mr. sherman for five minutes. >> thank you. mr. lynch wanted to swear you in. you've already said something that is false that we all know is false. >> let me -- >> excuse me. >> i want to clarify something about swearing people in. we had a hearing in september of 2009 where mr. frank was chairman, and mr. frank made a decision not to swear in any of the ceos of the banks about what had gone on in september of 2009. i am following the protocol of the committee. if you want to continue to say he ought to be sworn in, that's fine. >> i wasn't saying that, mr. chairman. i was not criticizing you. if i can't get to the end of the sentence -- >> i'm saying the ranking member has said i'm doing something unusual here. what i'm doing is following the standard policy. >> excuse me, mr. chairman. i didn't say you were doing anything. >> i took it as saying -- >> i made no comment. >> i'm sorry. i guess that's right. i think it was mr. lynch. >> not everybody from boston talks the same. >> this is normal standard operating -- >> i do want to take exception. i made no co

mr. sherman and i want to commend you via the ranking member for calling this hearing this afternoon. especially, i want to congratulate our colleague from the mexico now that he's being selected as this important subcommittee the gentleman from new mexico. thank you for calling this hearing. i ask unanimous consent that my opening record be made part of the record. >> mr. chairman, this is not a new issue as you know we have been through this play a number of years. when he was a member of this jury committee before he went on to become the united states senator i think the understanding of the institution in terms of the treatment of native american people's mr. sherman you probably more than anybody in this committee and in this congress understands and appreciates the problems that the native american communities have had to endure and to go through as part of the history of the country. it's interesting to know, mr. chairman, the first national policy was to kill the indians. the only indian was a dead indian was the understanding. then the next phase of the history was what's as

mr. sherman from california is recognized for five minutes. >> thank you, madam chair. the gmc has created this new uniform appraisal database, the uap, which is used of gst appraisals and also for the fha. how is it all working at? fortunately i have not had to complete one of those reports. however, i have heard from dozens, if not hundreds of appraisers. >> could you be a little closer to the microphone. >> i have heard from dozens, if not hundreds of appraises about their experience, also from consumers. the uad method of reporting was not implemented to enhance the quality or the credibility of an appraisal report. what it does enhance is data gathering. it does not improve and appraisers performance or ability to accurately or credibly estimate an opinion of value. in fact, i believe it makes the appraisal report more confusing and less useful to the consumer. granted, the consumer is not an internet user of an appraisal that is completed for mortgage finance transaction. however, the wording in the form clearly anticipates that the bar will be placing some creden

mr. sherman during the questions i would like to discuss with you with their and under what conditions thefederal reserve would consider launching and quantitative easing. it's my belief that the fed has done all that can do and perhaps it has done too much. further, to defeasing would stimulate growth and create jobs has already injected into the economy before they get the expert strategy. i also believe another round of the intervention will create uncertainty among the job creators while ignoring the genuine reason which is sound, timely, fiscal policy. the businesses i look on main street aren't holding back on hiring because they are waiting to learn of the government will do for them. they are holding back on hiring for fear of the government will do to that. the obsessive push for higher taxes on job creators. the unsustainable structural federal debt and deficit along with the flood of red tape and the fear of the consequences of the president's new health care law these are the two drags on the economy and no matter what actions the fed takes, without strong leadership by the pre

mr. sherman from california is recognized for five minutes. >> thank you, matt interpreted mr. gregoire, the gics have created this new uniform appraisal database. which is used on all gs appraisals. how's that working out? >> fortunately, because of the work that i do, i have not had to complete one of those reports, however, i have heard from dozens if not hundreds of appraisers. >> could you be a little closer to the microphone? >> i have heard from dozens of appraisers about their experience come also from consumers. the uav method of reporting was not implemented to enhance the quality or the credibility of an appraisal report. what it does enhance his data gathering. it does not improve in appraiser's performance or ability to accurately or credibly estimate and opinion of value. it actually makes the report less useful to the consumer. granted the consumer is not an intended user of an appraisal that is completed for mortage finance transaction. .. for the convenience of the gac. and things more useful to consumers are often excluded from the report to the commander in w

