mr. geithner talkingbout reducinghe budget deficit. substtially by 20 or 2013 -- not 2010. b by 2012r 203. and mr. bernank spoke about the various so-called exit straty, whichasically means the duction of fedupport for lending and other financial activies in the u.s. economy. however as said, these are perspective ans. in some cases, they have to be approved by the congress whh may prove difficult. and the real probl for the chinese is that tey really don't have too much choice. if they didn'tbelieve these plans, what would they do? they could sell tir dolla now. that would precipitate what they're trying to avoidhich is a decli in the value the dollar. so kind ofaught twain rock and a hd place i would say. >>rade issues,hey were also on the tle. the americanhave been concerd about what they see as efforts bthe chinese to undercut amecan exports. any movementthere? >> well, they bth pledd to not apt protectionst measures. i think each side was tryinto expln that its policies were not discriminateory. that the buy american program was consisnt with our w.t.o. obligatn. chine

mr. geithner talking about reducing the budget deficit. substantially by 2010 or 2013 -- not 2010. but by 2012 or 2013. and mr. bernanke spoke about the various so-called exit strategies, which basically means the reduction of fed support for lending and other financial activities in the u.s. economy. however, as i said, these are perspective plans. in some cases, they have to be approved by the congress which may prove difficult. and the real problem for the chinese is that they really don't have too much choice. if they didn't believe these plans, what would they do? they could sell their dollars now. that would precipitate what they're trying to avoid which is a decline in the value the dollar. so kind of caught twain rock and a hard place i would say. >> trade issues, they were also on the table. the americans have been concerned about what they see as efforts by the chinese to undercut american exports. any movement there? >> well, they both pledged to not adopt protectionist measures. i think each side was trying to explain that its policies were not discriminatory. that the

mr. geithner signed off on that memo, the terms of deal? >> what did you say?>> in other words, you were just about to transition between treasury secretaries. as mr. geithner or the incoming administration signed off on the tentative terms? >> the -- mr. guyner, as you know, was the treasury secretary designate. and we wanted there to be a very smooth transition. and so i posted him generally on a number of matters, including that matter. but i never viewed him as a decision maker. and i certainly didn't go to him to sign off on the details of that term sheet. >> i have a larger question i want to pursue off of mr. lewis. but i want to correct the record on some things that i think have been misstated. as somebody who voted for all three versions of t.a.r.p., took incredible political heat in the middle of a tough, targeted race. i believe it was the right thing to do, and i would do it again, with some additional caveats. but there has been a lot said today about the restrictions that were put on you. in fact, you came, in my opinion, not very tactfully, and

mr. geithner. any other thing is, it's appalling how long it's taking to get the government in place.one way to finesse the confirmation issue without congress surrendering ultimate power is that the president's appointments, at least the senior officer in each department, i think it should be done for the juniors as well, takes office subject to confirmation within 100 days by the congress. so the president starts, and he has full cabinet, or she has a full cabinet on day one, designates that succession adherence to ford and if it turns out someone didn't pay their taxes or didn't hire, reporter nanny or something and then the president will appoint someone else. >> i don't actually like that latter suggestion at all. we don't have much in the way of delay any more for actual cabinet members. and if you gave him an additional 100 days, they would take it. and serving in an unconfirmed status and having to make hard decisions not confirmed is not a good way to be a leader. you would trim your sails too much, you would be worried about the confirmation process. we did in the 9/11 commi

mr. geithner is lining up. the house members of the financial services committee are coming back slowly into the hearing. we'll dive into all these important things. first up, commercial break. melissa francis, larry kudlow, this is "the call" on cnbc.or p. right now 1.2 million people are on sprint mobile broadband. 31 are streaming a sales conference from the road. eight are wearing bathrobes. two... less. 154 people are tracking shipments on a train. 33 are i.m.'ing on a ferry. and 1300 are secretly checking email on vacation. that's happening now. america's most dependable 3g network. bringing you the first and only wireless 4g network. sprint. the now network. deaf, hard-of-hearing and people with speech disabilities access www.sprintrelay.com. the first complete women's multivitamin in a drink mix. with more calcium and vitamin d... to support bone and breast health... while helping you hydrate. one a day women's 2o. refreshingly healthy. the same tools the pros use, so you can be a disciplined trader. by

