parliamentaryly. my friend from washington said, yes, we should have a change in strategy, but not this way. this is all we've got. right now, members have a choice. that's way this place is being run. either you vote for this resolution or you vote it down and you give an impolicist and in some cases explicit approval to the administration to stay there indefinitely. general petraeus said the other day he sees us jointly there with t

mr. frank and bill -- kendall. all witnesses will be sworn in. please, rise and raise your right hand. >> to u.s. currency tested money will be the truth, the whole truth, and nothing but the church? >> thank you. >> all witnesses answered in the affirmative. we will move to opening statements. alydar appreciated if you keep your verbal comments to 5 minutes. you should have a live there. i would appreciate it if he could wrap up your comments. we have this nice and beautiful room. to make sure the button is pushed so we can all hear you. thank you. >> midmorning. b -- good morning. i am a former acting co-chair of the commission on iraq and afghanistan. a participating with me is commencing co-chairman michael tebow. i will talk about a few points. i am a retired u.s. army officer. i am an executive secretary to the national security council. he was also a army and served 35 years in the department of defense. he is also worked in the private sector as a consultant. we are here on behalf of all the commissioners to approve release of a special r

we may come back to congress -- mr. frank: your view in what you just described, that the -- it does give you the basic building blocks for doing that? >> yes. >> last question. we talked about you wound down most of these things. even including the a.i.d. intervention, you acknowledged we could not do again. you wouldn't want to do again in that form. what's been the net cost to the united states taxpayer from your interventions over the time, including qe-2? >> it's been highly profitable. the financial stabilization policies, including interventions in a.i.g. and the like, assuming for example that the treasury can sell its shares in a.i.g. something close to its current market price, the entire program involving tarp and financial market interventions will be a net profit positive. in addition the fed's monetary policies and financial stability, liquidity facilities have also been profitable. we turned over to the u.s. government $125 billion in the last two years of profits. of course i want to emphasize that was not the

president, i'd like to take a moment in this chamber to honor the passing of the last dough boy, mr. frank buckles, the last of the world war 1 veterans. mr. buckles was america's last living world war 1 veteran, and he died sunday in west virginia. his death came one month after his 110th birthday, which he celebrated on february 1 with his family. he was dedicated to serving his country at all cost. frank buckles enlisted in the u.s. army when he was only 16 years old. throughout the great war, mr. buckles proved himself to be a brave soldier. he served on the r.m.s. carpatheon, drove motorycycles in france and england and escorted prisoners of war back to germany. mr. buckles lived to see our country at war several more times in his life. he even survived as a prisoner of war during world war ii. he had been captured while working for a shipping company in the philippines. as a soldier and as a civilian, mr. buckles lived a life defined by hard work, love of country, and a sense of duty to his fellow citizens. his passing marks the loss of a generation that shared those same values, a g

mr. stivers, frank nutter. we represent the reinsurance market. and the point that i made about two suggestions we have made is that if you introduce the private reinsurance market into the program, you've introduced into it the risk assessment mechanism that the private reinsurance market does, which it does routinely for catastrophe risks, for earthquakes and tsunamis and floods and wind storm. and i've made two proposals. one is that the program actually go into the market and seek to lay off risk into the reinsurance market on the basis of a data analysis between the nfip and appropriate brokers. and secondly, there is a pooling mechanism in the existing legislation that's been dormant for 40 years -- 35 years. and while i'm not suggesting it be reinstituted, i am suggesting that it does provide an opportunity for the private sector on a reinsurance basis to participate through a pool with a program, and again, it would have that interaction to the private sector risk pricing, risk assessment mechanism. >> thank you. briefly, that was a pretty