mr. sherman for five minutes. >> thank you. mr. lynch wanted to swear you win. you party says of in that is false that we all know is false. >> excuse me. i want to clarify something about swearing people in. we had a hearing in september of 2009 where mr. frank was chairman. and mr. frank minute decision not to swear an any of the ceo's of the banks about what had gone on in september of 2009. i am following the protocol of the committee. if you want to concede to say he ought to be sworn in, that is fine. >> i am not saying that. i was not criticizing you. i am saying the ranking member has said i'm doing something unusual. what i'm doing is following the standard policy. >> i did not say that. >> i took it that way. >> i made no comment. >> i guess that is right. i guess it was mr. lynch. >> this is normal, standard procedure. >> i take exception. i have made no comment. i am gratified to your following my precedent. i will have by tomorrow another list of precedents you can also fall and we will all benefit. [laughter] >> do not given any rush to get it to m

mr. sherman. >> fran, thank you very much. in reforming the benefit design, you've got both cap to protect high of pocket cost and changes to a supplemental insurance and i have reservations about the medigap policy that would increase cost but i agree the catastrophic cup would be an improvement. i'm afraid some people might separate this into the medigap policy without the cap. why do you recommend that both of these policies have been together? >> they should be done together and in my opening comment we think that they are linked in fact that one of the reasons the beneficiaries want to have supplemental coverage as the inadequacies in the signing of the existing medicare benefit. if we correct the false and ed catastrophic coverage and meet the cost sharing more predictable and understandable the demand for the coverage and then in that context that if the beneficiary continues to want to buy supplemental coverage, they should faced at least a portion of the additional cost that imposes on medicare. >> okay. in your recom

mr. sherman. i'm delighted to be here and i must quickly say as the head of the resources of the future it's an independent think tank non-partisan hmong lobbying organization and the people are a lot smarter than i am was a these are strictly my comments from my experience in a variety of commissions as well as here in the house of representatives. really quickly my time is contextual things about where we are in the public policy on energy as well as where the markets are this committee is way ahead on these issues and this is not particularly relevant to think it's important to the public discussion we try to get a better perspective on what really goes on with energy policy and our markets. let me say obviously as everyone here knows energy is absolutely essentials to our modern economy and to any economic growth that we want to have it also has implications for the national security and consequences for health, safety and the environment and our practical problems there is no policy or set of

mr. sherman for being here. i have a couple questions i hope i can get in. first of all, maybe this cantley, you did address this a little bit, but i have a constituent called actually several years ago, cpa and she had her own business and she kept getting hacked and became very costly for software. she put another software and and she would be hacked again and on and on. what are some of the cost-effective measures that small businesses can who do personal financial transactions or online or via other smart phones how can they minimize the risk of the threat? >> specifically with customers who are using laptops or workstations to conduct business, small businesses, one of the recommendations that our industry has made to these customers is you can use the dedicated computer that you do not use for surfing the internet or checking e-mails. the price of hardware and software has come down significantly but this is a chief insurance way for ensuring that you are safe on line until, as mr. graff pointed out, the industry can get to the point where some of the

mr. sherman: madam speaker, it's my honor today to welcome to the house of representatives his holiness, ahmad. he is with us today in the gallery. his holiness is the worldwide spiritual leader of the amadia muslim community which has tens of millions of adhereants around the world in 190 countries and tens of thousands of adhereants here in the united states. today in an historic event in the gold room in the rayburn building, we recognized his commitment to world peace, to brotherhood, justice, and religious freedom. i'm proud to join with our colleagues, zoe lofgren and others, in introducing a resolution today in honor of his hollyness' -- holiness' visit here to our nation's capital. in the united states the community someone of the oldest and most organized islamic communities. i also want to take this opportunity to recognize two distinguished leaders from los angeles, dr. mahmoud, and kareem ahmed, who are also in the gallery here and who showed such leadership of the muslim community in the los angeles area. it is my hopor to recognize his holiness -- honor to recognize his hol

mr. sherman. >> thank you. mr. lynch one to swear you end. you already said something that is false. >> we had a hearing in september of 2009 where mr. frank was chairman. he made a decision not to swear in any of the ceos of the banks about what had gone on in september of 2009. what i am doing is following the standard policy. >> i am gratified did your following my president, and i will have a list for another list of presidents the week and all follow tomorrow. >> have you been sworn in the would face no legal liability for the comment you made that is a promise. we are in touch with mainstream to in our districts. you put for the idea at the jewish given to the injured and $50 billion to your investment office. there weren't small and medium- size businesses in the united states that for creditworthy that one of the money. i can assure you that their word behind 100 or more in need of loans from you. instead he took the money to london. . some of that money went to the gambling tables in london. that is why we are here. i would hope you