mr. geithner are certainly much more to of a kind and then mr. paulson and mr. bernanke. >> can you explain that? >> well, let's say that i can't -- but i have a kind of look at life that is marked parallel and a look at economics and financial methods that are more comparable. i think it must have been quite difficult situation for mr. bernanke when the financial crisis turned and maybe you can go back in your memory, it took quite a while for paulson and the bush administration to realize that this was really bad. this is not just a minor crisis that would go away in three months' time and i think there have been very interesting articles amongst "the new york times" about what bernanke had to do to convince paulson and other people in the bush administration that this was serious and is needed urgent personal reaction to prevent from getting into something really bad. >> there was a lot of resistance to government intervention in general which now we have seen pretty much told. practically anything goes of the moment is what it seems so what was the source of

mr. geithner, lien. your eve got to g to cheap money or small businesses aren't going to get into the riskaking mode. we're just going to be tting here say well, we're savina bunch of jobs. i tell you, tse republican governorare sitting on the money to run eir budgets, they're not fair players,ot hohn brokers wh the stimulus package money. you check it out,olks. they wt obama to fail. they want the sulus package to fail. all right, a lot more coming up on that subject and other things coming up, one more thinghat might get the congress more led up inalth care reform. it's the bcs, the wl champiship series near and de to my heart. wel talk about that. nnouncer) it's te to put a ststake y yr burger draw a l line in your sandwich do you wt t mo of the same? or more of zin we are t new miraclep now with more of our own mixed up blend of spicices more oo are and finitely not mayo were the new miracle whip d d weill not tone idodown. to being able to manage ur diabetes properly.. it's very importantt r me to u

geithner. thank you, mr. secretary. good to see you. give us your sense of the state of the american economy. there is some good news. a couple days ago there were jobless claims that were 100,000 worse than expected. what's going on? >> it is better, but we still face enormous challenges, and it's going to be a while before we're confident we're going to have any sustained recovery in place. but we have an economy falling at a remarkably rapid rate. we were losing jobs at 600,000, 700,000 a month. the rate of the declining economy is still dramatic and the rate of job losses still very significant. those are encouraging signs we're seeing improvement in the financial markets, more confidence by consumers, and businesses here and around the world, and that is due to the strength of the policies that this government working with the congress and countries around the world have put in place. the policies have been

mr. geithner, speaking with a group of reporters in london, england, this morning. see what happens from here. again, the talks continue. the root of the cause, of course, the continued decline in the level of the lateral they have. they buy receiverables for a business those receivables, people aren't paying their bills, those businesses, worth less money. there has to be an answer, including continued asset sales and shrinking their balance sheet. perhaps more than that is going to be needed and needed soon. back to you guys. david, isn't the issue here for the fdic whether or not cit is systemically important enough to the entire system? in other words, they are not going to backstop cit unless they feel like the entire system could be in jeopardy and then i guess the next question is how important is cit in the overall scheme? >> the question of systemic risk is one regulators take into account, as you know, does not appear in this case, cit would represent a systemic risk, there may be a broader risk to the economy given they do provide a lot of fund for a lot

mr. rubin. people sometimes say a famous teacher must have smart students. and i just came to know that ?erkt secretary geithner is a student of mr. kissinger and mr. rubin. so that's the situation between tutor and student. and that inspired me. so i'm thinking about teachers that i can name that are as great or as smart as mr. rubin and dr. kissinger. and i found one. found one, and this is when i was studying and northwest -- nw university in china there was an old professor in that university and he was very famous in geology. in 1920's and the university and funded by the compensation by allied forces to the team to study the university of cornell, stanford university and university of chicago, all these universities he once studied there. ladies and gentlemen, you might know this person i'm talking about, because i don't know his -- i don't know his english name, but anyway, he is a great outstanding scientist, and how outstanding -- i can tell on the structure and conversation on earth there are five great schools of theory on the compensation structure on earth and the most popular school of the series