, senior adviser energy and national security center for strategic and international studies and mr. frank rusco -- i had two choices and i missed the first one. director of energy and science issues for the gao. so we will proceed with our panel right now. and i'd like to recognize richard toole, and i might mention that und the rules we have here we have a timing mechanism. you're full statement will appear in the record, but i would like to ask you if you keep your oral testimony to five minutes. when the green light is on it ans you have to be could have up to four minutes and when the yellowight is on this 30 seconds and when the yellow light goes on i would ask you to close your remarks if you could. so you are recognized for five minutes. >> thank you mr. chairman. i appreciate the opportunity to appear before you and the committee today. the energy administration is the statistical analytical agency in the u.s. department of agency. the eia doesn't take positions on policy issues and has independence with respect to the information and analysis we provide. therefore our views shoul

bob mcal inly, part of the bush administration's white house team on energy markets, and mr mr. frank rostro, who is the head of the energy and natural security program with the center for strategic and international studies. and they gave us their. mr. whitehouse: whit-- andthey bangalore and they gave us their insiects as to what is - bing ay gave us their insights as to what is caution the rise in gasoline prices at the pump. let me go through four charts here to try to summarize what they told us that he briefing. i think it is very useful information for my colleagues and for anyone else who's interested in the subject. this first chart is labeled "gasoline prices reflect the cost of crude oil." a fundamental truth which they all subscribe to is that the primary driver of the price of gasoline at the pump is in fact the price of crude oil on world markets. this chart demonstrates that. if it shows the price trends since 2005 for gasoline. that's the yellow line on this chart. and it shows the price of crude oil. that's the green line. while some past gasoline price spikes can be

. -- dodd- frank. mr. massad did a good job of defending the administration's position. thank you. this meeting is adjourned. >> thank you. [captioning performed by national captioning institute] [captions copyright national cable satellite corp. 2011] [inaudible] --[unintelligible] >> coming up on c-span, today's "washington journal." and then live coverage of the house. they are scheduled to work on an faa bill. robert gates and mike mullen will talk about the military mission in libya. live coverage of the house armed services committee begins at 9:00 eastern time. then at 2:15, the senate armed services comee

caruso senior adviser energy and national security center for strategic and international studies and mr. frank rusco. i had two choices and i missed the first one there. director of energy and science issues for the gao. we will proceed with our panel right now and i would like to recognize richard newell and i might mention that under the rule that we have here we have a timing mechanism there. your full statement will appear in the record but i would like to ask you if you would keep your oral testimony to five minutes. when the green light is on, it means you have up to four minutes. with a yellow light goes on there are 30 seconds and when the red light goes on i ask you to close up your remarks if you could. mr. noel you are recognized for five minutes. >> thank you mr. chairman. i appreciate the opportunity to appear before you and the committee today. the energy information information administration is the statistical and analytical agency within the u.s. department of energy. eia does not promote or take positions on policy issues and its independence with respect to the information a

, senior adviser energy and national security center for strategic and international studies and mr. frank rusco -- i had two choices and i missed the first one. director of energy and science issues for the gao. so we will proceed with our panel right now. and i'd like to recognize richard toole, and i might mention that under the rules we have here we have a timing mechanism. you're full statement will appear in the record, but i would like to ask you if you keep your oral testimony to five minutes. when the green light is on it means you have to be could have up to four minutes and when the yellow light is on this 30 seconds and when the yellow light goes on i would ask you to close your remarks if you could. so you are recognized for five minutes. >> thank you mr. chairman. i appreciate the opportunity to appear before you and the committee today. the energy administration is the statistical analytical agency in the u.s. department of agency. the eia doesn't take positions on policy issues and has independence with respect to the information and analysis we provide. therefore our views

mr. franks. i guess i just want to make sure that we know that you have enough funds to successfully implement an effective g.m.b. that will not fail when the rubber hits the road. >> thank you, sir, for that question. it's -- first of all, the funds, of course, go to the missile defense agency and i'm the operator of that system, the trigger puller, if you will. i pay close attention to the health and future of the ballistic missile defense system that we have. regarding the budget, i would say that my very good partner, general o'riley at the missile defense agency, i believe he would say that most of those funding reductions are based on his staff trying to squeeze as much as -- >> i just met with him. that's why -- part of the reason for the question. >> i would say that the 12 budget is going to do some very important things for me. one, it's going to procure some additional radars that will give us more situational i wareness forward. it will provide east coast communications which will inc

caruso, senior adviser energy and national security center for strategic and international udies and mr. frank rusco -- i had two choices and i missed the first one. director of energy and science issues for the gao. so we will proceed with our panel right now. and i'd like to recognize richard toole, and i might mention that under the rules we have here we have a timing mechanism. you're full statement will appear in the record, but i would like to ask you if you keep your oral testimony to five minutes. when the green light is on it means you have to be could have up to four minutes and when the yellow light is on this 30 seconds and when the yellow light goes on i woul ask you to close your remarks if you could. so you are recognized for five minutes. >> thank you mr. chairman. i appreciate the opportunity to appear before you and the committee today. the energy administration is the statistical analytical agency in the u.s. department of agency. the eia doesn't take positions on policy issues and has independence with respect to the information and analysis we provide. therefore our views

