mr. meek. mr. meek votes no. ms. schwartz. votes no. mr. davis of alabama. votes no. mr. davis of illinois. mr. davis of oil now votes no. mr. ethridge. mr. ethridge votes no. ms. sanchez. votes no. mr. higgins. mr. higgins votes no. mr. yarmouth, voetsdz no. mr. camp. mr. camp votes yes. mr. larson votes no. mr. herger. votes aye. mr. johnson. mr. johnson votes aye. mr. brady. mr. brady votes aye. mr. ryan, mr. ryan votes aye. mr. cantor, mr. cantor votes aye. mr. linder. mr. linder votes aye. mr. nunez, votes aye. mr. tea barry votes aye. ms. brown wait, votes aye. mr. davis of kentucky. mr. davis of kentucky votes aye. mr. reichert, votes aye. mr. buse taney. votes aye. mr. heller, votes aye. mr. ross cam, votes aye. mr. mcdermott, votes no. mr. tanner. mr. tanner votes no. mr. chairman chairman votes no. 16 yeas. 25 nays. thank you mr. chairman the underlying bill allows for redistribution of unused slots for primary residents in medical education, increasing the total number of graduate, milled education slots by 15% is really, part of my amendment. it would direct t

mr. meeks? >> thank you. i want to thank all the witnesses for being here. was a very important hearing it gives a lot of food for thought and i don't want to jump ahead of ourselves because i do believe that what president arias is doing and sometimes triune to look at the present whether the glass is half full or half empty some people are saying that democracy throughout the south and central iraq cut is being threatened. well, democracy in the ponder this may be that the reaction of the country's in central and south america who are upset about what has taken place which caused them to sit down and try to work together to resolve this so that we do not turn back the hands of time shows we still have come a long way, shows that still folks even in the region want to work together to make sure that democracy is ranked and show those democracies would soon meet those who have not had for such a long period of tire because the bottom line are still those poor people in honduras one of the poorest nations on the hemisphere no matter what the system of governm

in other words, as i understand it, you've got seane, which is what mr. meeks is talking about. when you get down to specifics, you've got the pay czar from the white house, mr. feinberg, right? he's going to be looking at this. does this bill stipulate, legisla legislate, whatever ate, $100 million or other large bonuses that are performance-based, is what i'm really asking. this is not a salary. this is performance-based bonus. >> well, the answer to your question is potentially, yes. sections for the legislation, again, don't read the slogan, read the bill. section 4 says that the s.e.c., the cftc are regulators of financial institutions, can prohibit any incentive-based compensation system that they do not believe is properly aligned with quote, unquote, sound risk management. read the bill. they have the power to do that. so, yes, they could prohibit this kind of incentive pay. and in america, i just don't think that's right. >> no. that is exactly what it says. representative meeks, it seems like you don't agree that that's what this says. and i'm looking at this text right

. >> mr. meeks, what about the empearl fed?ople are worried we're going to give the fed much too much power, have a tough time monitoring monetary policy. are you worried?d? >> i think we're going to make sure what has been clear is the regulators have been too weak in the past. and i think from the testimony i'm hearing, in the committees thus far, that all agree that we need a systemic risk regulator. the question is, who should be that appropriate person? all agree that we've got to do something to those individuals who are large companies that may be too big to fail or how we resolve them when they are failing. and what's the best way of doing that. and that's what we've got to determine. and i don't think this is any controversy there. and so i think we're embarking upon a legislation that is going to be historic. and that's since 1930. and i think it's something we need to focus on, take our time, listen to everybody, so we make little mistakes. we don't want to have unintended consequences here, and that's why i think th

opening statements to two minutes for each person and we will go down the line and i will start with mr. meeks thank you mr. chairman. i will try to do it in two minutes. first of all i think we have come a long way in the united states from where we were in 2002 where there was a coup d'etat in venezuela and within 48 hours we supported the coup d'etat government. we have got to make those improvements and i think we have made that with this administration. we clearly cannot turn back the hands of times are ahead the opportunity to talk to several heads of states including president area isoo said we could not allow coup d'etat cosson this is the government of other areas to try to figure out that we make sure we don't turn back the hands of time and that is what this is about so i am as nervous as the chairman is that the hands of time do not turn back. whether mr. zelaya has done whatever he has done i don't believe that the military has the right to come in and pull him out. it would have been the equivalent i would think of, at the time when president nixon, who had violated laws in the c

