as i have read your testimony, ms. white for example indicates these non-standard products can pose significant risk management challenges because they can be complex, opaque, illiquid and difficult to value and in your testimony, chairman schapiro, you indicate one way to deal with these non-standard type of arrangements is to impose appropriate margin and capital requirements on the participants in the reactions to reflect the risk they pose to the system in general. the question i have when we get to the point is do these -- can we dalia with the risk peace transactions pos? i think he would each i agree with me that as we have watched derivatives operate in the last few years there have been incredible abuses that have put incredible systemic risk in the economy but there's also been a phenomenal number of affective uses of credit to default swaps and other derivatives that helped create efficiency and strength in the economy and so the question i am getting is can we evaluate these nonstandard arrangements in such a way

ms. white is oversight responsibilities for sections that analyze risks in process microeconomic data and she is participated in domestic and international working groups on central counterparties, securities settlement in financial regulation. we very much appreciate all of you joining us here this afternoon and chairman schapiro would you give your testimony? >> thank you very much. mr. chairman, ranking member bunning and members of the subcommittee i am pleased to have this opportunity to testify to the house and securities exchange commission concerning the regulation of over-the-counter derivatives. the severe financial crisis that has unfolded over the last two years has revealed serious weaknesses and the structure of u.s. financial regulation. one of these gaps is the gap in regulation of otc derivatives, which under current law are largely excluded or exempted from regulation. the ker regulatory framework has permitted certain opaque securities related otc derivatives to develop outsi

ms. schakowsky: senator white house said, this is not a harry and louise moment, this is a thelma and louise moment. they were driving -- actually they fell off the cliff, as the president pointed out, we don't want to drive off a cliff. but that's where we're heading right now this this country with health care and the kind of plan that gives the choice to americans and allows all americans to be covered will keep us from falling off the cliff and more. it will make our society much more healthy. mr. ellison: let me yield to the gentlelady. and congresswoman hirono, you talked about the forums that you have had and others have had and that makes me kind of think about what congresswoman schakowsky and congresswoman woolsey are talking about in terms of organizing people. what kinds of coalitions do you see at these forums. are these folks you are seeing working together? ms. hirono: this system is so broken that you have people from all seeingments, republicans, democrats, doctors, nurses, hospitals, priors, the whole spectrum, small businesses coming in and saying let's fix this and identi

several weeks ago when the president had his first speech to the joint houses of congress, the white house invited ms. henry to come to d.c. they put her up in a hotel there broader to the congress and to the white house and by this time we had sent her a book so we could verify that she was indeed and she took her book with her to the white house and she showed it to the president and he said michelle i think you need to sign this some michelle obama got the book and signed it. now we're waiting for michelle to sign our books and all of the contributors books. we are going to the white house the 27 of march, we just have another contributor come in, we're all going to the white house. we don't know when. but we are going you heard us and you on c-span, you heard us. somebody tell michele. [laughter] because we want to go. >> i have to tell you the black women's network is something because black women talk to one another "go, tell michelle" blogsño bought.com, facebook, and people who are writing us to say what is this a facebook thing? you know, it is a thing. we say go for itxd because if peggy br

our energy czar from the white house, ms. brown, came out and looked at the green job corps. we are hoping this will be seen as a model to replicate throughout the country. let me just remind you that the congressional black caucus has historically been known as the conscience of the congress. and we recognize that the dignity of all human beings is extremely important in our work to close these -- some of us call it the moral gaps that exist, the disparities. tonight, of course, we're talking about jobs and employment and unemployment. well, the good paying jobs recognize the dignity of all human beings. when people are unemployed, when they don't have jobs, it's very difficult to take care of their families, take care of themselves and as a person who majored in psychiatric social work, i understand all the psychological effects. we see that each and every day now, the emotional trauma, the depression, suicide rates are soaring now as a result of this bush recession. and so we have to remember that when people are unemployed, it's not only that they don't have a job to make

host: linda debose is from the white house office for a care reform. there is a tweed saying, ms.douglas, why does this radical plan have to be implemented during a recession? it will only add to inflationary pressures. guest: i would certainly quibble with the word "radical," but one of the reasons that we're doing this is because we are struggling in our countries. this is -- in our country. this is squeezing our businesses and making it difficult for them to compete globally and to compete with businesses that do not provide health insurance because they cannot afford those costs. they cannot hire more workers. one of the reasons we're having a difficult time digging out of this economic trouble that we are in right now is because there is the way, the burden of these high health care costs on all businesses in this country. we pay twice as much for health care as any other country in the world. we do not necessarily have better outcomes, but we are spending a lot of money on health care. that is not good for businesses and certainly not -- very hard for families. we have got t

ms. tenenbaum here. she is a real breath of fresh air. i am glad that the white house saw fit to nominate her. i knew that we were in pretty good shape when the day she was announced we had several consumer groups as well as several business groups who came out in support of her. she also has the encouragement and support efforts to home state senators, and we all know on this committee, we understand the trials and tribulations of the cpsc over the last few years. i think just in layman's terms what is happened is this cpsc is that its budget cut in dwindling resources as challenges have increase, and when we saw this huge influx of products that were manufactured overseas, most notably china but from a lot of places overseas, the cpsc quite frankly was not able to keep pace with that, and was overwhelmed. and, we have been working on this over the last couple of years in this committee. we were able to pass the bill last year, passed overwhelmingly, went through both houses, went through conference. in fortunately sins that bill's best there has been a lot of controversy about the implementa

white house, june 18, 2009. the speaker pro tempore: sent to the committeed on ordered printed. the clerk: leaves of absence for ms. ve laz quezz for today and the balance of the week, mrs. schmidt of ohio for today until 1:50 p.m. the speaker pro tempore: without objection, the requests are granted. the gentleman from new york. mr. arcuri: i move that the house do now adjourn. the speaker pro tempore: those in favor say aye. those opposed, no. the ayes have it. the motion is agreed to. accordingly, the hou >> we're going to go back now to the health committee, the senate health committee mark-up. they've been marking up this bill for a time to last through the end of next week. >> the meeting will come to order. we have a aquarium present and i thank my colleagues for being here this morning. yesterday was a long day of openings statements. but i think worthwhile. given the magnitude of the legislation, the importance of it. i recommended a five-minute rule. obviously i wasn't ridged, to put it mildly, about that at all. members i hope felt they had an adequate time to express themselves on the overriding issues