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

of us here in terms of congress, we believe is one of the lasting impacts of dog frank. -- dodd- frank. mr. massad did a good job of defending the administration's position. thank you. this meeting is adjourned. >> thank you. [captioning performed by national captioning institute] [captions copyright national cable satellite corp. 2011] [inaudible] --[unintelligible] >> coming up next, president obama and senate minority leader mitch mcconnell talk about energy policy. later, a hearing on nuclear plant safety with the head of the nuclear regulatory commission. robert gates and mike mullen come to capitol hill tomorrow to testify about military operations in libya in a pair of congressional hearings. you can watch both of them live beginning with the house armed services committee at 9:00 a.m. eastern. then, they will be at a hearing of the senate armed services committee. both hearings will be on c-span 3 and on our website c-span.org. >> if i can say what i wanted as mayor and the only person who got in trouble was me -- >> stephen goldsmith spend 8 years as mayor of indianapolis. today,

mr. chairman, a common refrain among critics of the frank is that it has contributed to the crunch among small businesses. your testimony of for this committee took note of the growing credit crisis. especially for small businesses. do you believe that financial regulatory reforms from the dodd-frank act is inhibiting loan availability for small businesses. would you say that? >> we have had credit instability for a couple of years now. another of many community bankers have concerns, legitimate or not, about the regulatory impact of dodd-frank. so far, nothing has really happened. that is a very difficult problem, the availability of credit. the fed has been working very hard with the banks and our examiners to make sure that good loans it made. but the main problem at this point is caution on the part of the banks and on the part of the bar wars in many cases with financial problems that make them less qualify for credit. >> but we do know that the federal reserve survey of senior loan officers, the latest one that was released right after the dot-franc -- dodd-frank is affecting small

mr. geithner was more tbrang frank. when asked, did you agree with the rogoff study, is it a sound study? wre, i believe it is. and then he said this, frankly, i think it understates the risk. understates the risk. when asked about that, he said, basically, there can be systemic immediate shocks that occur that are unple unpredictable like in7 when we went from a boon to a bust. these things happened in greece, ireland, iceland. these things can happen in this modern world of electronic financial transfer very, very quickly. now, i -- i believe we can prevent this. i believe we can prevent it. but we've got to take action or we're heading in the wrong direction. well, did you notice the news yesterday? bill gross, who runs the world's biggest bond fund at pacific investment management, a tota total -- the big bond fund -- announced that they had totally eliminated u.s.-government related debt from their flagship -- ship fund. "as the united states government projected record deficits." so that's a big development, frank

mr. chairman, we're not pressing that argument." >> rose: the dodd-frank bill, the controversial person is elizabeth warren. you have said as recently as this morning on television that you think the president ought to put her name up? >> absolutely. >> rose: and appoint her to be the director of the bureau. >> yes. >> rose: and that you believe she has a chance of being confirmed because on financial regulation there's not a single monolithic point on terms of the republican party. >> yes. the tea party and the extreme free enterprise purists... except for... when i say free enterprise purists, except for agriculture. apparently there's a footnote in all the books that says-- or maybe it was in german, but it says "except agriculture." elizabeth warren is thoughtful and shrewd and believes in the market. frankly one of the problems that we talked about this with the derivatives. what we were doing derivatives by and large is to force them into a market type operation rather than one on one private negotiation. and i find some of my friends in the business community like competition as a t