mr. meeks. >> thank you mr. chairman.t to thank all of the witnesses for being here at what is a very important hearing and i think that it gives us a lot of food for thought. i don't want to jump ahead of myself because i do believe that what president arias is doing and sometimes try to look at the prism of whether the glass -- glass is half full or half empty. some people are saying the democracy to of the south and central america is being threatened. well, democracy in the honduras baby but the reaction of the countries in central and south america who are upset about what is taking place which has caused them to sit down and side to resolve this so that we do not turn back hands of time it showed that we still have come a long way and that shows that post in the region want to work together to make sure that democracy is raining and hope we will also show that those democracies will soon mean that those who have not had for such a long time because the bottom line here are still those poor people in it honduras. one

opening statements to two minutes for each person and we will go down the line and i will start with mr. meeks thank you mr. chairman. i will try to do it in two minutes. first of all i think we have come a long way in the united states from where we were in 2002 where there was a coup d'etat in venezuela and within 48 hours we supported the coup d'etat government. we have got to make those improvements and i think we have made that with this administration. we clearly cannot turn back the hands of times are ahead the opportunity to talk to several heads of states including president area isoo said we could not allow coup d'etat cosson this is the government of other areas to try to figure out that we make sure we don't turn back the hands of time and that is what this is about so i am as nervous as the chairman is that the hands of time do not turn back. whether mr. zelaya has done whatever he has done i don't believe that the military has the right to come in and pull him out. it would have been the equivalent i would think of, at the time when president nixon, who had violated laws in the c

that will mean 30 seconds for you people to wind up, and next is the gentleman from p new york, mr. meeksthank you, mr. chairman. thank you for your service. i have learned coming in here that there is always a question in trying to go forward so we don't get involved in unintended consequences and things of that nature, and there are two concerns that i have that i give examples of. for example, many small businesses use derivatives for dir riff tiff risk management purposes that pose no systemic risk to the system, and many of those may opt out of hedging interest rates and currency risk if all trades are moved to exchanges, and they can customize or require home homo genius collateral requirements. this may lead to more firms doing riskier things. that could be an unintended consequence. we also, you know, the concern with the dealer banks who rushed to establish proprietary exchanges and push their transactions to owned clearinghouses or exchanges, which would create, it seems to me, a strong incentive for this, and could potentially stifle competition in the market and further concen

mr. ryan: i thank the gentleman and, you know, just as all of you do, i feel this is such a critical issue for our country and we started coming to the floor in 2002, congressman meek from florida and i, with the 30-something hour and we were talking about at that point social security privatization and just a reminder of what the world would look like today if we had privatized social security and we weren't here, democrats weren't here to prevent that from happening, where we would be now. with what's going on in my districts in akron and youngstown, ohio, very industrial and a bit north from my friend in kentucky, and when you look at what the problems that communities and families are having to deal with there, an example of steel companies that have closed, people have -- their pensions have gone to the pbgc, some lost their pensions altogether, some lost their health care altogether. now we're dealing with, as the new g.m. moves forward, a lot of the old delphi folks weren't included in the new deal so now they're left on the outside whether they're union workers or salaried workers that had put just as much time, effort and intellectual into developing delph

. >> the gentleman from new york, mr. meeks. >> thank you, mr. chairman.it's good to see all of you again. my first question would be to chairman bernanke. we seem and every time we look at reports, we seem to be getting some early signs that if not recovering the recessions at least bottoming out. but most of the data that we've looked at is based on domestic economic trends in housing, employment, etcetera. but we've also seen that our economy has become increasingly dependant on a broader, global economy. and in particular, developing countries have become responsible for 75% of growth this decade and over 60% of growth in u.s. ex ports. so my question is, how do you see trends and risks in the recovery and developing countries impacting our own recovery here at home going back and forth? >> well, emerging market economies took a very big hit because they -- there was a lot of capital flowing out of those countries and many of them are very dependent on exports and trade sell a lot. so those economies did have very serious declines late last year and ea