mr. royce. mr. royce: i'll only take a minute here to close, but i'm i'm for research and science and scientific research where we can drive progress in the united states, but as i shared with you earlier, i'm a former capital projects manager and one of the things you learn is to identify those projects which have some ability to have a return on investment. when you run into a project which is not only on the face of it, uneconomical, but one which is hazardous and on top of that, you see a listing of all the ways in which you would extract energy at much less cost than you would ever get to this and it would be the very last resort on the list, you would not keep that on your list of capital projects to entertain. i can tell you this. if you were constricted in your budget, especially if you are borrowing 40% on your dollar in your budget, would you take this off the list of capital projects you would commit to. i would commit to you, it is only logical that we pass this amendment and we inc

mr. royce: thank you, mr. chairman. mr. chairman, this amendment would decrease the allocation of the department of science and the department of energy budget by $10 million and let me give you an example of what $10 million is used for by way of example in this department. there's $10 million for appropriating money to methane hydrate research and development. now, i was once a capital projects manager and i understand, members, i understand the impulse to invest in technologies that are going to have a payback, that are going to provide a return but to do that not only do you have to be able to figure out whether or not it's possible to get that payback, it has to be a viable alternative when compared against other competing alternatives. and that's what i want to speak to here. the government here in the u.s. has already spent $155 million on research and development commercialization for this technology, for methane hydrate, over the last five years. taxpayers do not need to subsidize the gas hydrate industry to find e

payne and mr. royce for holding this thing. in picking up sort of what mr. was left off, i mean, the inherent instability that has long dominated somalia as a failed state has spillover effects that certainly affect the united states, national security, shipping, the shipping lanes off the gulf of aden, and i think are of deep concern. i'm particularly interest in this hearing intended use of our panelists on the piracy aspect of this instability of there are lots of aspects, but we are seeing pirates who are more emboldened. it's a cash business. they are more and more successful in ransoming numerous ships. that is a critical shipping link that simply has to be secured. and in american history going back to thomas jefferson, we've always had an interest in that part of the world and putting an end to piracy. he we are over 200 years later doing with something similar. so i be interested in hearing what you think our options are or should be and what steps we can take to further enhance our capability to deter piracy in that part of the world. thank you, mr

amendment number 68 by mr. royce of california. amendment number 43 by mr. broun of georgia. an amendment by mr. schiff of california. amendment number 48 by mr. broun of georgia. an amendment by mr. shimkus of illinois. an amendment number 47 by mr. broun of georgia. the chair will reduce to two minutes after the first vote in this series. the unfinished business is the request for a recorded vote on amendment offered by the gentleman from utah, mr. matheson, on which further proceedings were postponed and on which the ayes prevailed by a voice vote. the clerk will redesignate the amendment. the clerk: amendment offered by mr. matheson of utah. the chair: a recorded vote has been requested. those in support of the request for a recorded vote will rise and be counted. a sufficient number having arisen, a recorded vote is ordered. members will record their votes by electronic device. this will be a 15-minute vote. [captioning made possible by the national captioning institute, inc., in cooperation with the united states house of representatives. any use of the closed-captioned

picking up where mr. royce left off, the inherent instability that has long dominated somalia as a failed state has spillover effects that certainly affect the united states national security, the shipping lanes of the gulf of aden, and, i think they are of deep concern. i am particularly interested in hearing the views of panelists on the paris the aspect of this -- on the piracy aspect of this. the pirates are more emboldened. it is a cash business. they are more successful in ransom in numerous ships. that lane has to be secured. we have always had an interest in that part of the world and putting an end to privacy. over 200 years later, we are still dealing with this. what are our options, what should they be, what steps can we take to further enhance our capability to deter piracy in that part of the world? >> very briefly, mr. chair, as somalia continues to receive a rating of a failed country, our country must continue to remain active and expand our diplomatic commitment and support to restoring somalia

and it's a pleasure to see my good friend, mr. royce back who chaired the subcommittee at some point in the past and has maintained a strong interest as have congressman smith. and so it's a pleasure to be here at this very important hearing. unfortunately, i will have to leave a few minutes before ii. -- 2:00. i've been invited to be a part of the presidential delegation that will celebrate the new state of south sudan and must leave in a hour or so to juba to be a part of that great achievement. but i will stay as long as i can. i certainly look forward to your insights and challenges facing somalia. and the united states and the root causes of these challenges. let me also say that i really commend our witnesses, all of whom have extinguished backgrounds with dealing with somalia and other difficult places in the world. especially the honorable donald mota who has spent so much time in the area and has been responsible for so many achievements that we've seen in the very troubled parts of the world where he has served. i've had a lon

i would like to recognize mr. royce for one minute. >> thank you, madam chair. look, according to the new york times two weeks ago they say new york state would take lenders 62 years of the current pace to repossess the 213,000 houses now and severe defaults or foreclosure. in new jersey they say it would take 49 years. you know, economists often argue that a cinco clearly defined set of rules would be part of the solution to effective regulation and certainly to clearing the market. i think it is no wonder that the housing market continues to sputter. and i think we add to the problem given the hodgepodge of statutes and rules, none of which are the same, by the way. but we have -- we have 50 state laws, local ordinances, federal regulations, state regulations, court rulings, enforcement actions, fha requirements, requirements, rural housing service requirements, the fannie mae standards and the freddie mac standards. so at a minimum the lack of a cinco clearly defined set of rules has added to the confusion, delayed much of the market from clearing, disgraced

mr. huelskamp, on which further proceedings were postponed and on which the noes prevailed by royce vote. the clerk will redesignate the amendment. the clerk: amendment offered by mr. huelskamp of kansas. the chair: a recorded vote is requested. those in support of the request for a recorded vote will rise and be counted. a sufficient number having risen, a recorded vote is ordered. this will be a five-minute vote. members will record their votes by electronic device. [captioning made possible by the national captioning institute, inc., in cooperation with the united states house of representatives. any use of the closed-captioned coverage of the house proceedings for political or commercial purposes is expressly prohibited by the u.s. house of representatives.] the chair: on this vote, the yeas are 126, the nays are 284, the amendment is not adopted. the unfinished business is the request for a recorded vote on the amendment offered by the gentleman from missouri, mr. cleaver, on which further proceedings were postponed and on which the noes prevailed by mr. cleaver of missouri. the chai

royce. >> yes. let me ask a quick question to mr. bullard.you view the assertions as overstated in terms of the threat of a european debt problem reaching the point where it impacts money market funds here in the united states. in your report. could you, could you walk us through that in terms of -- i might agree with you, but i just want to hear your thoughts on that. you think it's overstated, and there isn't that amount of debt in the money market fund system. >> um, what is misleading about the representations we've been seeing this week is the characterization of those holdings that simply european bank exposure. if you look at 2a7 and the nature of the instruments that they would be allowed to hold, they would be, essentially, is safest, shortest term obligations issued by those banks. i think part of it is driven by a cheaf fistic attitude driven by anything offshore, repeatedly making assertions about the quality of money market fund assets with respect to european banks while statement their banks hold long-term obligations of those