mr. houlden. >> thank you, i'm frank nutter and we manage the cost of natural katrina tas trough fema risks. we reduce financial volatility. it serves the same function for the national flood insurance program. as currently operates, the nfip is not an insurance program, but it should be, and can can be. the full application of risk-based rates in a risk bearing role for theerer insurance success tore transforms the program. by doing so, they achieve the goal of protecting taxpayers, and the treasury. it's a held belief that the risk bearing role is unachievable. on behalf of our community, we would challenge that suggestion. we commend the chair's discussion draft regarding protecting taxpayers with risk-based rates. the risks were introduced early in the program as an inducement for communities to come into the program, and it was successful. the number of subsidized properties has risen in recent years. in addition, the rates facilitated the development of a coastal areas including those high risk to flood loss and compromised use of the natural floodplain to mitigate damages. according t

mr. speaker. in the classic movie by frank capra called "it's a wonderful life," the main character, the hero contemplated the question, what would the world be like if you had not had lived? mr. kingston: in his case what would his town have been like? i ask the question we 345 members of congress have to answer, what would congress be like if you were not serving? would you go on spending money right now, borrowing 40 cents for every dollar we spend? a national debt of 96% of g.d.p.? a deficit right now of $1.6 trillion. what if you had not served? would it make a difference? that's what the debate is about right now. 87 new members who came to congress to change this spending habit to say no and democrats and republicans had their fingerprints on overspending but it is now time for changing. there's another popular movie called "the blind side" in which the main character was drafted by ole miss university to protect the quarterback on his blind side. that's what these members need to do, mr. speaker. is protect the blind side of the taxpayers from absolute disaster. thank you and i yield back. the spe

mr. geithner was more tbrang frank. when asked, did you agree with the rogoff study, is it a sound study? wre, i believe it is. and then he said this, frankly, i think it understates the risk. understates the risk. when asked about that, he said, basically, there can be systemic immediate shocks that occur that are unple unpredictable like in7 when we went from a boon to a bust. these things happened in greece, ireland, iceland. these things can happen in this modern world of electronic financial transfer very, very quickly. now, i -- i believe we can prevent this. i believe we can prevent it. but we've got to take action or we're heading in the wrong direction. well, did you notice the news yesterday? bill gross, who runs the world's biggest bond fund at pacific investment management, a tota total -- the big bond fund -- announced that they had totally eliminated u.s.-government related debt from their flagship -- ship fund. "as the united states government projected record deficits." so that's a big development, frank

mr. chairman. if inderstand it, you say that dodd-frank has not succeeded in making the market believe that it hasddressed this issue of too-big-to-fail. >> the implementation of it has not succeeded in convincing the market. >> is a because of the regulatory provisions - is it because of the regulatory provisions? >> yes, some of that put the responsibility on the regulators to edelman the necessary changes and send the right messages to market. >> so we would have been better off with congress testifying what were the guidelines and what were the parameters within which these large financial institutions could operate? would that have been a better approach? >> it would have been a more effective approach if ideas like the amendments in the senate to dog frank -- to dodd- frank would put such as caps on the larger institutions. if that had passed, it would have sent a clear message to the market. >> that is simple. >> you would have relied lot less on the regulators if that were included. >> when we get into the regulators, of course, having a budget challenge in this country and in this congres

. >> next, frank brady examines the life of chess master turned international fugitive bobby fischer. mr

frank mallicoat. the one thing i noticed walking in my car it was warm out today. >> very, very nice. >> the first show i have done with this guy. >> mr. sunshine. >> mr. sunshine. >> i have never been in a show where you're not going it's really ripping out there!!! >> we don't have to do that. [ laughter ] >> we're going to watch temperatures soaring around the bay area today. should be spectacular spring weather outside! finally how about this, 73 degrees in san francisco, about 77 in oakland, 78 in san jose. how about an 80 in concord. maybe even warmer tomorrow. we'll talk more about that in a minute. right now let's check on traffic with elizabeth. >> all right, thank you, lawrence. you're talking about all these good temperatures and unfortunately for the second straight morning now, we have come into work, unfortunately, we have another traffic alert. this time, it is in san lorenzo. lanes blocked, at least three lanes blocked eastbound 580 around the 238 interchange. this is the scene of a multi- vehicle accident. actually chp is still out there now conducting an investigation. for a while they were running a traffic break. r

