mr. kanjorski but we just don't agree on this issue. i would really hope that you would take a moment and have somebody go back and review the process that normally took place. how we would deal with this, look at existing laws on the books and if not, the case needs to be made as far as corrupt brokers and corrupt mortgage brokers and appraisers and without turning the entire cart over because an agreement between one state and your office that, perhaps, maybe there's a real problem in the state of new york. i don't know. maybe there's a real reason why the attorney general would come to you and say there's such rampant fraud within our housing market that we need to turn the laws over. perhaps they need to shine a light on their own problem but i think we've done it nationally and impacting 80% of the marketplace in a very, i think, negative way at the worst time. and i would ask that you, please, take a moment and revisit this and say, did we really do the right thing? i understand what you were trying to get at and i applaud you for

mr. kanjorski. >> mr. chairman thank you for your testimony and i have listened to a lot of my colleagues today use words like threats, even lies, lying. the reality is it the judge cautions an attorney with certain conduct, it would constitute contempt. that is not a threat, is it? that is talking to the power of the court, laying out what the rules are. i can't see the people are jumping to conclusions that by either yourself for the secretary of the treasury, in forming a bank officer or a board that there were powers of the government to take action of a certain way which could constitute removal of the ceo or

mr. mckarth. >> chairman kanjorski, ranking member garrett and members of the subcommittee. my name is sean mckarthy and i'm testifying in my role as president of financial security holdings or fsa and short guaranteed corporation which is expected to complete the acquisition of fsa on july 1st. we appreciate the opportunity to testify at this hearing to improve oversight of the insurance industry and a restructuring of the federal government's role with regard to insurance products. as mono-heine insurance companies we provide in the case of fsa bond insurance for the u.s. municipal and global infrastructure markets and in the case of assured, bond insurance for u.s. municipal, global infrastructure and structured financings. insurance utilized only in the financial markets is a very different product from that of property casualty, life and health insurance companies. article 69 was enacted by new york state to segregate financial guaranteed insurance from multi-line products and the risks those entail. while it is a good step, it is not strong enough. we believe we will r

mr. chairman. good morning, chairman kanjorski, ranking member garrett and members of the subcommittee. it is an honor to testify before you today on these important issues. my name is john hill and i am president and chief operating officer of magna carta companies. magna carta was founded in new york in 1925 as a mutual insurance carrier for the taxi cab industry. although we no longer insure taxis, we employ 240 individuals and write in 22 states. we very much remain a small main street mutual insurer with $170 million in direct written premium. i'm here today on behalf of the national association of mutual insurance companies to present our views on systemic risk. dynamic represents more than 1400 property, casualty insurance companies ranging from non-farm mutual companies to large, national writers. members serve the insurance needs of millions of consumers and businesses in every town and city across america. i service chairman of the services task force which was created specifically to develop the policy response to the financial services crisis. our nation faces uncertain econ

mr. kanjorski of pennsylvania for today after 12:00 noon, mr. shadegg of arizona for today, and mr. welch of vermont after 2:00 p.m. today. the speaker pro tempore: without objection, the personal requests are granted. does the gentleman from california seek recognition? >> i do. mr. speaker, i ask to address the house for one minute for purposes about inquiring next week's schedule. the speaker pro tempore: without objection. the gentleman will suspend. the house will be in order. the gentleman is recognized. >> thank you, mr. speaker. i yield to the gentleman from maryland, the majority leader, for the purpose of announcing next week's schedule. mr. hoyer: i thank the gentleman for yielding. the speaker pro tempore: the house will be in order. the house will be in order. the gentleman from maryland. mr. hoyer: thank you, mr. speaker. on monday the house is not in session. on tuesday the house will meet at 10:30 a.m. for morning hour debate and 12:00 p.m. for legislative business. on wednesday and thursday at 10:00 a.m. on friday the house will meet at 9:00 a.m. for legislative bus