ms. warren. let's try to focus on the substance because i've actually heard very little substance here today. there are better ways to solve our problems. and i hope that this committee will be part of this. so i thank the chairman. i see that my time has about expired. >> will the gentleman yield? >> i'd be delighted. >> we worked together for a long time, and i join with you in wanting this hearing and any talking points part of any member, junior or senior, to be about our oversight. i do agree with you on the simplification. patrick mchenry offered a bill a number of years ago and continues to support it. i hope that all of us understand that our jurisdiction here is limited. we're here to discuss the -- weather dodd-frank got it right for the organization. whether professor warren is now finding things which are poorly defined within the statute that she is working and her 400 employees are working to try to resolve. whether some committee, probably financial services primarily needs to revi

ms. warren and i:ms. warren for returning and being here today and answering members questions. and with that mr. chairman i would yield the balance of my time back to you. >> thank you and i won't use your further opening statement that i would like to answer the ranking member's inquiry. as you know, we held a field hearing in baltimore on the mortgage crisis and we hope the hearings held here are not somehow waited greater than those held in their own district with your mayor and your governor. for the same fact-finding. the time of the committee is limited. we are trying to do things which in this case financial services should be the lead. if they are not, we certainly want to make sure that we fill in any of the gaps. ritually i said we were not going to let this go. we are not going to let this go. we are going to continue to look at those abuses where there is a government nexus or whether we believe this committee can make a difference. i want to reiterate, nothing has changed from february until now and i would hope the gentleman would realize that i am happy to contin

ms. warren. we had hearings. we had conversations. and every single consumer group that we dealt with, the gentleman from wisconsin mentioned his supporters, wasn't a single consumer,, the consumer federation, et cetera, they persuaded me that a single member would be better than a commission. i acknowledge we had hearings and i listened to people who were for it. here's the debate. we have everybody who was against establishing this in the first place, who were against it in principle and believe they should leave it to the bank regulators. we have everybody who supports the entity as an independent consumer protector, therefore a single member. yes, i was persuaded. i will acknowledge i changed my position based on the evidence. the gentleman's inaccurate suggestion was that i was for the other parts of this. no, i wasn't. putting the bank regulators doesn't work. and the republicans offered their own version last year. the gentlewoman from from illinois, ms. biggert and created a 14-member council and they were empowered to set up

ms. warren said, let me put up what she said about this her son -- listen to what elizabeth warren said. say, this agency is not partisan. families across the country who can't read their credit cards because they think that the terms are written in some other language, that's not a republican versus democrat issue. that's a real issue about whether or not we should have a set of rules that work for regular middle class families. >> congressman, how do we get the american people do t.o. understand there is not about partisan, this is about fairness in terms of financial regulation. >> for all of the people who have had their homes foreclosed and people who have lost their jobs, it is becoming increasingly clear that this is really an republican oor or democrat question. it is question of whether the economy we have known in the past will ever come back. without the confidence of regulatory agency, the banking system is never going to come back it what it was before. businesses are not going to be able to get loans. and i really think that this is -- this is probably the toughest and most

ms. warren with more rudeness and disrespect than i've ever seen a committee witness treated. that is not the american way. >> bravo. soon after he delivered his welcome rebuke to washington's pointsless biggering. he voted for the cut, cap and balance put up by republicans tuesday. i wreet in my "washington post" column is so unrealistic you might call it a war. how does the man i always view at a sea of distinction disappoint me and i asked this congressman whip all the civility i can muster, welcome, jim cooper. >> thank you, matt. glad to be with you. >> congressman, you know, ronald reagan when he ran the government you know, back in the glory days of conservatism, ran the government at 22% of gdp. federal spending and share of gdp. the bill you just voted for republicans are pushing talking about 19.9 prgs percent and even down to 18%, when we're doubling number of senior on social security and medicare. you know the math doesn't work. why did you vote for this? >> matt, you just left out your presentation and out of your column the fact that president bill clinton worki