mr. geithner, welcome again.ant to ask you specifically in terms of would you not commit to at least having someone on your staff that is dedicated to increasing the participation of african-american owned firms, management asset firms, other firms so that they can get business in the financial sector as we move in this area? >> i think i can do better than that in the sense that i'd be happy to designate to you the principle senate confirm ed person in the treasury. part of whose responsibility will be to continue to make sure we're looking for opportunities to increase participation of again small women-owned, minority-owned businesses this these programs. again, we have been pretty careful and pretty effective in expanding those opportunities. happy to work with you on ways we can do better. jo because there are many, many well-qualified minority-owned firms who if we don't make a special effort, a special effort to make sure they have the opportunity to compete and if it doesn't come from the top, it just doe

mr. geithner, we're not going to hold you to four minutes. we want to hear what you have to say. mr.lucas? >> thank you mr. chairman and thank you to both chairmen for holding this to hear the treasury's proposal as well as examine the legislation that the house agriculture committee passed a few months ago. as ranking member of the house agriculture committee and senior member of the financial services committee, i would like for this occasion to examine the issue from two different perspectives. the agriculture committee has been active in exploring the role derivatives play in the glaerkt place and overall economy. the committee has held numerous hearings to gain further information and insight into the complex nature of credit default swaps and how they should be regulated. in february of this year, as the chairman noted, the ag committee passed hr-97 7. the one can argue the consechts transparency and accountable birkts we must make certain our actions call for an appropriate level of regulation that will respect the nature of the marketplace and encourage product innovation and

call now. >>> we're back with secretary of the treasury, timothy geithner. mr. secretary, you're off on a trip and you're going to europe and other places. i have a quote here from europe central bank. and he said i have one message. it is extremely important that the united states say that a strong dollar is in the interests of the united states. >> it is my pleasure to say it. a strong dollar is in the interest of the united states. of course, i deeply believe that and my commitment is that the world and the american people make sure that we are putting in place the poll says that can sustain confidence in this economy and this financial system. >> you don't worry that the dollar is going to weaken as a result of the currency of the world as the chinese talk about -- wondering if there are some alternatives, as the russians talk about it? the arrows seem to be pointing in that direction. >> i actually don't worry about that. because look at the responses in the world they go through at this time. when people are most concerned about risk, generally they want t

mr. geithner since he took over; is that right? i had several minute meeting with him followed by a larger meeting the public went 45 minutes that included a number of naftali to members of treasury, gao, that was on one occurrence in january. >> did he take into consideration your positions? >> we didn't have that much time in that meeting. >> did you make some suggestions to him? >> we conveyed where we were late january. at that meeting he announced his adoption of one of the recommendations which was posting t.a.r.p. agreements on the internet so that was progress we saw at that time. >> well, the sigtarp report -- tvd wants to keep any information from the people, is there a deliberate attempt to do that? >> i'm not sure what the attempt is information the taxpayers and members of congress we believe should have as transparent is not being provided. >> you sit here and probably answered this potential federal support could reach up to 23.7. obviously there is some speculation about the liability could reach that amount. >> i t

mr. geithner, we're not going to hold you to four minutes. we want to hear what you have to say. mr.s? >> thank you mr. chairman and thank you to both chairmen for holding this to hear the treasury's proposal as well as examine the legislation that the house agriculture committee passed a few months ago. as ranking member of the house agriculture committee and senior member of the financial services committee, i would like for this occasion to examine the issue from two different perspectives. the agriculture committee has been active in exploring the role derivatives play in the glaerkt place and overall economy. the committee has held numerous hearings to gain further information and insight into the complex nature of credit default swaps and how they should be regulated. in february of this year, as the chairman noted, the ag committee passed hr-97 7. the one can argue the consechts transparency and accountable birkts we must make certain our actions call for an appropriate level of regulation that will respect the nature of the marketplace and encourage product innovation and eco

mr. geithner, welcome again. of i want to ask you specifically in terms of would you not commit to at least having someone on your staff that is dedicated to increasing the participation of african-american-owned firms, management asset firms, other firms, so that they can get business in the financial sector as we -- as we move in this area? >> i think i can be -- i think i can do better than that in the sense that i would be happy to designate to you the principle senate-confirmed official in the treasury with broad responsibility over the design and management of these programs. part of whose responsibility will be to continue to make sure we're looking for opportunities to increase participation of, again, small women-owned minority-owned businesses in these programs. again, we're -- we've been pretty careful, and pretty effective in expanding those opportunities. happy to work with you on ways we can do better. >> because there are many, many well-qualified minority-owned firms who, if we don't make a specia

