mrs. maloney of new york. amendment number 11 by mr. rigell from virginia. the chair will reduce to two minutes the minimum time for electronic votes after the first series of votes. the unfinished business is the request for a recorded vote on amendment number 2 printed in house report 112-172 by the gentlewoman from texas, ms. jackson lee, 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 2 printed in house report 112-172 offered by ms. jackson lee of texas. 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 record vote is ordered. members will record their votes by electronic device. this is a 15-minute vote. [captioning made possible by the national captioning institute, inc., in cooperation with the united states house of representatives. any use of the closed-captioned coverage of the house proceedings for political or commercial purp

mrs. maloney of new york. mrs. maloney: i ask that the read being dispensed with. the chair: without objection. pursuant to house resolution 358, the gentlewoman from new york, mrs. maloney and a member opposed each control five minutes. mrs. maloney: thank you. today is the one-year anniversary of dodd-frank and it's also the date of transferring authority to the cfpb. so it can protect consumers in one single place. the consumer financial protection bureau is a critical part of last year's financial reform bill. it will ensure there's a cop on the beat, protecting consumers from predatory products and misleading information. but instead of supporting the cfpb on its first day, the house republicans are pushing forward with a bill to weaken this important agency, to derail, delay, and defang it. and i want to point out that many of the people on the other side of the aisle that are supporting the republican change are the exact same ones that voted against dodd-frank in the first place, opposed the consumer protection and oppose the creation of the cfpb. i would s

mrs. maloney. >> i think you for recognizing me, and i am deeply concerned that while i was on the floor voting that the chairman, for whom i have tremendous respect, made derogatory remarks about mrs. norton and myself, and as i hear i would like to quote what was said, they are radically against the second amendment. they absolutely positively do not want anyone having a gun. they are pretty straightforward about it. they say these respect the second amendment but they've never seen a gun limitation the amount like. i would like to say that i support the second amendment. and i support legal guns or spokesman for hunters, for self-defense. just recently one of our colleagues, leonard boswell, was literally someone broke into his home and he saw that his life was in danger, his grandson took a legal registered gun and got the intruder out of the home. i respect the right to go and legal guns for self-defense. for other reasons, but i do not support illegal guns that are fueling the drug war and putting life at risk. in testimony before this committee, the -- is told that 40,000 people have die

mrs. maloney. the speaker pro tempore: the gentlelady from new york. mrs. maloney: i thank the gentleman for his leadership and for pointing out the priorities and the focus and the injustice and unfairness of the republicans' proposal. as -- at a time when congress should be laser-focused on finding new ways to grow our economy and create american jobs we find ourselves once again bauged down in producing the republican version -- bogged down in producing the republican version of waiting for the dough. we know that this bill will never become law, that it's going nowhere in the senate. their slash and burn cuts have not created a single job for hardworking middle class families and in fact most economists say that cutting too deeply, too strongly would hinder economic recovery and could return us to a recession. for the average american family the republican proposal would mean a cut in their future prospects, a cap on their dreams for tomorrow and balancing the budget on the backs of america's seniors while they refuse to even look at cutting a special in

mrs. maloney. the speaker pro tempore: the gentlelady from new york. mrs. maloney: i thank the gentleman for his leadership and for pointing out the priorities and the focus and the injustice and unfairness of the republicans' proposal. as -- at a time when congress should be laser-focused on finding new ways to grow our economy and create american jobs we find ourselves once again bauged down in producing the republican version -- bogged down in producing the republican version of waiting for the dough. we know that this bill will never become law, that it's going nowhere in the senate. their slash and burn cuts have not created a single job for hardworking middle class families and in fact most economists say that cutting too deeply, too strongly would hinder economic recovery and could return us to a recession. for the average american family the republican proposal would mean a cut in their future prospects, a cap on their dreams for tomorrow and balancing the budget on the backs of america's seniors while they refuse to even look at cutting a special in

