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. >> congratulations. >> congratulations. >> we recognize the tremendous efforts of staff. barney frank and i have worked together for the last few years. it has been nothing quite like this. as is as good as it gets in terms of a legislative effort. this makes a huge difference. no one thought we could get this done. it is a tough environment to operate in. to establish a consumer protection bureau for the first time in the history of our country, to stop the too big to fail, to ensure that we do not end up wit

mr. schumer. ms. lincoln. mr. lahey. mr. harkin. mr. shelby. mr. corker. mr. gregg. mr.>> the clerk will report. >> the measure were does not pass. >> are there additional amendments to settle? i am not going ask my colleagues to vote on title 1 as amended this evening, because we're going to work on the issue of thecrapo -- a o fthe crapo -- of the crapo amendment, it was a close call. we will work on this to see if we can't reach some additional commendation. i will delay asking my colleagues to vote to send back to the house our counter offer on title 1. are there amendments to title to? and that one, i will ask all those in favor of title 1 as drafted? -- title to, excuse me. those opposed? the ayes have it. we will submit our counter offer on title to. i am very grateful to my colleagues. we at started on such a good note earlier, we ended on kind of a sour note. >> this is a great process, and we see it for what it is. it has been a great process, and i appreciate that this is going to be a great legacy for you to leave behind. >> it better be important for the

mr. schumer. >> know, by proxy. >> ms. lincoln. >> know by proxy. -- no, by proxy. wait, a little bit. senator lincoln, aye by proxy. >> mr. harkin. no, by proxy. >> mr. shelby. >> aye. >> mr. kriegel. crapo.mr. krieg >> aye. >> to the measure is a tie and it is defeated. >> we are going to recess for five minutes. [gavel] >> come to order. let me say, we previously had a tie vote and the proposal failed on the tie vote. as an expressive to senator chambliss, i believe -- as i expressed to senator chambliss, i think it is important to note that, while i do not necessarily disagree with what he is suggesting, and the fundamental reason for the vote on this side has less to do with the substance of the thing. the fact of the matter is we have a limitation on the parameters of this conference to be focused on the title that deals for the pay-for provisions of the deal. i'm prepared to work with my colleague from georgia on this to see if a call away solves the problem or something else may be done. >> in the procedural footing, i hope to not vote to reconsider. this is a very large bill. i

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 situation that brought our country to near financial collapse. we believe we needed this before the crisis. it is nice that we could actually get this job done. chairman frank leading the house effort is a great college. -- colleague. they have done some plant that the needed to do for a long time. [unintelligible] [inaudible] ñxu>> senator dodd and i triedr best to get this done. as things happen, we got a lot of legislation prepared. if you intend to focus [no audio] [inaudible] risk retention requirements, but the volcker, the widespread use

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, immensely. [applause] >> will 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] [inaudible conversations] >> i think chairman frank and his team. we recognize the tremendous effort of the staff, representative barney frank and i worked together the last couple of years. it is a big legislative effort. we have a lot of work to do. this makes a huge difference. we thought we could get this done, but to establish a consumer protections bureau for the first time in the history of our country. stopped too big to fail, provide for the protections and see to it that we don't end up in a kind of cataclysmic event that brought our country to the brink of financial collapse. that kind of early warning, there are other items that are included. we believe we have somet

mr. schumer votes no by proxy. it is a tie vote, and the measure is not passed. >> mr. chairman, i like to say it was bipartisan agreement on some titles. there are numbers of titles. >> it was bipartisan agreement that resulted in partisan vote. when people vote against a whole bill, to me, the fact they were in a bipartisan agreement is hardly conclusive that we should not look at the substance. >> we have a bicameral system. >> i understand that, senator, but it is a genuine bicameral solution, so an agreement made in the senate with people who vote against the bill, a lottto make it clear it is not binding on us here. >> we knew that. >> thank you. [captions copyright national cable satellite corp. 2010] >> a break in the action here as house and senate conferees work on amendments to the financial regulation bill. this is the fourth day, this morning at 11:00 a.m. these conference meetings are met to merge the house and senate versions of the regulations bill. members are expected to continue work into next week, working section by section through the legislation.