ms. warren with more rudeness and disrespect that i have ever seen a committee witness treated. that is not the american way. some of us come here and we get so used to the food fight that we wanted to continue, and you will probably score brownie points if you make your partisan hit. you might even get on a better committee. well, congratulations. you will not have solved a problem. i would suggest to the chairman and ranking member that oftentimes, a seminar format is much more instructive, much more educational than this sort of partisan share rate we seem to continue to engage in with hearings like this. i would urge members to read ms. warren's -- one of her books. i have only read "the two-income track. ." trapp it is outstanding. you should read this book. there would be a lot less discord and anger because this lady is trying to do the right thing. we all recognize that consumers oftentimes get the short end of the stick. i have tried to refinance my home mortgage several times to take advantage of today's record low interest rates, and the paperwork is a blizzard. i wen

ms. warren. this is simply not the case. road to confirmation may not be much easier. in may, 44 senate republicans sent president obama a letterçç threatening to withhold support for any nominee. and the top republican on the banking committee-- alabama's richard shelby-- issued a statement yesterday, saying: "until president obama addresses our concerns by supporting a few reasonable structural changes, we will not confirm anyone to lead it. no accountability, no confirmation." today, the president made light of the difficult confirmation process, citing cordray's statuç as a five-time "jeopardy" champion in the 1980s. >> that's why all of his answers at his confirmation hearings will be in the form of a question. that's a joke. >> woodruff: the agency, which officially begins work thursday, will be independent of other regulators but funded by the federal reserve. for more on about this agency and its new nominee, we're joined by jeff madrick is a senior fellow at the liberal- leaning roosevelt institute. he's a regular

ms. warren, yourself and u.s. bank ceo richard davis documented meetings held march march 10th in 2011 and march 11th of 2011. what was the nature of these meetings and was anything but the settlement discussed in those meetings? >> what mr. davis to as you say is the ceo of u.s. bank and i've had the opportunity to talk on several occasions in the past about a variety of issues, the nature of my role in particular is to lead the of markets and regulations, and indeed my intent and the division's intent is to make sure that which we do from a policy point of view is simultaneously ground in the empirical analysis on the one hand and a deep grounding and the pragmatism of what actually happens in the marketplace. to my recollection any conversations with mr. davis and or his team have been with that in mind and in particular the meeting that you were discussing i recall professor who warren actually prefaced some of that meeting with an explicit statement that what that meeting is about is about the market probably

ms. warren, and i think her for returning in being here today and answering questions from members, and with that, you balance of my time back to you. >> thank you, and i will not use up your further opening statement. i would like to address the ranking members in free. as you know, there is a field hearing in baltimore. i hope that hearings held here are not some of greater than those in your own district with your mayor and governor there for this in fact fighting. the time of the committee is limited. we are trying to do things which in this case, a financial- services should lead, and if not, we certainly want to make sure we fill in the gap. the original, but i said we were not going to let this go. we are going to look at those abuses where we believe this committee can make a difference, and i want to reiterate, nothing has changed from february till now, and i hope the gentleman would realize that i am happy to continue working on specific opportunities. in case of the mortgage industry, in your opening statement, you did say illegal, etc.. if we already know something is illegal, i

ms. warren is she would be available to the committee for one hour.she accompanies your late breaking request made by your staff at 9 p.m. last night, she appear at an earlier time than previously scheduled, you allow her to leave at 2:15 p.m. in keeping with the agreement. it's 2:15 now. she kept her side of the bargain, and now it's time to keep yours. mr. chairman, out of respect for her and her schedule and the flexibility she showed

ms. warren testified before a house subsidizing committee on mortgage forclosures. >> and we have seen very little accountability among the largest financial services and both before the crash of 2008 and after the crash of 2008. and i just want to point out that has been really hard on american families. it's been hard on directly when they've gotten their feet tapingaled in credit card agreements and payday loans and hard on them when they were doing sensible things on mortgages only to know they were going to lose their loans and people who did nothing to get involved in financial services but lost their jobs. and companies, small businesses they were working for, their markets have dried up, and it has also been hard on community banks, credit unions who worked so hard day in and day out to work with their customers and be the relationship lenders and be there over the long haul and who are getting crushed in a financial turnaround that was not their fault. >> you can watch elizabeth warren live today on capitol hill on c-span.org. >> this weekend on c-span, live from salt like city, th

