paul, for that statement and mr. watt is recognized for three minutes. the gentlemen from north carolina. >> i appreciate the opportunity to substitute for my friend lacy clay, the ranking member of the sub committee because he is unable to be here because of a conflict. and i'm glad to see my friend president paul back from the campaign trail. this seems to be like dejavu all over again, since i was the chairman of the monetary policy sub committee and he was the ranking member. and i got to go back-to-back with him quite often. since i'm substituting i think i can do something out of the order today and that is praise the work of my good friend, chairman bernanke, for doing his job. and really not bowing to the political pressure of either the right or the left or political pressure of republicans and democrats since the federal reserve is supposed to be free of all of those influences and i just are think he has done a magnificent job be and the fed has done a magnificent job of navigating us through some very, very difficult times even as we will, i

mr. watt? >> thank you, mr. chairman. i just wanted to let my friend know that the protocol has been to name bills after the people who head the committees of jurisdiction, which is why the bill was called dodd-frank. we had the majority in the house and the senate when it was split, it wassarbanes-oxley, which he doesn't like any more, i guess. oxley was a republican because we were in the majority, the republicans win the majority in the house. we're following the same protoc protocol. >> the gentleman will yield. >> the gentleman obviously -- >> of course, you know, we didn't vote for it, either. >> chairman, yield. >> the name of the bill is voted for as part of the bill. you know, you lost that vote, so -- and nobody has reversed it yet. anyway -- if the gentleman would yield. >> let me get on to what we're here for. chairman bernanke one of the problems setting the horizons out so far is when you set in an accommodative policy horizon late in 2014, the private sector starts to expect that. and if circumstances chang

mr. watt: mr. speaker, one of the few important accomplishments of the 111th congress thus far has been the passage of the america invents act, a comprehensive reform of the united states patent system which was signed into law by president barack obama on september 16, 2011. there's little disagreement that patent reform was long overdue and even those who voted against the bill recognized how important it was to the american inventor and to american innovation to update and streamline the patent system. our country has always respected and admired inventors. as young children we were taught about famous inventors such as thomas edison, alexander graham bell, henry ford, and many others. frequently overlooked in the discussion of important inventors, however, has been the accomplishments of african-american inventors. until this year's publication of the children's book, "what color is my world" the lost history of african-american inventors, by basketball legend kareem abdul-jabbar, we have done

mr. chairman. we are now going to go to the second panel. thank you again, representative watt. you were the first panel, evidently. so if the panel would come forward, i'd like to introduce our second panel of witnesses david hyman is the general council of netflix. mr. hyman has seen the company grow tremendously. during that period, prior to joining netflix, he was the general counsel of an internet-based grocery delivery service. he received both his jd and mba from the university of virginia. bill mcgovern is an associate process for of law at the university of minnesota where he specializes in information law, including digital identity and data privacy. before joining, he was a resident fellow for internet and society and a litigator in boston. he received his jd from nyu and b.a. from carlton college in minnesota. he was once a staffer for senator schumer back in the days in the house of representatives. mark road den berg is the executive director of the privacy information center where he -- which he co-founded in 1994. he chairs the american bar association committee o

mr. chairman, i want to pick off where congressman watt left off on this committee and i'm the lead democrat you're asia and subcommittee. europe is very much on the mind. we just recently came back from a trip over in europe where their economy of cost is what was much discussed. so i'm going to -- would like to ask, too, because i know i'm limited in time. two questions and see if i have any time left thereafter, after your answer. first, given the close linkage between our economies, it seems access to the feds swat lines is crucial in times of market tension. and so can you discuss how american companies benefit from the availability of the fed swap lines with foreign central banks and the difficulties u.s. companies and workers would face, if any, if those swap lines did not exist? and secondly, could you also tell us what is the exposure of u.s. financial institutions to european sovereign debt? and can you categorize it as exposure as significant? >> very good questions. on the swap lines, european banks have significant -- do significant business in dollars. so they need dollars in o

mr. chairman, we will go to the second panel, thank you again representative watt, you were the first panel evidently. you are a single person and be can a panel. so if the panel can come forward. i'd like to introduce our second panel of witnesses. david hiemann is the general council of netflix. mr. heimann has sieve e nmpn ha last decade and has seen the company grow. he was the general council of webvan an internet based grocery deliver service. bill mcgevran is a professor in university of law in minnesota. before joining the u, he was a resident fellow at harvard's berkman internet for internet and society and a litigator in boston. professor mcgevern received his ba from nyu. finally i should add that he was a staffer for senator shumer, mark rode enburg, he chairs the american bar association committee on privacy and information protection, and has edited several privacy law textbooks prior to founding epic that is again, electric privacy information center, he was council to senator leahy where he advised the senator on the act we are considering today. he received his jd from stan

watt and his thoughts on this. i did have a chance to talk to your ranking member yesterday and hear his input in it and i look forward to the input, thank you, mr. thank you, to the ran member. i think we will go to our first witness and that is what the chairman would like, the chairman gets. our first witness is the honorable melvin l watt, distinguished representative of the 12th district. he serves to house committee. prior to his election to the house of representatives, representative watt practiced civil rights law for more than two decades and received h ed h from yale and his bs from the university of north carolina, representative watt, welcome and the floor is all yours. >> thank you, chairman franken, and all the members of the sub committee. i'm truly honored tounavy to ad committee about the amendments proposed in hr 24.71 to the video privacy protection act, and consumer privacy in this rapidly evolving digital age. while i'm the ranking member of the sub committee, the views i express are my individual views and i do not speak for the committee or the sub committee. i believe there are countless reasons on oppose hr 24.71, which

mr. morgan? >> never ever. >> reporter: he listened to a message but won't say how he got it. he denies ordering any phone hacking. >>> actress naomi wattss set to play the late princess diana. it will be called "caught in flight" and focus on the last years of her life. filming begins later this year. >>> rehearsals for the grammy's are underway in the staples center in los angeles. cbs cameras were there as the beach boys recreanted for the first time in more than two decades with band mate brian wilson. he'll perform with foster the people and adam levine. they air this sunday on cbs. that's your eye on entertainment. bigad shaban, cbs news, los angeles. >> be there. sunday. cbs. thank you for being here -- thank you for being here and watching us on 9news now at 5:00 a.m. i'm going to keep talking. i'm andrea roane. >> the teacher -- i'll wait. i'll wait and i'm mike hydeck. thank you for joining us, happy friday. here's monika samtani, traffic time momentarily. mr. howard bernstein another big adele fan has the weather first. >> it's going to be a very cold weekend around here. today not bad. some sunshine this morning but the winds