mrs. maloney. the speaker pro tempore: the gentlelady from new york. mrs. maloney: i thank the gentleman for his leadership and for pointing out the priorities and the focus and the injustice and unfairness of the republicans' proposal. as -- at a time when congress should be laser-focused on finding new ways to grow our economy and create american jobs we find ourselves once again bauged down in producing the republican version -- bogged down in producing the republican version of waiting for the dough. we know that this bill will never become law, that it's going nowhere in the senate. their slash and burn cuts have not created a single job for hardworking middle class families and in fact most economists say that cutting too deeply, too strongly would hinder economic recovery and could return us to a recession. for the average american family the republican proposal would mean a cut in their future prospects, a cap on their dreams for tomorrow and balancing the budget on the backs of america's seniors while they refuse to even look at cutting a special in

mrs. maloney. >> i think you for recognizing me, and i am deeply concerned that while i was on the floor votingthat the chairman, for whom i have tremendous respect, made derogatory remarks about mrs. norton and myself, and as i hear i would like to quote what was said, they are radically against the second amendment. they absolutely positively do not want anyone having a gun. they are pretty straightforward about it. they say these respect the second amendment but they've never seen a gun limitation the amount like. i would like to say that i support the second amendment. and i support legal guns or spokesman for hunters, for self-defense. just recently one of our colleagues, leonard boswell, was literally someone broke into his home and he saw that his life was in danger, his grandson took a legal registered gun and got the intruder out of the home. i respect the right to go and legal guns for self-defense. for other reasons, but i do not support illegal guns that are fueling the drug war and putting life at risk. in testimony before this committee, the -- is told that 40,000 people have died

mr. maloney is recognized for five minutes. the minority presented the list and i'm reading a list. if the gentlelady wants to --. >> thank you very much and welcome professor warren. i would like to ask you, after we went through the great recession and almost had the great depression in which $18 trillion in personal wealth in this country was lost, would you say there was an overwhelming consensus that reforms were needed to present -- repent another crisis and that the cfpb and i would say the credit card bill of rights which i authored, were and are protections from consumers? >> yes, maam i would. >> do you think that the cfpb has already carefully and urgently needed and should be free to protect consumers as intended and go into effect on july 21? >> yes, maam. i do. >> what has concerned me deeply not only on this committee but the financial services committee on which i serve is the number of questions against you, because people have asked you for advice. i thought the freedom of speech was in our constitution and a fundamental right for our country. you have been describ

mrs. maloney: i thank my colleagues for raising this issue. the consumer financial protection bureau is needed and the house republicans today have officially launched their legislative effort to make sure that these protections will never have a chance to do the job of protecting our consumers and safeguarding the larger economy. it is as if our friends across the aisle are blind to the painful lessons of the great recession. it's the group that says, let's pretend the recession never happened. the republican strategy to defend, defuse, and delay the consumer protection -- defang, defuse, and delay the consumer protection agency, helped the financial meltdown. deceptive and misleading practice, predatory landing, unsafe credit standards, these practices they cost americans dearly. according to the federal reserve, between 2007 and the final quarter of 2009, united states household wealth fell by $16.4 trillion of the net worth and that is terrible. that is a sum that would be more than enough to pay for the united states national debt. and if

mrs. maloney: as part of the bipartisan caucus on traffic, i'm concerned that workers from south asia and africa are being trafficed to work on u.s. military bases an u.s. tax pay dollars are spent to unlawfully leuer and transport them to work in extreme conditions. it is army policy to oppose all activities associated with human trafficking. this must include the supply chain, that provides supplies to our service members defending our country. we must have trong oversight over our contracting system to ensure it is free from human rights abuses and this amendment works toward that end. i urge my colleagues to join us in fighting human trafficking and support -- in forth of -- support of this amendment. i yield back. the chair: the gentlelady from california controls the time. ms. bass: i yield to the gentleman from colorado. >> i would like to tell the gentleman i think this is an extremely important amendment and we will be glad to accept it. mr. dicks: we also accept the amendment and appreciate your work on the amendment. the chair: does the gentlelady yield back or yield to the gen

