mr. goodlatte: mr. speaker, i yield myself such time as i may consume. the speaker pro tempore: the gentleman is recognized. mr. goodlatte: mr. speaker, today i am pleased that we are considering a bipartisan bill to update the video privacy protection act of 1998. this bill will ensure that a law related to the handling of videotaped rental information is updated to reflect the realities of the 21st century. the vppa was passed by congress in the wake of judge robert bork's supreme court nomination battle during which a local washington, d.c., newspaper obtained a list of videotapes that they rented from their neighborhood video rental store. it caused bipartisan outrage which resulted in the enactment of the vppa. the commercial video distribution landscape has changed dramatically since 1988. back then the primary consumer consumption of video consumption occurred through the sale or rental of prerecorded video cassette tapes. this required users to travel to the local video store to pick up a rental

mr. goodlatte, i wouldn't want to discuss any of the details that they compromise the enforcement investigations but to say that generally speaking, yes, customer would place money in a 4-d account within fcm and that fcm is not allowed to use customer funds, for instance to make proprietary investments for their own accounts. >> okay, and on monday, the commission, after considerable investigation and deliberation and starting prior to this mf global problem arising, and made changes to rule 1.25 which gives instructions to companies like mf global about what they can do with the funds and those accounts. is that not correct? >> that is correct but i think it is also, just to be clear, when in fcm is using funds to invest in permissible investments under 1.25, simultaneously the exact amount of money has to be put back into the customer account. they can't take the money out there, use it, invested and that some other time put it back. >> correct so they have to maintain the funds in that account much like if you put money into a bank account, the bank using that as debt as collateral will make

mr. goodlatte i don't live was discussed at the meeting. and that there was a piece of evidence that would ensure that the company would lose the case because indeed the interception in question was only half of the company. that was information i was given spirit did not occur to you, did you ask? >> i don't believe so. i think it was known at the time that this was a voicemail interception that had already been prosecuted by the police and that the police had said there isn't anything more here. they shut their investigation and successfully prosecute the individuals concerned. >> i have a growly australian accent rattling around in my head at the moment that would take how much more is this person going to cost me question to you think your dad might've asked more questions than you asked for? >> i couldn't begin to speculate. >> and you didn't come it didn't occur to you to sort of ask whether glenn mulcaire -- >> no, it was specifically said to me that he was doing this on behalf of the "news of the world" with respect to this. and tha