ms. maloney. when that gets underway in a few minutes, the discussion on this year's elections we'll have live coverage. as we wait, aan prt e-mails fro morning's "washington journal." >>> for three days this week sh the three branches of government faced off dramatically in a packed room on first street northeast and when it was all over president obama's health care law was hanging by a thread. meanwhile, from inside the opinion pages of two leading newspapers beginning with the "wall street journal" the obama care reckoning. this from the "wall street journal." this has been a marvelous public education. thedetailed the multiple ways in which the individual mandate upsets the careful equilibrium of the american political system. the obama administration's argument in favor of the mandate buy health insurance -- and finally inside theme" activism editorial. conservative justices seem willing to make policy beyond their constitutional role. "new york times" editorial page writes, the ideological

ms. maloney. >> is mr. frank coming, or -- >> pardon me. should we wait for him? >> we're going to -- >> well, first of all, i would like -- should i wait for mr. frank or -- >> i'll allow mr. frank to come in and make an opening statement. or would you like mr. -- >> i'll just go ahead in the interest of time. first of all, i'd like to welcome director cordray and really thank you for your impressive accomplishments so far. i know that when we were doing the mark-up on dodd/frank, i offered an amendment that called for an annual report and oversight by this committee of the cfpb. that was later amended to make it a semiannual report to congress. but if i had known that you would be before this body or someone senior as yourself would be before this body 15 times, so far this year alone i would not have offered that amendment because you have been very accountable to us and to this congress. and i'd like to say it was great to have you in my district in new york where you discussed and launched an inquiry into overdraft practices. i know that you have made similar

ms. maloney for five minutes. >> thank you. director cordray, yesterday i read in one of the papers that you have a new feature on the cfpb website called "ask us anything." i wanted to call it to the attention of my colleagues and others, because i believe that financial literacy is something that i care deeply about. and i firmly believe that when people have the best information, they can make the best decisions for their financial lives. can you report on the usage of this function and how will these questions inform your work going forward? >> thank you, congresswoman. it's something that we think will be an important foundation that we build on going forward. so as we prepared the bureau to receive and to handle and to resolve consumer complaints in the credit card area and then the mortgage area and now we're into other areas as well, we inevitably developed training materials for our folks who would be receiving those complaints to be able to address different questions to be knowledgeable about the products they would

ms. maloney had talked about the imf. i think this conversation going on in the senate right now about the reauthorization of the gnome bug i was wondering if you could tell us about hal the banks help american companies and providing financing for u.s. exports in countries that have developed capital market. >> countries around the world subsidize exports. we do it in a way that is very careful, by forcing them to charge companies for the subsidies they get. that is why overtime, i think there is then no record of loss to taxpayers in this program. if we don't do it, another country will steal business from american companies, and you will see less exports and less jobs, that would be a mistake. that would be a mistake for the u.s. economy. if we stop, they will keep doing it, and it is not just europe, it is china very aggressively. it makes no sense. it is not rational for us to unilaterally disarm, in the hopes by doing this. i don't think it's a case for them. too big too generous to support that. and almost all the

ms. maloney. >> first i would like to thank the chair lady for holding this hearing on the future of mobile payments in the financial system and thank you all the panelists for joining us this morning. the hearing will serve as a great first step and learning session on the rapidly evolving technology. all i feel this is another example of american exceptional loss of coming up with an innovative idea and efficient idea that keeps america moving forward employing more people, becoming more efficient and making us an even stronger country. i'm excited about this idea, and i look forward to hearing of your testimony. mobile payments in the united states are expected to generate 215 billion by the year 201,543,000,000 adults in the country use alternative financial services as a form of banking. and as the technology continues to move forward it creates innovative and exciting opportunities for everyday citizens at home and at work. the possibility is truly endless. we are seeing what technology can do for the businesses as mobile technology opens the door to an entirely new method of financia

ms. maloney. >> is mr. frank coming? pardon me? should we wait for him?all, i would like to -- should i wait for mr. frank? >> i will allow mr. frank to come in and make an opening statement. >> i will go ahead, in the interest of time. first of all, i want to welcome director cordray, and really thank you for your impressive accomplishments so far. i know that when we were doing the markup on dodd-frank, i offered an amendment that called for an annual report and oversight by this committee of the cfpb. that was later amended to make it a semi-annual report to congress, but if i had known that you would be before this body or some one senior, as yourself, would be before this body 15 times this year alone, i would not have offered the amendment, because you have been very accountable to us and to this congress. i would like to say it was great to have you in my district in new york, where you discussed and launched an inquiry into overdraft practices. i know you have faced similar meetings across this country with various concerns, from student loans to

maloney: i yield four minutes to the gentlelady from pennsylvania, a member of the budget committee, allison schwartz. the chair: the gentlelady from pennsylvania is recognized for four minutes. ms. schwartz: thank you, mr. speaker. i just wanted to add a few words, some of which -- some of these kind of issues have been talked about all day or all afternoon. but i did want -- feel compelled to rise again to talk about what really is at stake here and what is truly a sharp contrast between the republican budget and the democratic budget alternatives. our budgets, as a federal budget, should reflect our priorities and values as a nation. our democratic budget moves america forward by building for the future, by investing in innovation, in education, in energy, with confidence and expectation about the opportunities that are available to us in this country. i also ensures that we keep our promises to america's seniors but protecting and strengthening medicare. the republican plan for america moves our nation backward and harms our economic competitiveness now and into the future. by choosing sustained tax cuts for the -- for millionaires over small businesses and jobs for the midd