mrs. maloney: madam speaker, i respectfully suggest a small correction to the republican statement that their position on the deficit negotiations is no new taxes. it would be far more accurate for them to state that their position is no new taxes except for seniors. because sharp increases to participate in the cost of medicare and medicaid or decreases in the benefits of social security would act just like a tax income targeted right at the elderly. the republican proposal for medicare would hit retired seniors immediately by reopening the doughnut hole and according to a report by the joint economic committee from my home state of new york it would cost future retirees an additional $6,500 out of pocket. you can call that some sort of adjustment if you'd like but i call it a tax and i call it wrong. grover nor quest agrees. he says changes to the c.p.i. is a stealth tax increase. wrong for our seniors, wrong for the economy and wrong for the country. the speaker pro tempore: the gentlewoman's time has expired. for what purpose does the gentleman from illinois rise? >> request permission to

mrs. maloney: we have all been getting numerous phone calls from our constituents who are rightly worried that the interest rates will be going up on their homes, on their cars, on their student loans because they see that this congress is in chaos. already since last friday, shareholders and u.s. markets have lost over $400 billion in value just due to the uncertainty and the lack of action. our constituents re-- our constituents' retirement funds have been taking a hit and will continue to until this issue is decided and we have less than four days. we must stop this republican roulette and get to work on a plan that is realistic that can pass both houses. this is a dangerous game, putting forward a partisan bill that each time it comes back is more partisan, appealing to a more narrow sliver of america. madam speaker, we need to rehave it a clean vote on the debt ceiling as we have done 78 times since 1960. and if we don't, the president should to his constitutional duty and raise the debt ceiling on his own under the authority of the 14th amendment. the republican leadership have walk

mrs. maloney: madam speaker, i have never been more concerned about our nation's economic security and future. just this week moody's warned that the u.s. may lose our top notch double-a credit rating if we fail to increase our nation's debt ceiling. economists say that if we fail to do so it will put not home our national capital markets in turmoil but the capital markets internationally in turmoil. it will hurt american wages and jobs, the stock market will tank , a letter signed by hundreds of senior companies executives and organizations agreed and it said, and i quote, treasury secretary securities influence the cost of financing, not just for companies but more importantly for mortgages, auto loans, credit cards and student debt. and yet some members of this body have said that found in circumstance whatsoever will they ever vote to raise the nation's debt ceiling. however heartfelt this may be, it is nothing short of a threat to commit economic suicide. the speaker pro tempore: for what purpose does the gentleman from virginia rise? >> to address the house for one minute. the speaker p

mrs. maloney: i rise in opposition that would rescind all obligated high-speed rail funding. i support the gentleman from new jersey's efforts to address flood, but it should not be taken from such an important investment in the economic strength of our country. it is also an investment in moving us to energy independence. i would like to address my comments particularly to the northeast corridor. and that is the corridor between new york and washington, and new york and boston. this corridor is the most heavily traveled not only in the united states but probably in the world. and the m.t.a. says that the corridor between new york and boston on day one, if we had high-speed rail, hundreds of thousands of people would travel it and it would absolutely be a positive revenue source. it would literally make money because of the ridership that is in that area and also between new york and washington. in the money that was allocated, the m.t.a. is focusing on high-speed rail between new york and boston. and they are supporting the $294,000 for the harold interlocking amtrak bypass

mr. pierce. >> director division of consumer protection fdic. welcome. >> thank you, chairman capito, chairman of neugebauer, ranking members maloney and members of the subcommittee. thank you for the opportunity to testify behalf on the -- fdic on the need to evers, a result the challenges in mortgage servicing. the issues involved continue to impact the housing market. the bar was in communities across the nation. as you know, the fdic is not the primary federal regulator of the largest financial institutions and mortgage servicers where the major servicing and foreclosure deficiencies have been found. nevertheless, as the insurer of deposits of these institutions, we remain concerned about the potential ramifications of these not only on these institutions, but on the housing and mortgage market overall. last fall in the wake of allegations of the signing, the primary federal regulators and face defeat coincided the fdic to participate in the interagency review of the foreclosure practices, of the 14 largest mortgage servicers. these identify significant deficiencies in the foreclosure process cheese of all 14 institutions. these deficiencies included the fili