mr. geithner. any other thing is, it's appalling how long it's taking to get the government in place.ne way to finesse the confirmation issue without congress surrendering ultimate power is that the president's appointments, at least the senior officer in each department, i think it should be done for the juniors as well, takes office subject to confirmation within 100 days by the congress. so the president starts, and he has full cabinet, or she has a full cabinet on day one, designates that succession adherence to ford and if it turns out someone didn't pay their taxes or didn't hire, reporter nanny or something and then the president will appoint someone else. >> i don't actually like that latter suggestion at all. we don't have much in the way of delay any more for actual cabinet members. and if you gave him an additional 100 days, they would take it. and serving in an unconfirmed status and having to make hard decisions not confirmed is not a good way to be a leader. you would trim your sails too much, you would be worried about the confirmation process. we did in the 9/11 commis

mr. geithner, just a few months ago recognized that during the time he was in the fed, the fed kept the interestrates at way too long, too low too long. so how can you defend the fed maintaining independence or secrecy in order to maintain stable rates and to even try to achieve a stable economy, which obviously nobody argues we have a stable economy. >> i do not equate independent to secrecy. in fact, i agree with the underlying premise i think was your question which independence and secrecy in a democratic society are antithetical. and i think the federal reserve has been quite transparent and has become much more transparent under chairman bernanke about what we are doing and why we are doing it. and i think we can retain our independence and your ability to trust what we are doing only by explaining to you what we are doing and why we are doing it. we have not only the statements which you mentioned in your opening statement after every meeting explaining what we did and why we did it. we have minutes. you have hearings. there are monetary policy report. there are other hearings that you ho

mr. geithner since he took over; is that right? >> i had several minute meeting with him followed by a larger meeting the public went 45 minutes that included a number of naftali to members of treasury, gao, that was on one occurrence in january. >> did he take into consideration your positions? >> we didn't have that much time in that meeting. >> did you make some suggestions to him? >> we conveyed where we were late january. at that meeting he announced his adoption of one of the recommendations which was posting t.a.r.p. agreements on the internet so that was progress we saw at that time. >> well, the sigtarp report -- tvd wants to keep any information from the people, is there a deliberate attempt to do that? >> i'm not sure what the attempt is information the taxpayers and members of congress we believe should have as transparent is not being provided. >> you sit here and probably answered this potential federal support could reach up to 23.7. obviously there is some speculation about the liability could reach that amount. >>

did you ever invoke tim geithner's name or suggest he was on board with your view on this to apply additional pressure to mr. lewis or bank of america? >> i have sure got no memory of that. none whatsoever. >> you don't remember mentioning tim geithner in the conversation? >> i don't remember it. those are joe price's notes and someone would have to ask him. i don't even remember talking to joe price. i remember talking with ken lewis and as i said, i posted geithner and i didn't look at him as a decision maker and i just don't have a memory in that kind of detail. >> you never used him to your connection as additional pressure that he was on board. >> yeah, i sure don't recall that. >> there seems to be a lot of confusion and we are arguing overy is mant ibs and whether or not you threatened mr. lewis and bank of america. i think you have been clear if they went forward with invoking, you would attempt to remove him from his position. >> i wouldn't move forward. i did not have the authority. >> what i said to him was i said to him if he did something so irresponsible -- >> that would in your view be respon

mr. geithner. any other thing is, it's appalling how long it's taking to get the government in place.one way to finesse the confirmation issue without congress surrendering ultimate power is that the president's appointments, at least the senior officer in each department, i think it should be done for the juniors as well, takes office subject to confirmation within 100 days by the congress. so the president starts, and he has full cabinet, or she has a full cabinet on day one, designates that succession adherence to ford and if it turns out someone didn't pay their taxes or didn't hire, reporter nanny or something and then the president will appoint someone else. >> i don't actually like that latter suggestion at all. we don't have much in the way of delay any more for actual cabinet members. and if you gave him an additional 100 days, they would take it. and serving in an unconfirmed status and having to make hard decisions not confirmed is not a good way to be a leader. you would trim your sails too much, you would be worried about the confirmation process. we did in the 9/11 commi

