mrs. maloney: mr. speaker, i yield myself such time as i may consume. the speaker pro tempore: the gentlelady is recognized. mrs. maloney: thank you. mr. speaker, as a member of the committee on oversight and government reform, i am pleased to join my colleagues in the consideration of h.r. 4365, a bill to amend title 5 of the united states code to make clear that accounts in the thrift savings fund are subject to federal tax levies. current law authorizes the internal revenue service to levy private sector 401-k retirement plans in order to collect unpaid federal taxes. however, due to an existing ambiguity between the internal revenue code and the authorizing statute for the federal thrift savings plan, the i.r.s. is unable to garnish t.s.p. accounts to recover unpaid taxes from federal employees and members of congress. in light of this statutory confusion, the thrift savings plan's executive director requested clarification from our committee back in july of 2011 as to whether the t.s.p.'s should h

mrs. maloney. the equal access to justice act was passed in 19 0 by a congress concerned that everyday citizens could not afford to challenge the federal government in court when they had been wronged by government regulations. as originally designed, eja would reimburse small piss, seniors and veterans for successfully challenging the federal government in court when no other law provided for that reimbursement. it was a -- it was a good idea then, it remains a good idea today. for 15 years, the law has worked mostly as intended but over time, cracks in the system have formed. upkating eja has become necessary to repair those cracks and to ensure eja's viability into the future. three issues need to be resolve. first, we need to ensure that our nation's veterans, senior, and small businesses have access to qualified attorneys. right now, eja puts up unnecessary roadblocks to these legitimate users. second, we need to close loopholes that have allowed eja to be exploited by those dissatisfied with

mrs. maloney of new york. amendment number 25 by mr. posey of florida. the chair will reduce to two minutes the minimum time for any electronic vote after the first vote of this series. the unfinished business is the request for a recorded vote on amendment number 6 printed in part b of house report 112-616 by the gentleman from north carolina, mr. watt, in which fourth proceedings were postponed and the noes prevailed by a voice vote. the clerk: amendment number 6 printed in part b of house report 112-616 offered by mr. watt of north carolina. 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 will be 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 purposes is expres

mrs. maloney two minutes. the speaker pro tempore: the gentlelady from new york is recognized for two minutes. mrs. maloney: this is an absolute terrible idea. although i am in total agreement with mr. paul that transparency is a virtue, i also believe that the federal reserve must be free of any political influence. and i'm afraid that this bill opens the door for precisely that to happen. and i don't believe that there's any one -- anyone in this chamber that thinks that what the process needs is more politics. make no mistake, i agrie degree that maximum transparency is necessary and desirable and that is precisely why we included numerous transparency requirements in the financial reform bill as well as numerous audit requirements. we authorized the g.a.o. to audit the fed's emergency lending facility. we authorized the g.a.o. to ought audit any special facility created within the fed. and we required the fed to issue an assessment two years after institutions were granted access to the fed's discount wind

mrs. maloney. the chair: the gentlelady from new york is recognized for two minutes. mrs. maloney: madam speaker, this is a terrible bill. this shortsighted legislation affects every corner of our government and keeps federal agencies from issuing rules critical for our economy and health and safety of americans. it sets a ridiculous arbitrary benchmark of a 6% unemployment rate before an agency can issue rules. for example, i think it goes in the opposite direction of making the securities and exchange commission more efficient and more effective for the american people. the bill places high barriers in the agency's way as it seeks to enact all the rules as directed in financial reform with a limited budget. with this bill, my colleagues across the aisle seem to somehow believe that the final years of the prior administration was just a rousing success, that the near collapse of our financial system never happened shes that the out-- happened, that the outrageous abuses that we saw in the mortgage lending industry never occurred and the abuses in consumer lending that the

mrs. maloney. the speaker pro tempore: the gentlelady is recognized. mrs. ey: i rise to express my on session to the indian tribal trade and development act, along with ranking members berman and markey. i ask permission to place their statements in opposition into the record this bill is unnecessary and seeks to give special consideration to one country, turkey. as a country that has shown both eth -- both negative and aggressive actions toward a number of our allies, turkey should not be given investment preferences in indian tribal lands through this bill. and they should not be given preference over 154 allies, member os they have world trade organization, nor should they be given preference over americans' businesses who western to invest in indian tribal lands. this bill would reward a country with a record of human rights and religious freedom violations. it has been on the u.s. commission on international freedom watch list for three consecutive years. just this last friday, many of us marked the 38th anniversary of turkey's el legal occupation of th