ms. warren testified before a house oversight subcommittee in may on home mortgage foreclosures. >> we have seen very little accountability among the largest financial services providers and among the largely-unregulated financial services providers. both before the crash of 2008 and after the crash of 2008. and i just want to point out that has been really hard on american families. it's been hard on them directly when they've gotten their feet tangled in credit card agreements and payday loans that were deceptive. it's been hard on them when they thought they were doing sensible things on mortgage cans only to learn that they were going to lose their homes. but it's also been hard on others in the economy, people who did nothing to get involved with financial services but who lost their jobs. people who see the companies, the small businesses they're working for, their markets have dried up. and it has also been hard on community banks, on credit unions who work so hard day in and day out to work with their customers to be the relationship lenders, to be there over the long haul and who a

ms. warren would not be able to be confirmed for the position.one may be confirmed for the position. republicans have about block anyone that obama put out. we will see if they are able to stick to that pledge. host: explain to us who this new face is. they point out that he is a former jeopardy champion. >> he is a friday reigning winner back in the 1980's. he is well known in consumer circles for his early works. he lost his bid for reelection back in november. he has been at the consumer protection financial bureau. he is going to lead their enforcement operation regulating things that break the law. he does not have the same history and polarizing nature that could impede the confirmation of elizabeth warren. host: how will putting out this nomination today worked and will the white house get this new nominee? caller: they are hoping to appease the supporters of elizabeth warren. liberals are very disappointed that she was not named. they hope they are willing to accept this new candidate. the president plans to formally announce this today.

ms. warren would like to make a load mod representation to the attorneys general. we would like to use it. feature presentation give advice in the supplement? >> thursday the e-mail -- >> to jupiter greisinger prefers on that? >> i ask unanimous consent that donovan had two more in the. please go and finish your answer. i wanted to be time necessary to get a full answer and the additional follow-up question. >> the first point is i think this e-mail says i was listening to make a long presentation and i simply wanted to say if you look at the earlier e-mails have assessed by the attorney general of illinois to make this presentation. it was their idea. the second question is did i talk to the attorney general give them advice? yes, i certainly did. >> you give advice on your preferred settlement. >> sir, i said things i thought were right. >> haven't you been saying this you haven't been participating in these things? has in your quote than that you've been giving advice to secretary of treasury and other federal agencies, that you've been avoiding answering this q

ms. warren is setting up, but first, of course the big story today is the debt resolution. how'd you see this playing out? guest: i think it is decision time. one of the wake-up calls was the fact that this week moody's and standard and poor's came out and said that america could lose their aaa rating, and the president has said let's make a decision. i feel we cannot have a default. the ramifications would be huge, not only with the national capital markets, but internationally it would hurt wages, jobs, tank the stock market. it is absolutely not an option. it needs to be raised. the rating agencies have made that clear. president obama is supporting the largest package possible, and i support him in his efforts. he should be part of a two-white shirt, revenue and kuatz, like any other business, and it should could -- ledger, revenue and cuts, like any other business. republicans have refused to even consider revenues, even deleting the subsidies to oil and the companies that move jobs overseas. it needs to be two ledger decision. the final analysis of the we must raise i

ms. warren. we had hearings. we had conversations. and every single consumer group that we dealt with, the gentleman from wisconsin mentioned his supporters, wasn't a single consumer,, the consumer federation, et cetera, they persuaded me that a single member would be better than a commission. i acknowledge we had hearings and i listened to people who were for it. here's the debate. we have everybody who was against establishinghis in the first place, who were against it in principle and believe they should leave ito the bank regulators. we have everybody who supports the entity as an independent consumer protector, therefore a single member. yes, i was persuaded. i will acknowledge i changed my position based on the evidence. the gentleman's inaccurate suggestion was that i was for the other parts of this. no, i wasn't. putting the bank regulators doesn't work. and the republicans offered thr own version last year. the gentlewoman from from illinois, ms. biggert and created a 14-member council and they were empowered to set up a hotl