mr. geithner, former president, george w. bush, the president of the united states, larry summers the president's economic advisor, and down there is robert nardelli, the former head of chrysler i was talking about. again the same scenario. this is pretty simple question, who decided to take the axe to those 20 plants, those almost 300,000 people and shut her down? it's no longer get her done, it's shut her down. i think we should find out. but nobody will fess up, nobody will say who did it. mr. nunes: no one knows who did the a.i.g. bonuses, no one knows who put that legislation in. and now no one knows who shut down the automotive plants, dealers, and now we are sitting here with 300,000 people out of work in the largest democracy in the world which is supposed to be a deliberative body where the congress is supposed to make the decisions, and we have no answers. the speaker pro tempore: the gentleman is correct. i just want to conclude unless the gentleman has another thought. mr. nunes: i just want to thank the gentleman

mr. rubin. people sometimes say a famous teacher must have smart students. and i just came to know that secretary timothy geithner with henry kissinger and mr. rubin, that is the kind of relationship between tutor and student that inspired me until i am thinking about teachers that i can name you are as great as they are and i found one. and this is when i was in northwest university in china, there was an old professor in that university. he was the very same in geology. in the 1920s -- founded by the conversation by allied forces who invaded china once i came to study in the united states, stanford university and the university of chicago called these universities. ladies and gentlemen, you may not necessarily know this person i am going to talk about, i just know his english name. he is very great, outstanding scientist. i can tell that the structure and composition, there are five schools of theory. the most popular school of these theories was advanced by the one that i mentioned. and he was initiator on the most popular, authoritative school on the structure of the shell of the earth. we were young and eage

mr. chairman and i want to welcome secretary geithner and i want to particularly welcome my good friend, joe smith, the commissioner of banks from my home state, the state of north carolina who will be testifying on the second panel. in the 22 years i've practiced law before i came to this institution i came to realize that most often the definition of a good compromise is one that leaves everybody unsatisfied. and measured against the secretary of the administration's proposal for restructuring is a resounding success because i haven't heard anybody who is completely satisfied with what has been proposed. that probably suggests that we get the right balance if we do with the administration has proposed with some minor modifications which we have to get involved in. the area in which i think we have received the most pushback has been the consumer product agency and i understand the natural resistance to change but i would just say to my friends in the industry with whom i've worked over the 18 years that i've been in this body now that if we've reached the end of this process having giv

he is a neo con, then he put in timothy geithner, wall street's hawk and then mr. peter orszag in charge of the government -- budget. larry summers, i saw recently yesterday on c-span, and mr. or zack also have targeted medicaid and medicare to be cut back, i am saying. not once have i ever talked about the outrageous profits made by corporate hospital chains and insurance companies. i was listening to bernie sanders of vermont, and i think he got it right. and i think the american people is what should fly. not what is politically feasible. what is politically feasible is what the american people want and i think they made it pretty clear that they want some form of socialized health care, because of they don't go bankrupt -- because of the bill go bankrupt. guest: i don't know from the poll i am looking at that there is a clear consensus people want socialized health care. i think socialized health-care is the most awful thing the white house would want it to be called. as far as larry summers and director or sag and secretary geithner go, i know a lot share thei

geithner. we're responsible for making sure. you can hold us accountable. >> chair recognizes the mr. starn from florida. >> thank you, mr. chairman. we have had -- stearns from florida. >> in light of all the expertise, being a leading federal agency in the area. including financial products as well as identity theft. with that in mind would -- can you feel about this transfer? >> i guess a couple of points. this committee on privacy-related issues. we will transfer over a lot of laws. we hope to keep a back stop authority that is concurrent. this is the beginning of the process. you know, i see a lot of agreements on a lot of things within this committee on ways to go forward. i think, the way we read the legislation is whether that of data security is -- the better reading of the proposed statute or the reading of the way it will go forward will impede issues like that. that is important. >> i think you will spill keep it? >> i think we will keep identity theft. >> financial privacy? >> i think that goes mostly over to the new agency. that is some extent to you. i think we keep the rule under graham vs. wily. under the