mrs. maloney, for five minutes. mrs. maloney: i thank the speaker for my recognition and i rise as the founder and co-chair of the hellanic caucus to speak on the 38th anniversary of the 1974 illegal turkish occupation and invasion of sigh plus. we must make sure that the passage of time that the cyprus issue is the result of an illegal invasion and ongoing occupation. it is long overdufort turkey to withdraw its troops from cyprus so that the island can move forward as a nation. they occupied cyprus with more than 48,000 troop. turkey has repeatedly ignored many of the united nations resolutions pertaining to cyprus and has continued to occupy the island in complete violation of international law. the destruction of religious and cultural sites and artifacts continues unabated and a long list of turkish actions that flag rantly disrespect the rights and religious freedom of the people. in the last congress, the hellanic caucus passed a resolution in the house calling for the protection of these religious sites and artifa

mrs. maloney two minutes. the speaker pro tempore: the gentlelady from new york is recognized for two minutes. mrs. maloney: this is an absolute terrible idea. although i am in total agreement with mr. paul that transparency is a virtue, i also believe that the federal reserve must be free of any political influence. and i'm afraid that this bill opens the door for precisely that to happen. and i don't believe that there's any one -- anyone in this chamber that thinks that what the process needs is more politics. make no mistake, i agrie degree that maximum transparency is necessary and desirable and that is precisely why we included numerous transparency requirements in the financial reform bill as well as numerous audit requirements. we authorized the g.a.o. to audit the fed's emergency lending facility. we authorized the g.a.o. to ought audit any special facility created within the fed. and we required the fed to issue an assessment two years after institutions were granted access to the fed's discount wind

mrs. maloney. the speaker pro tempore: the gentlelady from new york is recognized for two minutes. mrs. maloney: i thank the gentlelady for yielding and for her leadership. mr. speaker, today congress must once again spend time in an empty gesture. even as this country waits for real solutions to serious problems. instead of dealing with ways to spread the -- and expand the creation of jobs, once again our colleagues on the other side of the aisle insist that we pretend like we're going to repeal the affordable care act. even though that could drop over 6.6 million young adults under the age of 26 off their parents' health care policies, even though that could throw 17 million children with pre-existing conditions to the mercy of the marketplace. even though that would drop 5.3 million seniors down the doughnut hole of medicare, even though it would just create new uncertainties for small businesses. even though all of this is true and more, you make congress once again engage in this which is totally without meaning. because if by some dark miracle you were able to pass the bill and the

mrs. maloney: i thank the gentleman for his leadership on this issue and so many others. i rise in opposition to the d.c. abortion act and thank my colleague in new york, jerry nadler, and eleanor holmes norton for their very strong leadership in opposition to this bill. mr. speaker, the callus indifference that is shown to the lives this health, the well being and constitutional rights of women in this bill simply beggar description. for instance, the bill has no provision whatsoever for women who have been the victims of rape or incest. and there is no exception for a woman's health. this bill would use the awesome power of the state to compel the victim of an -- of a violent assault to bear the child of her attacker and compel a minor child who has been the victim of incest to bear her sibling. how can you even begin to justify the intrusion of federal power into such deeply painful and personal matters. this bill is an assault on decency and common sense. and it adds to the battery of weapons being used by our republican colleagues and their war against women. a vote

mr. maloney, five minutes. >> thank you for your service. it is huge that sandy has called for the breakup of the big banks. i would like a detailed answer on what this means to the financial crisis in investment- banking and banking have been separated, what would that have meant for aig, lehman, wachovia, all of the big banks? i want to use my time on crises now which is libor. and the debt ceiling crisis and what is meant and financial loss to the american families last summer and what it could mean in the future. specifically on libor, was this a british problem or a united states problem? >> it was a rate set in london that has implications far beyond london. not just the united states but financial markets around the world. >> was it set by an association in the united states or elsewhere? >> it was said by a group of banks in great britain. >> were you aware of any other members of the president's working group following this issue? >> the cftc started at that time -- went to their credit. >> did the new york fed have enforcement auth