sherman and ms. buyer, ms. trotter and mr. moscovitz about the issue advised to us going forward. dr. sherman? >> i think, and i tell my students that one of the great strengths of the u.s. economy really is the fact that we focused on giving investors the information they need and letting them decide for themselves. so many countries take a much more paternalistic approach, and you end up losing a lot of great companies and funding a lot of bad companies that way. so i hope that the u.s. will focus on giving people as much information as possible, and then having them take responsibility for their decisions. >> ms. buyer? >> i would agree with dr. sherman's comments all the way along the way. i would say that the promise of a public offering spurs many individuals and at least all over the country, but certainly in silicon valley where i live to try new ideas that turn into the large companies that never existed and suddenly employee thousands and thousands of people. the markets are tremendously important, and mostly not broken. mostly they suffer through swings according to risks in the mar

there's a congressman sherman who said, all right, mr. dimon, i'm going to swear you in now. chus said, whoa, whoa, whoa, you're not swearing him in. sherman said i need to swear him in because if i swear him in he's already perjured himself. bachus said when barney frank said no one is getting sworn in. and barney is so funny and he said i have a whole list of things i do, i'm going to seasoned you a list. and bachus said take your time on sending it to me. but this guy said jamie was lying that they sent the money over to england to put in the casinos that should have been going to small to medium size businesses here. he said we didn't turn anyone down who needed a loan here. >> did you see the janitor thing? >> i saw some of it. >> there was a whole thing about the janitor. >> maxine was great. that was fun to watch. jamie was -- did you see where he said the moon -- >> if the moon hits the earth, maybe we're too big to fail if the moon hits the earth. >> former fed governor larry meyer of macro economic advisers and cnbc senior economics reporter steve liesman. i'm trying

mr. davies. >>> today's the day i wish i had two hours. the panel is here, but before we get to them, in california, the biggest race incumbent democrats against each other, berman and shermann in november in the state's top two primary bizarre system. let's call it what it is. the berman-sherman showdown resulted with sherman out on top. and it's a sprint for the two men to come out again. pete stark, and and it's a six-point edge on swalwell and swalwell will pose a significant threat this fall. one more race of note that i'm jumping out on the 31st district. miller and button would square off. and in the high-profile california initiative, it has failed. rick hill pete stapleton, and the two are vying to replace switzer. and hector balderas by 17 points and heinerich, won over wilson. in new jersey, another member-member race, longtime congressman bill pascrell wiped the floor with weiroth marb wip the floor. he could not help barth, for the congressional seat and he lost by 44 points and he will have a tough fight against republican christy nome. those are a few of the races and ter o'donnell, what jumped out at you in those races. >> i was amazed by the pas pascrell ma

mr. obama supports bill rothman, his competitor. and in california clinton is supporting his support behind howard berman, president obama supports brad shermanfferences affect democratic unity in the presidential election? simon rosenberg is president and founder of ndn and a former clinton campaign adviser. chip salzmann is the former campaign manager for mike huckabee for president. gentlemen, welcome. >> good to be with you. jon: chip, this new jersey election is so interesting because you've got two sitting democratic members of congress, their districts have been reapportioned, so they both have to fight for the same seat, and they're both getting support from the two different democratic big kahunas, bill pascrell has mr. clinton's support, mr. obama is supporting his challenger. who's going to win? >> it's going to be a tight race, and i think both of those endorsements matter. i think this is payback from when the congressman endorsed hillary clinton's presidential campaign, and the other congressman endorsed obama's campaign. the one thing about president clinton that you've learned is he's a pretty low ideal guy, and he's -- loyal

mr. payne -- >> sure. >> there's a pattern among our larger members, $500 million and above. that pattern is solid family roots, multigenerational, well educated. and two of our larger contractors, construction managers, xj russ l and shermanmoot together are building the new museum in this city, $550 million project for the smithsonian. two black construction managers are building and that three black architects. [applause] >> and mr. alford brought up a great point. he said one of the trends is multigenerational which when you talk about tax policy, when you look about what we're about to do with death taxes, drop the might minimum exemption from five million down to one million, once again, that's the federal government not incentivizing growth through multigenerations. i mean, we're doing the things that are counterproductive to one of the important trends that you see, so that's why we've got to go back to the drawing board up here. >> guys, i want to ask, and i'll just kind of throw this out generally. from a business perspective the empire state which is one of the federal reserve niches in this country, they do a survey every now and then and talk to businesses about problems they have. i respect robert johnson for