mr. welch: mr. speaker, i have an amendment at the desk. the chair: the clerk will designate the amendment. the clerk: amendment number 3 printed in part a of house report 11-111 offered by -- 12 112-111 offered by mr. welch of vermont. the chair: pursuant to house resolution 316, the gentleman from vermont, mr. welch, and a member opposed will each control five minutes of this debate. the chair now recognizes the gentleman from vermont. mr. welch: thank you, mr. speaker. oil companies of course benefit from significant subsidies. this amendment would require that applicant oil companies for permits to drill would disclose as part of their application the taxpayer-provided subsidies that they enjoy. and they would make that specific as to the leases for which they're seeking permission to drill. now, we've had a long debate, mr. speaker, in this body about the wisdom of subsidies to oil companies and we have a strong contingent in this body that favors those subsidies, making arguments that it'

hastings of california, amendment number 3 by mr. welch of vermont. amendment number 5, mr. rush of illinois, amendment number 6, by mr. quigley of illinois, amendment number 7 by eshoo of california, amendment number 8 by ms. capps of california. amendment number 9, by ms. hochul of new york and amendment number 10 of mr. schrader of oregon. the chair will reduce to five minutes after the first vote. the request for a recorded vote on amendment number 1 printed in part a of house report 112-111 by the gentlewoman from california on which further proceedings were postponed and on which the noes prevailed by voice vote. the clerk will redesignate the amendment. the clerk: amendment number 1 printed in part a of house report number 112-111 offered by misspear of california. 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 is a 15-minute vote. [captioning made possible by the nationa

mr. welch: i thank you, mr. speaker. members of the house, the default clock is ticking. we face a default on august 2 if we do not raise the debt ceiling. raising the debt ceiling is always a difficult vote. it is difficult because we have to do something that's necessary but not popular. now, the question of the debt ceiling is about paying obligations already incurred. it's not about giving this house of representatives permission to spend more money. but what has happened with this debt ceiling debate is that it is being used as leverage by both sides to try to get its way on a long-term budget resolution. and the reality is that this country needs both. it needs number one to have a long-term resolution on its fiscal situation but, number two, this is the immediate need. it has to pay its bills. america is a great country. it has always paid its bills. and the debt ceiling is about that and nothing more. and incidentally, those bills are ones that have been incurred by congresses that many of us were never part of. it's not a question of whether this is a bill that y

mr. welch: to strike the last word. the chair: the gentleman is recognized. mr. welch: madam speaker, i rise in support of the amendment and i do it with great deference and respect to my leader, the ranking member of the agriculture committee. but here's the issue. one, at what point do we have taxpayers giving relief from these $6 billion sdeeze to an industry -- subsidies an industry? the ethanol industry gets 40 cents a gallon. they get 52 cents a gallon as a protective tariff against brazilian ethanol. then they get a mandate to put ethanol in their vehicles. now, as mr. flake mentioned, that's a trifecta. subsidy, protective tariff and a mandate. no other industry has that level of federal taxpayer and legislative benefit. we just don't have it. second, this is helping parts of rural america. listen carefully to what mr. peterson said. but it is causing significant difficulties in my state for our dairy farmers who purchase grain. one of the rising costs for them is the cost of grain, and one of the factors in that are these tariff barriers and main dates th

mr. welch: to address the house for one minute. revise and extend. the speaker pro tempore: the gentleman is recognized. mr. welch: thank you. mr. speaker, this congress and this country face two great fiscal challenges. one is long-term and one is urgent and immediate. long term we know we have to restore balance to our budget. and negotiations are under way in an effort to accomplish that. there is significant differences in approach. do you follow the outlines of the ryan budget which basically cut taxes for very wealthy americans in the hope that will create jobs and pay for that by slashing or ending medicare? or do you proceed along the outline of the obama budget which essentially would put everything on the table, including the pentagon, including revenues. but either way the urgent and immediate responsibility is that we pay our bills. in either side that engages in a game of chicken with the obligations of this country to maintain its full faith and credit is playing with fiscal fire and using a loaded gun for a game of russian roulette. th

mr. jack welch, the former ceo of general electric. now, the argument that companies should be running the show of interest may have made actually more sense in the old days when companies are basically owned by a small number of people if not singularly individual but that stay in the system where oldest companies have limited liabilities and have dispersed owned by hundreds of thousands of people in this system despite being the legal owners most shareholders are actually the least committed to the long-term future of the company because they are free to me. in contrast, other stakeholders in the company like the employees, the suppliers, the local community, they cannot leave the company and not in the literal sense because people like suppliers do not literally be on to the company but they cannot leave the company in the sense that easily. if you've been supplying and suddenly you want to switch to it is not that easy whereas you can send it with a click of your mouse. this has made to shareholders short-term shareholders very imp

mr. welch: i thank the gentleman. there are two issues before congress. one is the reassertion of its responsibility under article 1 in the war powers act. number two is a decision on the limited use of force for humanitarian mission in libya. the hastings resolution accomplishes both. it reasserts our authority under article 1 and the war powers act. number two, it says, yes, we do support limited intervention with a role for the u.s. in saving lives in libya. that mission is necessary to avert a humanitarian disaster. two, the mission has broad international support, including from the arab league. three, the u.s. role is limited in scope. no boots on the ground. and, finally, we are by acting asserting our responsibility under the war powers act in our -- and our responsibility under article 1. i yield back. the speaker pro tempore: who seeks time? the gentleman from california. mr. berman: mr. speaker, i reserve the balance of my time. the speaker pro tempore: the gentleman reserves the balance of his time. the gentlelady from florida. ms. ros-lehtine