mr. maloney from new york for five minutes. >> i want to thank the gentleman and i want to thank all of the panelists for being here. actually, i want to thank president obama for saving the auto industry in america. i, for one cannot imagine an america that is not build its own cars. granted, it is not words than -- we are now exporting cars and we seem to be doing a good job. when president obama took office, the industry was shedding jobs by hundreds of thousands and gm and chrysler, they faced the possibility of being totally liquidated. which would then have a huge ramifications, even in new york, we had suppliers in new york that were supplying the auto industry, and they went out of business and that many new yorkers lost their jobs. we were building the cars, we were building some of the parts. we have a ramification across our great nation. and yet when the american auto industry was on the brink of collapse, and we were going to lose by all estimates from all economists, a million jobs online, that would've been at least one in eight jobs in ohio, and in jobs across our country, a

mrs. maloney: yes we want to cut taxes for the middle class. we think it is critical for our economic recovery. we also want to cut taxes for everyone else, including the most fortunate. but only on the first $250,000 of their earnings. on that portion of their earnings, they will receive the exact same tax cut as the middle class. but if we hope to seriously address the issue of long-term deficits and debt, we can't do it by spending cuts alone. according to the nonpartisan fact-checking organization, factcheck.org, in 2009 federal tax rates were the lowest level in 30 years. so let's make one of those hard choices the other side of the aisle likes to talk about. let's extend the middle class tax breaks, but let the tax cuts for the most fortunate expire and use every bit of that revenue to help pay down the deficit and get our economy moving in the right direction. thank you. i yield back. the speaker pro tempore: the gentlewoman's time has expired. for what purpose does the gentleman from florida rise? without objection. >> madam speaker, ke

mr. maloney, five minutes. >> thank you for your service. it is f. lee huge -- it is huge that sandy has called for the breakup of the big banks. i would like a detailed answer on what this means to the financial crisis in investment- banking and banking have been separated, what would that have meant for aig, lehman, wachovia, all of the big banks? i want to use my time on crises now which is libor. and the debt ceiling crisis and what is meant and financial loss to the american families last summer and what it could mean in the future. specifically on libor, was this a british problem or a united states problem? >> it was a rate set in london that has implications far beyond london. not just the united states but financial markets around the world. >> was it set by an association in the united states or elsewhere? >> it was said by a group of banks in great britain. >> for you aware of any other members of the president's working group following this issue? -- were you aware of any other members of the president's working group following this issue

mr. maloney on the questions of separation of the investment banks from the community bankers would like to be included in that written response. i have to say that you have -- i'm impressed with your resume. dartmouth, john hopkins, department of the -- treasury. chairman of new york fed, not withstanding other gentlemen trying too make you a choir boy and these terrible bush appointees trying to overwhelm you. you have a strong resume and you have accomplished a lot. you recognize there are critics that said you didn't have enough experience when you went with the new york fed. critics who -- y'all said that -- i think the estimation was he marked with the bush administration to minimum nice the effects in 2008 and there are people who strongly questioned whether or not the actions actually did that or they didn't, and so we can accept the fact that there are discussions -- i don't know fancy policy. i'm just a congressman from. we don't have big banking institutions. i'm not going to sit here and ask you some question that's going reorient your thinking about the country but i have an

mr. maloney, five minutes. maloney, five minutes. >> thank you for your >> thank you for your service. it is absolutely huge in writing on what doe sandy has called for the breakup of the big banks. i would like a detailed answer on what this means to the financial crisis in investment- banking and banking have been separated, what would that have meant for aig, lehman, wachovia, all of the big banks? now which is libor. and the debt ceiling crisis and what is meant and financial loss to the american families last summer and what it could mean in the future. but, specifically on libor, was this a british problem or a united states problem? >> it was a rate set in london that has implications far beyond london. not just the united states but in financial markets around the world. >> was it set by an association in the united states or elsewhere? who set it? >> it was said by a group of banks in great britain. >> for you aware of any other -- were you aware of any other members of the president's working group following this working group following this issue? as you know, the cftc start

