chaffetz, just to make sure what we did working with my friend, mr. issa, we added some specific language and i quote, funds to reporting -- may i have 15 seconds. ms. watson: i yield 15 seconds. the speaker pro tempore: the gentlelady yields and additional 15 seconds. mr. cuellar: we added language that agencies shall report the requirements of this act out of the existing budget. so this addresses the issues mr. chaffetz, some other folks, and i think this will be a good bill we can all support in a bipartisan way. the speaker pro tempore: the gentleman's time has expired. the gentleman from utah is recognized. mr. chaffetz: madam speaker, i yield myself such time as i may consume. the speaker pro tempore: the gentleman is recognized. mr. chaffetz: currently dealing with high unemployment, record budget deficits, a debt that seems insurmountable. the challenges this congress face can not be more clear. we must cut wasteful spending. we have to do it. we have no other choice. the federal government spending to reduce our nation's debt is paramount to our

bachus: i yield to mr. issa, the ranking member of government oversight and government reform for three minutes. four minutes, i'm sorry. the speaker pro tempore: the jell is recognized for four minutes. mr. issa: i ask unanimous consent to revise and extend my remarks. the speaker pro tempore: wok. mr. issa: mr. speaker, others will rise and they'll talk about the underlying bill. although i was on the conference committee and for two weeks, chairman franks, ranking member bachus and the rest of us were together, i do not claim and will not claim to be an expert on all the things that led to a financial meltdown or all the things that will preclude the next. i do rise to oppose the dodd-frank bill and i do so because i don't believe it will preclude another meltdown and another crisis. i don't do that because i'm an expert on the financial system, i'm not. the people i serve with on conference, many of them are. i'm not concerned that the process was not open. i think chairman frank allowed us an unusually grea

chairman, it is my understanding that mr. issa has an amendment and mr. hencerling has two. and i believe the two amendments are somewhat similar . >> have we seen the other amendment? all right. yes, mr. chairman? >> let me make it 7:00, and i will to get 6:30. gentleman from north carolina. >> thank you. i have an amendment. the clerk will designate the amendment. >> i ask unanimous consent, and i would note the gentleman from north carolina is recognized to speak. >> thank you. i am actually offering this on behalf of the judiciary committee. so i may be struggling a little bit here because it is not an issue that i have been dealing with a lot. the base bill or the senate bill has a provision that says that unless a company consents to the appointment of the fdic as a receiver in an orderly liquidation, the treasury secretary cannot appoint the fdic as a receiver without first petitions a federal district court in the district of columbia. the court has 24 hours to act, and if it misses the deadline, and the fdic is appoint as receiver. the amendment i am offering places

mr. issa boats and no by proxy. >> madame clerk, i have a proxy for mr. schumer and evokes aye by proxy -- and he votes aye by proxy. there are 20 ayes and 11 nays. >> the house send you its approval of a financial reform bill. >> thank you very much, chairman frank and let me thank you on a traffic job. house members will vote on the senate side and all those in favor said aye debate ayes appear to have it. [laughter] i will ask the clerk to call the roll them mr. chairman, aye, mr. johnson aye, mr. reid, aye, mr. schumer aye by proxy. . licoln aye, mr leahy aye, mr. ahrkin aye by proxy, proxycorker no, mr. greg no. the votes are seven ayes, 5 nays, the bill is passed. >> i thank my colleagues immensely. [applause] >> conferees in favor of passage of the bill, i declare the bill passed and a conference committee is now adjourned. [applause] [random chatter] [random chatter] [no audio] [no audio] [no audio] [no audio] [no audio] [crowd chatter] >> we have consumer protection for the first time in this country. we don't want to end up with the same situati

mr. issa: i thank the gentleman and i thank the speaker. three minutes is all i need because we're going into a process, one you in which i would like to be optimistic. one in which i'll have 72 hours to pour over a 2,000-page bill to see where we can make it better. mr. speaker, i too, like the gentleman from pennsylvania, remember 2008. i remember helping lead the charge against a whole sale bailout, a slush fund for then president bush to pass around $700 billion and to pass onto the next president a piece of that left over. to spend it and if you happen to get paid back, to spend it again. mr. speaker, the american people are tired of endless bailouts of the select few. when the gentleman spoke of a.i.g., a.i.g. still owes us $100 billion-plus we'll never see back, in spite of the fact that much of that money went outside the country. i'm part of a congress that saw the bush administration make mistakes. i'm fortunate that i voted against it. and i'm happy that i voted agast it -- against it. as we go intbankruptcy -- sorry, as we go in

mr. smith votes no by proxy. >> issa? >> no, by proxy. >> mr. graves? >> no, by proxy. >> madame clerk, mr. schumer votes aye by proxy. >> mr. schumer votes aye by proxy. >> what is the tally? >> 20 ayes, 11 nays. >> the house sends you its approval. >> let me congratulate you on a terrific job. we will now vote on the senate side. those in favor aye, those opposed nay. the ayes have it. [laughter] i will ask the clerk to call the roll. >> mr. chairman? >> aye. >> mr. johnson? >> aye. >> mr. reed? >> aye. >> mr. schumer. >> aye, by proxy. >> ms. lincoln? >> aye. >> mr. harkin. >> aye, by proxy. >> aye, by proxy. >> mr. shelby? >> no. >> mr. crapo. >> no. >> mr. corker. >> no. >> mr. gregg. >> no. >> mr. chambliss. >> no. >> the clerk will report. >> 7 aye, 5 nay. the bill is passed. >> i thank my colleagues. [applause] >> with the votes of the house and senate conferees in favor of passage of the bill, i declare the bill passed and the conference committee is now adjourned. [applause] >> nice to meet you. take care. >> i'm on the cleanup crew. >> congra

mr. garrett votes no. >> lucas no by proxy. >> no, by proxy. >> issa? >> no, by proxy. >> mr. graves? >> no, by proxy. mr. schumererkc, votes aye by proxy. >> what is the tally? >> 20 ayes, 11 nays. >> the house sends you its approval. >> let me congratulate you on a terrific job. we will now vote on the senate side. those in favor aye, those opposed nay. the ayes have it. i will ask the clerk to call the roll. >> mr. chairman? >> aye. >> aye. >> aye, by proxy. >> ye. >> aye, by proxy. >> aye, by proxy. >> mr. shelby? >> no. >> mr. crapo. >> no. >> mr. corker. >> no. >> mr. chambliss. >> no. >> the clerk will report. >> 7 aye, 5 nay. the bill is passed. hank my colleagues. [applause] >> with the votes of the house and senate conferees in favor of passage of the bill, i declare the bill passed and the conference committee is now adjourned. [applause] >> nice to meet you. take care. >> congratulations. >> congratulations. >> we recognize the remendous efforts of staff. it has been nothing quite like this. as is as good as it gets in terms of a legislative effort. this makes a huge differencee no one tho