ms. warren. we had hearings. we had conversations. and every single consumer group that we dealt with, the gentleman from wisconsin mentioned his supporters, wasn't a single consumer,, the consumer federation, et cetera, they persuaded me that a single member would be better than a commission. i acknowledge we had hearings and i listened to people who were for it. here's the debate. we have everybody who was against establishing this in the first place, who were against it in principle and believe they should leave it to the bank regulators. we have everybody who supports the entity as an independent consumer protector, therefore a single member. yes, i was persuaded. i will acknowledge i changed my position based on the evidence. the gentleman's inaccurate suggestion was that i was for the other parts of this. no, i wasn't. putting the bank regulators doesn't work. and the republicans offered their own version last year. the gentlewoman from from illinois, ms. biggert and created a 14-member council and they were empowered to set up

ms. warren and yourself documenting meetings held on march 10. what was the nature of these meetings? >> the ceo of u.s. banks have had a chance to talk on a variety of issues. the nature of my role is to lead the division of u.s. markets and regulations. what we do from a policy point of view is grounded in empirical analysis and grounded in the pragmatism of what happens in the marketplace. to my recollection, any conversations have been held with that in mind. the meeting you our discussion -- you are discussing had elizabeth warren prefacing the meeting about what the meeting was about. the beating was about the market broadly. >> this loan modification discussion has been going on for a long period of time. there was a detail regarding the presentation. there were discussions about determining who was going to get loan modifications. >> without talking about anything particular as it relates to u.s. bank, i would be happy to talk about the nature of that conversation with mr. davis. it is broadly known that the institution required through the fbi process -- the fdic process an i

ms. betty warren, that's my mom.oads of love, jerry. what a beautiful journey they shared together as husband and wife faithfully standing by each other through the hard times, through the good times, through the challenges, through the crucibles of life only to grow stronger in their devotion to one another and closer in their united love, and we know of mom's love for her family. each one of us as her children, son, daughters-in-law, children, great grandchildren, we each have our own stories, stories to tell, memories to cherish of how mom loved us, how she took the time to know us, each one in our own special way, and to love us so well. we know of mom's love for others whether it be a friend in need or a patient at the betty ford center, mom extended freely. she extended herself freely in love and compassion to so many. once again, her desire to know a person's heart, to know their brokenness, their struggles and her willingness to share and care for them through words of grace and acts of mercy, so as her exten

ms. betty warren. that's my mom.ou, betty, wish you were here. loads of love, jerry." what a beautiful journey they shared together as husband and wife faithfully standing by each other through the hard times, through the good times, through the challenges, through the crucibles of life only to grow stronger in their devotion to one another and closer in their united love. we know of mom's love for her family. each one of us as her children, grandchildren, daughters-in-law, great grandchildren, we each have our own stories to tell and memories to cherish, how mom loved us, took the time to know us, each one in our own special way and to love us so well. we know of mom's love for others whether it be a friend in need or a patient at the betty ford center, mom extended freely. she extended herself freely in love and compassion to so many. once again, her desire to know a person's heart, to know their brokenness, their struggles, and her willingness to share and care for them through words of grace and acts of mercy, so

ms. warren from back in march where it appears it is a follow-up from the conversation you're asking about details of a needs test. sometimes you are soliciting opinions from the mortgage servicer on what would be workable and i give you another opportunity to answer the question and perhaps i did not worded correctly. . . will cease. we have two special guests at the table. scott pace, george washington university's space policy institute director, and mark matthews, he writes about the space program and policy out of washington for "the orlando sentinel." reflections -- let me start with you -- this historic final day. what are you thinking about as the space shuttle program comes to an end? guest: when i was a young engineer and i could walk out on the shop floor and watch the machining -- i still had to go back to my desk and push paper but it was still cool to see that. i am actually both clad and sad that it is happening -- glad and sad. sad because it is an end of an era but i think after the columbia accident the right decision was made. that we've needed to complete the space stat