tarp report and without that clarification i'll turn to miss maloney and after her question we'll open it up to unlimited time period since mr. bloom said the only way he would answer questions is to be asked those questions in this hearing room. i will stay and ask him those questions. >> will the gentleman yield for one second, one question? >> yes. >> i just want to make this clear. is that -- i thought i -- i just want to be clear on this. did mr. bloom, i've been here and listened. did he say the only way that he would answer get is to -- is that what you said? >> if you would answer these in writing and you said that you would not, and i certainly intend to answer these questions here because of that and your answer stands in the record. >> what i said was if you want to go through these questions, i'm here today and i also said i would like to have sig tarp, ask me the questions i would do it. >> but you refused to provide me the answers as you promised -- as we showed you the video, before this committee previously in writing. >> responded to that already. >> thank you. >> miss maloney. >> pertaining to the pension,

mr. hand hose saw for two minutes? >> thank you, chairwoman cabito and ranking member maloney. and i also want to thank you, mr. dante, for once again coming before this committee to speak out about the progress of the consumer financial protection bureau where once again evaluating the cfpb and marking the two-year anniversary of the dodd-frank wall street reform and consumer protection act. two years later i still hear my friends and leagues on the other side of the aisle complain about the so-called strangling red tape which the law has supposedly imposed. the national journal on monday published a story titled gripes and laws from gop on dodd-frank. by next month the cfpb will have testified before congress 26 times during their 18-month existence. i'd like to point out that according to a poll commissioned by the aarp and other organizations taken earlier month, most americans disagree with the negative characterization of the cfpb that my republican colleagues have embraced. in fact, two-thirds of voters and 69% of independents agreed that the cfpb is a necessary institution. i repeat, that it is necessar

mr. james freis irector offin imnmeethe rt ftsuw wemer em >> chairwoman capito, ranking member maloney and of the subcommittee -- >> can i ask you to pull the micropne? for somera- u 'mfesi heic fn reedbe t tscth fo oestas anul regulatory for mobile payments andther emerging payment methods. my testimony today wl focus on some of the moto la anacark bedotpeemi aboffn sm chgiledvs te iovive yso move money. at the outset, i would like to make a distinction betwe mobile banking and mobile ym. ilbi kinved mmat tdiio omact erabu eicoofepor stiipaents essentially involve the production of the fund's outside of the bank account to affect payments or other transfers. letmemhzet t ty ofatvr ujct t vafna t fotieran rrt nc purposes. either is part of the requirements on banks or a part of the requirement on money transmitters. coinasys ev rly icoo cohee oan ea reng ulat. e apiflyt vebiayments and other innovations. the rule was develod to be technologically neutral and hopefully ver new developments for years toco spictevo s or tyi vis poote ic ero communicatio vehicle. if a mobile phone lowndes pers

mr. raj date to our committee. he is the -- i already said you are. the deputy director of the cfpb, welcome. >> chairman capito, ranking member maloney, and members of the subcommittee, thank you for the opportunity to appear before you again to discuss the work of the consumer financial protection bureau. i'd like to talk to you today about how the cfpb is fulfilling its mission to help consumer finance markets actually work -- for american families, for financial services firms, and for the economy as a whole. as we look to the one-year anniversary, i'm glad to have the opportunity to discuss the important work we are doing. consumer protection act in crisis since the great depression. before dodd-frank, and enforcing the various different federal agencies. cfpb -- congress equipped to the cfpb with a number of tools. we have been using these tools to offer tangible by to american consumers. in addition to supervising the country's biggest banks, we've also done our supervision of nonbanks in markets. residential mortgages and the lending. we announced the addition of credit reporting agencies. many of these non-baked products and services have ne

mr. james freis at the department of treasury. welcome. welcome your statement. >> thank you and good morning. chairwoman capito comer lynndie member maloney and -- >> could i ask you to pull the microphone. yes. thank you. >> im jim freis director of fincen and i pleased to be here today to discuss fincen's efforts to establish a meaningful payment network for mobile payments and other emerging payment methods. my testimony today will focus on some of the most important regulatory and analytical work being done to prevent criminal abuse in the financial system as technologically advanced create innovative ways to move money. at the outset, i would like to make a distinction between mobile banking and mobile payments. while mobile banking involves communication and direction from an account holder about their account at a depository institution, mobile payments to essentially involve the direction of the fund's outside of a bank account to affect payments or other transfers. let me emphasize that both types of activities are subject to relevant fincen edition prieta i money laundering and terrorist financing purposes. neither is part of th