mr. chairman, a common refrain among critics of the frank is that it has contributed to the crunch among small businesses. your testimony of for this committee took note of the growing credit crisis. especially for small businesses. do you believe that financial regulatory reforms from the dodd-frank act is inhibiting loan availability for small businesses. would you say that? >> we have had credit instability for a couple of years now. another of many community bankers have concerns, legitimate or not, about the regutory impact of dodd-frank. so far, nothing has really happened. that is a very difficult problem, the availability of cred. the fed has been working very hard with the banks and our examiners to make sure that good loans it made. but the main proem at this point is caution on the part of the banks and on the part of the bar wars in many cases with financial problems that make them less qualify for credit. >> but we do know that the federal reserve survey of senior loan officers, the latest one that was released right after the dot-franc -- dodd-frank is affecting small busin

fifteen frank seem hoping home ice advantage will help them seal the deal against one of the league's best squads player you boys you grow are meanwhile down to three in their series against mr luker must be the worst bill needs to win the next two games to extend their amazing page all season into the second round. now let's recap on the action that took place on thursday where as a result there are no moscow sides let's make a shell play offs following genomics exit in the opening round all legs narrow x.-men losing game six to one in overtime making the overall score in the best of seven series for the muscovites open for constantine's already called up the last inside side the game in the third period thanks to brock trotter and loudest dogs in sports the weather in overtime to get rid of past moscow. elsewhere moscow regions outlines made it through into the conference after a hard win over several caps instead again by jacking netting the water winning on the road to take the series in six games. in the meantime. managed to tie their best of seven series against a local but teams winning on thursday the decider will take place in garros loved on saturday. people presid

mr. chris wragge. he joins us live from new york. be chris, happy tuesday to you. how are you? >> hi, chris. >> and to you, frank.ng up in just a couple of minutes here on "the early show" more details on the u.s. warplane that crashed in libya as the two americans on board are confirmed safe. we are live at the crash site with the latest. on a lighter note as the countdown continues to the wedding of the century, new details are out about will and kate's royal procession. we'll go live to buckingham palace for the big springfield of the couple's horse-drawn carriage. also, on a much lighter note, are americans too tired for sex? a surprising number of us would rather hit the hay than roll in it after work. how to wake up your love life. >> and the people who wrote this study get up as early as we do? >> really. do they really know what it's like? the pain. [ laughter ] >> sex, sleep, sex -- hm. >> we're on about 2.5 hours earlier than you, my friend. >> you have to get past it. you have to get past it syd. [ laughter ] >> she has been doing it for years. i'm the new guy. >> i know. >> all right, chris. >> chris,

mr. katz mentioned. i should finally say that we have just commissioned and i believe it is going to be released today dodd-frank required us to hire an independent consultant to do it very in depth study of the sec's organizational structure and that will be released today and i fully expect that there will be some helpful ideas for us to improve how we operate. >> the gentlelady simons expired and with that i recognize the ranking member, mr. townes. >> thank you very much mr. chairman. let me thank all of you for being here. really appreciate you taking the time to commend. chairman schapiro, the sec plays a critical role in protecting investors and ensuring that our financial markets operate effectively. you have stated that freezing the sec budget impedes the agency's ability to meet its mission, which is to protect investors, maintain fair orderly and efficient markets and facilitate capital information. can you put that in concrete terms for us? if they sec does not have the budget to properly oversee capital markets how would it affect your staffing? >> i would be happy to. i think the two things that ar

mr. reid: i ask consent that we proceed to s. res. 89. the presiding officer: the clerk will report. the clerk: s. res. 89, relating to the death of frank w. buckholtz, the longest surviving united states veteran of the first world war. the presiding officer: is there objection to proceeding to the measure? without objection, the senate will proceed to the measure. mr. reid: i ask unanimous i asks consent the preamble be agreed to, the motion to reconsider be laid on the table, there be no intervening action or debate and any statements relating to this matter be placed in the record as if read. the presiding officer: without objection. mr. reid: mr. president, i haded good fortune a short time ago when he was -- we had a ceremony here in the rotunda of the capitol to meet him, to talk to him. it was just a short time ago. it was amazing that he had the vitality that he did at such an old age. so i'm happy this matter has been completed today. i ask consent that we now proceed to s. res. 90. the presiding officer: the clerk will report. the clerk: s. res. 90, supporting the goals of international women's day and recognizing this year's

