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 think we would need a technical corrections bill that goes beyond just minor things people on the house sid

mr. shelby. >> know. aye. >> mr. crrdo. >> aye. >> mr. chambliss. >> aye. >> the measure fails. >> this measure creates a consumer financial protection bureau the gives regulators the power to break up large, failing to financial companies that pose a threat to the greater economy. there are also a number of restrictions on banks that trade in derivatives. the white house and democratic leaders are hoping to have a final vote on the measure by july 4th. here is more on the debate on how the bill is being paid for. >> next, a look at oil spill cleanup efforts in a louisiana parish. >> i am under the weather. how are you doing? i came in to see you all. >> take care of him. he is so special. >> well, let us go upstairs. >> he is like my little kid, because they went to school together. >> i knew i was going to shut down soon. >> i am amazed you are on this long. i was worried about getting through. [unintelligible] >> do you know jackie? >> it is nice to see you again. >> this is danielle, from arne's office. >> [unintelligible] [inaudible]

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. 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 something that has been needed for a long time. it took a crisis to bring us to the point whe

mr. shelby. but he was never able to bring his bill to the floor because of opposition from democrats. both in the house and senate democrats were aggressively trying to defeat our efforts under the guise of protecting affordable housing. mr. d.o.d. and mr. sarbanes blocked -- mr. dodd and mr. sarbanes blocked those reforms in the senate. luckily some members from the other side have noted this failure. in 2008 president clinton said i think the responsibility that the democrats have may rst more in resisting any efforts by republicans in the congress or by me when i was president to put some standards and tighten up a little on fannie mae and freddie mac. it is unfortunate that we lost that battle. our housing market, our financial sector, and the broader economy are dealing with the consequences of that very systemic shock that the fed had anticipated and warned us about. today despite what some may claim, we are not advocating for the elimb -- elimination of the g.s.e.'s tomorrow but we want them addressed in this legislation. the speaker pro tempore: the gentleman from massachusett

mr. shelby's legislation effectively -- [unintelligible] >> [unintelligible] >> i suppose that we are using the titles of the senate restoring the financial stability act of 2010. considering the sweeping nature this is the most important financial services conference committee since the gramley said bliley act of 1999. i fear deregulation would have negative consequences. i voted no. i was right. the financial crisis legislation we have drafted has made clear the important role of the financial-services industry in the lives of everyday americans, rich and poor, homeowners and renters. this provides us with the attorney to use public policy to level the playing field, be fair, and not to benefit sullied the few, the powerful, the rich, but all americans. -- and knocked benefit solely -- and not bbnefit solely the few, the powerful, the ritz, but all americans. the provision to establish a protection agency is essential to this legislation. derivatives, including credit default swaps also contributed to the current crisis. these complex instruments were designed to earn huge profits for par

mr. shelby, maye speaking. the chairn and i both srved with m. shelby. i surthere will b discussions with the ranking republican from r sidehat may not be in the context of the conferenelf where there be camas, but the will be an opportunity to off amendmentsnd fully debate an iscuss varusptio, and i think that's frankly -- i've nobeen too pleased personally wh the fact that we don't have a lot of conferences. i thinconferences e od. i think they accomplish a worthy objective of bringi reconciliatiobetween the tw houses and,rankly, ging an opportunity for eac perspecte that's represented on the conrence toe articulated. i think this will be from that standpoint a model confce. i think mr. frank does intend, as he has said, to have an open conference withull bate and voting in the light of day on various different prols. gentleman for that. e in the spirit owanting to try toork together in savel manr and tory tget the r the people donethe gentleman mentne the war supplemental foscdung perhaps next week and obviously we continue to be concerned, mrspeaker,

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 with another near financial collapse. we will provide an early- warning system. it is another of the great pillars of this bill. >> how will

mr. chairman, we are in the3 before the senators go with their opening statements, if i might briefly make mine? >> i have made my statement. next would be senator shelby >> mr. chairman, i will wait until after senator shelby has completed his opening statement. >> i recognize senator shelby from alabama. >> thank you chairman dodd. the legislation before us will have a profound impact for -pgenerations to come. therefore, much has been made of the wall street versus main street narrative by some of my colleagues. that has been my experience over the years that wall street tends to take care of itself. whatever congress decides to act in the law. in other words, wall street i think does not need democrats or republicans to protect its financial interests. they will do that on the run. there is a history of that. what congress needs to do, i believe, as major wall street is functioning in support of many streets ability to grow jobs and the economy. we should make sure wall street is never again the beneficiary of a taxpayer bailout. i believe the draft a bill before the conference committee undermines that and ensures the latter. before we are done, i

mr. president, i appreciate all the hard work. i've mentioned the conferees earlier. my colleague from connecticut, senator lieberman, senator menendez, senator kerry, senator shelby, bennett and lugar from the senate perspective who are part of drafting this bill along with our house conferees led by howard berman of california. i want to extend a special thank you to all of them for their leadership and also senator reid, the majority leader, senator mcconnell. none of this ever happens without the majority leader of the senate taking a leadership role and insisting that this matter move forward, that it be addressed before we break for the july fourth recess period coming up next week, and in the midst of all the other things we're involved in -- as my colleagues know, we have been involved in a very lengthy conference regarding financial reform, but i'm delighted to take some time out from that effort to address this particular proposal and urge our colleagues to be supportive of this proposal. i also want to support what i mentioned earlier, president obama's approach and appreciate his team's work in helping us approve this important legislation. i mentioned earlier