schumer. >> thank you mr. chairman. on the senate floor we have now spent several weeks discussing jobs bills, tax extenders and state fiscal relief and the senate is poised to take a small business legislation on every one of these initiatives is important. it almost universally manufacturing see the biggest single step we can take to create jobs domestically to improve the lot look for domestic manufacturing is to get china to reform its exchange-rate policy. in other words, if china appreciate its currency and move toward a floating exchange rate it would do more for jobs in the united states than any stimulus program that we could pass into law and would help china's economy as well. after reinstating the dollar nearly two years ago china's centl government finally made an announcement last weekend the head of the g20 meetings but would gradually allow them to appreciate. the following day facing domestic pressures, they backtracked on that statement. on monday they allowed the chinese to appreciate by 4% cut in on

schumer. >> thank you, mr. chairman, and i, too, want to note the passing of our friend and leader, senator byrd. senator byrd's fierce devotion to the constitution hovers over this hearing and nothing could be more appropriate on the sad day of his death than holding this hearing, where the first branch of government gives advice and consent to the second branch of government as we fill somebody -- fill a position on the third. well, welcome, madam solicitor general. there's only so much we can do to elaborate on your qualifications. solicitor general kagan's achievements, as well as her record, are by now well known to this committee and by the end of the week, they will be well known to the american people. frankly there are not many blankseft to fill in. given how forthcoming general kagan has already been, i would think that we could finish this hearing in one round of questioning. now, i am and i've always been a strong advocate for asking nominees searching questions and i expect nominees to answer. i al

schumer. >> thank you, mr. chairman, and i, too, want to note the passing of our friend and lder, senator byrd. senator byrd's fierce devotion to the constitution hovers over this hearing and nothing could be more appropriate on the sad day of his death than holding this hearing, where the first branch of government gives advice and consent to the second branch of government as we fill somebody -- fill a position on the third. wl, welcome, madam solicitor general. there's only so much we can do to elaborate on your qualifications. solicitor general kagan's achievements, as well as her record, are by now well known to this committee and by the end of the week, they will be well knowto the american people. frankly there are not many blanks left to fill in. given how forthcoming general kagan has already been, i would think that we could finish this hearing in one round of questioning. now, i am and i've always been a strong advocate for asking nominees searching questions and i expect nominees to answer. i also b

mr. chairman. >> and then we will, ju for planning purposes, senator graham, we'll go for you. >> okay. >> and then we'll go to senator schumer and then we'll take a short break. does that work for -- >> that's good. >> okay. >> senator graham. it's all yours. >> thank you. >> so far has the hearings been phat you thought they would be? >> i'm not sure i had -- i'm not sure i exactly pictured it. >> let's try to go back in time and z say you're watching these hearings and you are critical of the way the senate conducted these hearings. are we improving or going backward? and are you doing your part? >> i think that you've been exercising your constitutional responsibilities extremely well. >> so it's all those other guys that suck, not us. >> i don't think -- >> it's all those other witnesses that were too cagey. all right. fair enough. now, do you know greg craig? >> will say one thing, senator graham. >> please. >> it just feels a lot different from here than it felt from back there. >> i bet it does. >> it feels a lot different when you're the nominee, too, doesn't it? and if it didn't, i'd really be worried about it. do y

mr. chairman. >> and then we will, just for planning purposes, senator graham, we'll go for you. >> okay. >> and then we'll go to senator schumer and then we'll take a short break. does that work for -- >> that's good. >> okay. >> senator graham. it's all yours. >> thank you. >> so far has the hearings been at you thought they would be? >> i'm not sure i had -- i'm not sure i exactly pictured it. >> let's try to go back in time and z say you're watching these hearings and you are critical of the way the senate conducted these hearings. are we improving or going backward? and are you doing your part? >> i think that you've been exercising your constitutional responsibilities extremely well. >> so it's all those other guys at suck, not us. >> i don't think -- >> it's all those other witnesses that were too cagey. all right. fair enough. now, do you know greg craig? >> i will say one thing, senator graham. >> please. >> itust feels a lot different from here than it felt from back there. >> i bet it does. >> it feels a lot different when you're the nominee, too, doesn't it? and if it didn't, i'd really be worried about it. do you k