mr. peterson: for such time as he may consume. the speaker pro tempore: the gentleman is recognized for such time as he may consume. mr. boswell: i'd like to clarify an important point about one of the exclusions from the definition of swap. the exclusion from the definition of swap for, quote, any sale of a nonfinancial commodity or security for deferred shipment or delivery so long as the transactions intended to be fiscally settled, end of quote. it is intended to be consistent with the ford contract exclusion that is currently in the commodity exchange act and cftc established policy on this subject. physical commodity transactions should be -- should not be regulated as swaps as that term is defined in this legislation. this is true even if commercial parties agree to, quote, look out to deliver obligations of the ford contract. now, for those who are not familiar with terminology, a bookout is a second agreement between two commercial parties to a ford contract that finds themselves in a delivered chain or circle who agree to

mr. peterson from minnesota is an effective chairman. his interests are more aligned with farmers then white house policy. the chairman of the senate agriculture committee is running for reelection in a tough year for her. there's a possibility she will not be back to chair the committee in time for the completton of the 2012 farm bill. the players are still in flux. keep in mind the secretary of agriculture may not be, in fact agriculture may not be, in fact will not be, the prime leader in the rewriting of the bill. >> thank you to the tube for your questions and for the secretary to being on "newsmakers" this week. [captioning performed by national captioning institute] [captions copyright national cable satellite corp. 2010] >> they have an agenda, and as long as the facts are right, that's a story you can write about. >> over the past year, an investigator from the "wall street journal" has written a series on lawmakers overseas trips funded by taxpayers. he is our guest tonight on c- span's q &a. >> david cameron feels questions fr

mr. peterson from minnesota is a very effective chairman. his interests are much more aligned with the farmers than with the white house policy. the chairman of the senate agriculture committee from arkansas is running for reelection in a tough year for her, and there's a possibility that she will not be back to chair the committee in time for the scompleegs of the 2012 farm bill. so the players are still in flux by keeping in mind that the secretary of agriculture may not be in fact will not be the ppime leader in the rewriting of the bill. >> which is making the point that's early for his involvement of but thanks to both of you for your questionses this week. >> my pleasure. and the c.e.o. of moody's investor service. later, we'll hear from other officials from moody's. this focuses on credit agencies which assess the financial products. many of those gave high ratings to financial products consisting of subprime home mortgages which declined dramattcally in value. the financial crisis inyirey commission is a bipartisan group created by a

mr. peterson votes aye proxy, mr. boswell votes and aye proxy, mr. rush votes aye by proxy, mr. conyers boats aye by proxy, mr. townes votes aye by proxy. mr. velazquez votes aye by proxy. >> the clerk will go to the republicans. >> mr. back as the votes no, mr. royce boats no, mrs. capito boats no, mr. hensheling votes no. mr. barton votes no by proxy, mr. smith the its no proxy. 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 immense

mr. peterson votes aye by proxy. mr. boswell votes aye by proxy. mr. waxman votes aye by proxy. mr. conyers votes aye by proxy. mr. burman votes aye by proxy. mr. cummings votes aye. ms. velasquez votes aye by proxy. >> the clerk will go to the republicans. >> mr. bacccus votes no. mrs. kapatow votes no. mr. garrett votes no. mr. lucas votes no by proxy. mr. barton votes no by proxy. mr. smith votes no by proxy. mr>> madame clerk, i do have a proxy for mr. schuler. he votes aye. the clerk will report the tally. >> there are 20 ayes and 11 nays. >> i am pleased to be able to report to you that we send you the approval of the financial reform bill. >> we congratulate you on a terrific job. house members will now vote on the senate side. the ayes will have it. [laughter] i asked the clerk to call the roll. >> mr. chairman, aye. mr. johnson, aye. mr. schumer, aye. ms. lincoln, aye. mr. leahy, aye by proxy. mr. harkin, aye by proxy. mr. shelby, no. mr. corker, no. mr. gregg, no. >> the clerk will report. >> the votes are 7 aye, 5 nay. the bill is passed. >> i thank my colleagues, immense

mrs. peterson think? caller: she thinks the same thing. i tell you, we are down here in the oil country.st: i appreciate you calling in and we will talk to you in a month or so. fort myers, fla., please go ahea caller: i am here in florida and we are anxiously awaiting and praying that the world does not hit our beaches here in southwest florida. host: right. what did you think of yesterday's congressional hearings? caller: i tink this is a lot of showboating by a lot of ngressmen. we have people from michigan grilling a someone and they have no clue what we are going through in florida and louisiana. we need to put this aside and stop the oil. we

mrs. peterson think? caller: she thinks the same thing. i tell you, we are down here in the oil country. host: i appreciate you calling in and we will talk to you in a month or so. fort myers, fla., please go ahead. caller: i am here in florida and we are anxiously awaiting and praying that the world does not hit our beaches here in southwest florida. host: right. what did you think of yesterday's congressional hearings? caller: i think this is a lot of showboating by a lot of congressmen. we have people from michigan grilling a someone and they have no clue what we are going through in florida and louisiana. we need to put this aside and stop the oil. we had people explain how they had a similar situation on friday and dave were able to drain the oil and -- and they were able to drain the oil and contain most of it. host: has agreed to your beaches in fort myers? caller: no, it has not. host: has it affected the tourism? caller:, it has because of the media -- yes, it has because of the media. there have been a lot of cancellations and people who are afraid to come. host: this is the fr

mr. peterson is working on something on that. would then move that the house send back to the senate title one receding to the senate on the question of the one amendment that they rejected. all in favor, say aye. opposed, the ayes have it. let me say, thatas an amendment to the collin amendment that our colleague mr. moore had. we made and i appreciate the bipartisan efft here. we made, i think, significant prgress in amending the amendments. but it's not nearly -- some of the probls some of us saw have been resolved. so with that, mr. chairman, we agree totally to title one. next, i have on title nine subtitle d, which is risk retention. move that we accept the senate counter offer with three modifications. have those been presented to the members? let me ask the staff. well, maybe i can't move that. have the modifications been distributed to the members of the conference on the house side? let me again say i do not want to move anything where there has not been a distribution. on title one, there's no reason for adding anythin

mr. mcmahon: thank you. i thank the gentleman for yielding. i rise today in full support of this bill and this rule. i commend chairman frank, chairman peterson, all the members of their staffs who worked so hard. this legislation, mr. speaker, addresses many of the problems at the heart of the financial crisis while allowing us to build an even stronger regulatory foundation for future economic growth and stability in our financial markets which we need undoubtedly to create jobs in the american economy. since my first days in congress i have called for smart, thoughtful regulations for our shared goals for reform without unnecessarily burdening our economy or forcing our financial industries overseas. after a year and a half of kate and discussion, although not perfect, i think we struck the right balance here and i'm proud to support this bill. it is god for america, it is good for new york city, it is good for the people of staten island and brooklyn who sent me here to represent them. in particular i applaud the effort to bring greater transparency, accountability, and oversight to our derivatives market. this bill makes sure the regulat