we've you very much the implementation of dodd-frank as a key thing to do as we move forward. >> mr. lawler and mr. nelson, any thoughts? >> putting fannie mae and freddie mac into conservatorship was the right thing to do. we did not at that time appreciated when we put them into conservatorship how serious the recession would be and how bad unemployment would be and what the implications would be for the housing market from that point forward. we did move with the bush administration to start this free line mortgage modification program, but as we did that and move into hamp, we learned a lot of lessons about how to institute such a program. we have never done anything remotely like this before, getting servicers in the country working on a single program and doing things the same way with systems that were entirely different. so we learned a lot as we implemented that. had we gone through the experience before, we would have been able to do it faster. >> thank you. my time is up. >> mr. silvers. >> this hearing is focused on two really major issues that i want to address with you

mullen, i would like to note the passing of the corporal frank buckles, the last living veteran from world war i. i had the honor of meeting mr. thank etd to buckles three years ago at the pentagon honoring world war i generation. as i said then, we will always be grateful for these veterans did for their country, and in mr. buckles's case, we are all glad that he had the longevity that he had enjoyed on this earth. admiral? >> thank you, mr. secretary. with me start by saying i fully concur with a senior leader recommendations he made. i know each of these officers very well and i watch them work and lead and fight in some very difficult times, and i know each of them will perform their duties with the same energy and innovation with which they have served their entire career. all of the great leaders in their own right and all of them are ready for the challenges you proposed and they now take on. the chiefs and i look forward to working with them and will give them our full support should the president see fit to nominate them and the senate see fit to confirm them. if i may, i would like to make a mention of my trip last

mr. speaker. i rise today to honor the life and legacy of . frank buckles. inspired for his love of his country and the desire to serve, frank entered the army at age 16. he served in england and france during the world war, first as a car and ambulance driver and later as an escort for returning german p.o.w.'s. during world war ii he was held as a prisoner of war for 39 months. he has been recognized as a true american patriot and awarded numerous medals. i've met frank on several occasions and he's a constituent of my district and was always inspired by his sense of humility and hope. he represents the very best of this country, service, determination and patriotism. he has lived through some of the most historic events in our american history from the great depression to two world wars, to the invention of the internet, reminding us of the immense progress yet change that we have seen in this nation. for years frank has dedicated his life to ensuring his fellow dough boys receive proper recognition. i hope this congress will honor the legacy of frank buc

frank said, affordable rental income. i can tell you i think it will be part of our administration. mr. neugebauer? >> thank you, mr. chairman. mr. secretary, thank you again for coming. this is a very important discussion. you know, i'm a little confused. i was kind of excited when i saw your report come out where you embraced -- maybe it wasn't your number one but it was your first recommendation, private market solution. and i hear you say, we need to phase out freddie and fannie and we need to do that, we could do that with raising the risk premium so that the marketplace can create space in there. you lower the conforming loan limits, you create more space in there. so along those lines, would option two or three, you've got to create something before you start that process. where as, well, it says under option two, the government also have to develop a backstop mechanism. number three, there's an explicit guarantee of catastrophic risk. so you've got to go establish some other mechanism in the system were as an option number one, basically you're just green space for a market that has been there before and man

mr. speaker, the lone survivor, the last dough boy of world war i, frank buck it's, has died at the age of110. frank buckles in this photograph was taken when he was 16 years of age. he lied to numerous recruiters so he could join the u.s. army. he served with other dough boys who was wounded in europe. he was in the merchant marines, the merchant seamen, and he was captured in the philippines and was held as prisoner of war for three years. he came to west virginia and drove his tractor until he was well in his 100's. this was a photograph when he was taken at 109 years of age. it's taken not far from here at the d.c. mall. see, it was frank wish's toward the end of his life that we, members of congress, authorized the building of a memorial to all of the dough boys that served in world war i, all four million of them who have all died. 116,000 of them were killed in world war i. we have memorials for vietnam, world war ii, and korea on the mall and we don't have a memorial for all of those that served in world war i. we have a memorial and this is a photograph of it for the folks that di