mr. wilson, we appreciate it. tom wilson. have a great greekd. schar m weekend. >>> treasury geithner to testify on the administration's financial regulatory reform proposals. we will bring it to you live.ano : some people buy a car based on the deal they get. others buy the car of their dreams. during the lexus golden opportunity sales event, you can do both. it's an opportunity today. it's a lexus forever. special lease offers now available on the 2009 is 250. but did you know you also get hotel price assurance? it's a one-two punch of savings -- pow! pow! lower hotel booking fees mean you get a lower total price. plus, if another orbitz customer then books the same hotel for less, we send you a check for the difference, automatically. >>> welcome back to "squawk on the street." i'm hampton pear son reporting live on capitol hill where we are awaiting testimony from treasury secretary tim geithner before the house financial services committee on the regulatory reform bill. in his prepared testimony geithner is prepared to tell lawmakers there will be area where's the parties disagre

contracts and preferential investment opportunities, particularly with geithner's public-private investment program that he's proposed. mr. speaker, a free market is an economic system in which individuals, rather than the government, makes a majority de -- majority's decisions. in a free market economy, the government's actions is limited and it should act as an umpire, issue regulatory procedures. the obama regulatory reform plan will move us away from a free market system and be involved in the private sector. we are moving to a system of inner dependence of companies relying on big governments. this slimet unamerican and in the long term consequences of such a plan is dire. let's not make washington, d.c., the bailout capital of the world for every private company in the world. let those companies suffer the consequences for their risky actions. instead, let's be good stewards of taxpayers' dollars keeping in mind that more regulation doesn't mean better regulation and a powerful federal reserve isn't the answer to all our financial problems. the speaker pro tempore: the chair recognizes the gentleman from florida, m

geithner. you can make sure we are held responsible. >> the chair recognizes mr. stern's from florida. -- before mr. chairman. mr. chairman, we have had a loss of hearings on privacy in this committee, and when i was the chairman of the committee we had many hearings on privacy and i think my concern is if we transfer some of the federal trade commission privacy at work to this new cfpa, particularly in light of all of the expertise you have and you have been a leading agency for all these years, and including financial privacy as well as identity theft, information security so with that in mind, what do you feel about this transfer? >> i guess i would make a couple of points, this committee and you have been leaders on privacy related issues. we will be transferring over a lot of balls, we hope to keep a backstop authority that is, current and of course this is the beginning of the legislative process -- >> i understand. >> i see a lot of agreement on this committee on ways to go forward. on -- negative -- the way that we've read the legislation it is unclear whe

geithner was involved in this last one. and it's interesting, and the questions asked mr. paulson, what i believe is intimidation. understands that, and that took place with lewis, but my gigger concern is this pattern of deception. . that is my concern, because when you think about it, the unprecedented level of involvement of the government and the private sector now, this is what is scary. when you have this pressure, intimidation, this pattern of deception is a real concern when we think about what we see. we may potentially see a takeover of health care by the federal government, and that is my big concern. host: we have just a short clip that i want to talk to you about after what about the goals of this situation. let's listen. >> german bernanke, did you instruct hank paulson to tell can louis that him and his board will be fired if they backed out of the merrill deal? >> i did not. >> well, i understand mr. paulson told mr. cuomo that you did. i does want to share that with you. >> i did not instruct paulson or anyone else to convey such a message or threat to mr. lewis. >> did you personally tell mr. le

geithner. we're responsible for making sure you can hold us accountable. >> the chair recognizes the -- mr.stern from florida. >> thank you, mr. chairman. mr. chairman, we've had a lot of hearings on privacy here on this committee and when i was chairman of the committee, we had -- we had many hearings on privacy. and i think my concern is that if we transfer some of the federal trade commission's privacy work to this new cfpa, particularly, in light of all the expertise that you have and you've been the leading federal agency in the area of consumer product safety for all these years, and including financial privacy as well as identity theft information security so with that in mind, what do you feel about this transfer? >> well, i guess, i'd make a couple of points and this committee and you have been leaders on privacy issues. you know, we'll be transferring over a lot of laws we hope to keep a back-stop authority that is concurrent and, of course, this is the beginning of the legislative process. it's not the end. >> no, i understand. >> i see a lot of agreement on many things within th