mr. welch: i thank the gentleman. there are two issues before congress.sertion of its responsibility under article 1 in the war powers act. number two is a decision on the limited use of force for humanitaan mission in libya. the hastings resolution accomplishes both. it reasserts our authority under article 1 and the war powers act. number two, it says, yes, we do support limited intervention with a role fothe u.s. in saving lives in libya. that mission is necessary to avert a humanitarian disaster. two, the mission has broad international support, including from the arab league. three, the u.s. role is limited in scope. no boots on the ground. and, finally, we are by acting asserting our responsibility under the war powers act in our -- and our responsibility under article 1. i yield back. the speaker pro tempore: who seeks time? the gentlemafrom california. mr. berman: mr. speaker, i reserve the balance of my time. the speaker pro tempore: the gentleman reserves the balance of his time. the gentlelady from florida. ms. ros-lehtinen: sir, i reserve the

mr. welch: i thank the gentleman. there are two issues before congress. one is the reassertion of its responsibility under article 1 in the war powers act. number two is a decision on the limited use of for for humanitarian mission in libya. the hastings resolution accomplishes both. it reasserts our authority under article 1 and the war powers act. number two, it says, yes, we do support limited intervention with a role for the u.s. in saving lives in libya. that mission is necessary to avert a humanitarian disaster. two, the mission has broad international support, including from the arab league. three, the u.s. role is limited in scope. no boots on the ground. and, finally, we are by acting asserting our respsibility under the war powers act in our -- and our responsibility under article 1. i yield back. the speaker pro tempore: who seeks time? the gentleman from california. mr. berman: mr. speaker, i reserve the balance of my time. the speaker pro tempore: the gentleman reserves the balance of his time. the gentlelady from florida. ms. ros-lehtinen: s

mr. welch: i thank the gentleman. there are two issues before congress.assertion of its responsibility under article 1 in the war powers act. number two is a decision on the limited use of force for humanitarian mission in libya. the hastings resolution accomplishes both. it reasserts our authority under article 1 and the war powers act. number two, it says, yes, we do support limited intervention with a role for the u.s. in saving lives in libya. that mission is necessary to avert a humanitarian disaster. two, the mission has broad international support, including from the arab league. three, the u.s. role is limited in scope. no boots on the ground. and, finally, we are by acting asserting our responsibility under the war powers act in our -- and our responsibility under article 1. i yield back. the speaker pro tempore: who seeks time? the gentleman from california. mr. berman: mr. speaker, i reserve the balance of my time. the speaker pro tempore: the gentleman reserves the balance of his time. the gentlelady from florida. ms. ros-lehtinen: sir, i rese

mr. ronald welch's assistanttan attorney general, u.s. department of justice, pursuant to the rules, would you please rise and take the oath?e oath? do you solemnly swear or affirm that the testimony you're about to give will be the truth, thea whole truth and nothing but the truth?tr let the record indicate the witness answered in thedicate te affirmative.tness answered in t affirmative. i note that you sat patiently through all of the previous testimony so not only do you understand the red light/green light but you will be the final witness and i appreciate your patience and your being here to hear everything that came before. you're now recognized. >> thank you very much, mr. chairman. i would ask that my full statement be included in the record. >> without objection, so ordered. >> mr. chairman, ranking member cummings, members of the committee, i'm very pleased to be here today to discuss the justice department's continuing efforts to respond to the committee's subpoena concerning ongoing criminal investigations on the southwest bor

mr. jack welch, former c.e.o. of g.e., on, and i thought he made a number of valuable points. he is a very, very -- he's very, very worried about our economy. he believes that we are facing serious troubles and we need to take action to do something about it. but as a corporate leader of great renown, one of the more respected corporate leaders, i guess, in america at this time, and he evidenced a real frustration at the lack of leadership this administration is showing with regard to our financial crisis. and he said a number of things. one of them was classic leadership, classic thought by a manager, a man who's managed a very large corporation worldwide with many, many, many moving parts, and he said that you have to have a strategy. and we have no strategy. and i think that's correct. that's -- i don't believe the american people sense that this country is able to articulate a serious strategy to confront the difficulties with which we are dealing now. and he said, you should basically -- and it's, i guess, c.e.o. language, good manager language -- he said that everything

welch-boswell amendment and i avoid this misguided attack on the american taxpayer. i yield back. the chair: the gentleman yields pack. for what purpose does the quelt from iowa rise? >> thank you, mr. chairman. i move to strike the last word. the chair: the gentleman is recognized for five minutes. >> the cftc acts as wall street watchdogs, overseeing something that affects our nation's families. they are in charge of higher gas prices, higher food prices. the derivatives mark has grown by 40% over the last 10 years and the u.s. government has failed to match that growth in regulators and now the -- they want to take more cops off wall street, as some said, put the little league champions up against the new york yankees. mr. bezz well: in this industry that invests $25 billion in technology each year, the commission that regulates behavior on wall street cannot afford to be left behind. our taxpayers cannot afford to pick up the bill again. to monitor and regulate this market and protect american taxpayers, last congress, we passed the dodd-frank wall street reform act and i might add that that was not an a knee jerk reaction. we took months and months, many, many hearings, workin