secretary geithner is expected to play a key role in advising mr.ama about whether to reappoint mr. bernanke. the proposal from the white house is to increase the powers of the fed. that will be part of the debate also. the next phone call is from indianapolis. it is on the republican line. caller: thank you, i cannot believe i'm getting a chance to talk after the lady who just called in, the democrat. bad-mouthing the president. i think that everybody up there in the united states needs to take a chill pill. his only one person. congress, our congress -- the people you keep putting back into office are the ones running it, not him. he has to beg everybody for everything. the powers to be are the lobbyists. you will not get rid of them. pretty soon you will not have anything left. then will be too late. that is about all i have to thank you, susan, you are my favorite and a great reader. next up, new orleans. caller: yes, to the extent that people are being misled in the standard, yes, indeed, look up [unintelligible] and google it and find out that

mr. speaker. in monday's "wall street journal" secretary of state hillary clinton and the secretary treasury geithner co-authored an opinion piece outlining the issues to be discussed in u.s.-china strategic economic dialogue. no mention of human rights, no mention of the chinese government's suppression of journalists, no mention of the dozens of human rights lawyers across china who have been stripped of their licenses, no mention of the 35 catholic bishops that languish in chinese prisons and slave labor camps, no mention of the crackdown on the uighurs, no mention on repatrioting refugees. human rights cannot be separated from economic policy. the obama administration has missed yet another opportunity to make human rights a fundamental component of u.s. foreign policy. the speaker pro tempore: for what purpose does the gentlelady from new york rise? >> to address the house for one minute. the speaker pro tempore: the gentlelady is recognized for one minute. mrs. maloney: thank you, mr. speaker. thank you, mr. speaker. the joint economic committee just concluded a hearing highlighting a g.a.o. re

geithner. you can make sure we are held responsible. >> the chair recognizes mr. stern's from florida. -- before mr. chairman. mr. chairman, we have had a loss of hearings on privacy in this committee, and when i was the chairman of the committee we had many hearings on privacy and i think my concern is if we transfer some of the federal trade commission privacy at work to this new cfpa, particularly in light of all of the expertise you have and you have been a leading agency for all these years, and including financial privacy as well as identity theft, information security so with that in mind, what do you feel about this transfer? >> i guess i would make a couple of points, this committee and you have been leaders on privacy related issues. we will be transferring over a lot of balls, we hope to keep a backstop authority that is, current and of course this is the beginning of the legislative process -- >> i understand. >> i see a lot of agreement on this committee on ways to go forward. on -- negative -- the way that we've read the legislation it is unclear whe

mr. sellic and negroponte have fruitful strategic dialogue. and today i am happy that i wo can work with secretary wang, secretary clinton and secretary geithner for the benefit of china-u.s. relations. i'm honored to work with secretary clinton to co-chair the china strategic dialogue within the framework. and we must live up to the expectations and fulfill our mission to make this good beginning of the dialogue. ladies and gentlemen, dear, friends, i think we're now taking a part in building a history of two country tw different social system, ideology, working together to tackle challenges of the 21st century. we're now taking a part of building the history in new type of relations between big countries with mutual respect, in a globalized the 1st century. -- 21st century. can we manage to do that? my answer is we must work hard to make it happen. >> translator: yes, we can. that i and yes, we can. [applause] >> translator: tha you. >> ladies and gentlemen, the president of the united states. [applause] >> thank you. good morning. it is a great honor to welcome you to the first meeting of the strategic economic dialogue between the united s

mr. geithner, welcome again. i want to ask you specifically in terms of would you not commit to at least having someone on your staff that is dedicated to increasing the participation of african-american owned firms, management asset firms, other firms so that they can get business in the financial sector as we move in this area? >> i think i can do better than that in the sense that i'd be happy to designate to you the principle senate confirm ed person in the treasury. part of whose responsibility will be to continue to make sure we're looking for opportunities to increase participation of again small women-owned, minority-owned businesses this these programs. again, we have been pretty careful and pretty effective in expanding those opportunities. happy to work with you on ways we can do better. jo because there are many, many well-qualified minority-owned firms who if we don't make a special effort, a special effort to make sure they have the opportunity to compete and if it doesn't come from the top, it just