initially, securities were eligible only if supported by new loans. the intention was to bring the market back to life, by directly financing the investors willing to purchase this, and finding the loans behind them. in 2009, the fed said that this could go to legacy assets, to stimulate the extension of new credit, by using the balance sheet pressures. finally, the maximum maturity was extended from three years to five years, and the maximum size in february of the total operation was $200 million -- was increased to one trillion dollars to match the list of securities. this has generated two opposite concerns. one is that the federal requirement was too conservative and unlikely to fund large volumes. the other is that the central bank is taking too much credit risk. i think that we have a good balance between these concerns. we have taken action to limit exposure to credit risk, through the stringent requirements, substantial cuts and the direct support of the treasury. this is not a substitute for the markets that were existing before the crisis, a

this situation is helping to reduce bank scomplal impede bon the ability of banks to make new loans. i want to make one mention of one particular situation that as a result has raised big questions. resulted to raise big questions. when freddie mac ignored the two leading rating agencies, moodies and standards and poors on rating the markets in securitization of nine months and relying on the markets of smaller agencies, the french and dominion rating bonds, and that $1 million deal led to aaa ratings and s&p said that freddie and fannie lost the rating method considered to be too rigorous. so the question and answer that has to be dealt with today, is it not 2 role of the agencies to be more vigilant in the rating process after being chastised by congress and the media of handling of aaa ratings on the complex securities that began to falter when home buyers could no longer pay their mortgages. the flip side of that, of course, are the big credit rating agencies maybe making some of the institutions jump through hoops that are not necessary. serious questions and a very timely heari

my small business administration chief travel to indiindia last week to announce new loans. -- traveled to indiana. it will give the industry boost a time when it needs one. i'm calling on congress to pass fleet modernization legislation to provide a credit to consumers who turn in old cars and purchase cleaner, more fuel- efficient new cars in a these are important steps to overcome a problem that did not happen overnight and will not be solved overnight. i recognize that today's news carries importance because it is not any company we're talking about. it is gm, the company that has not only been a source of income, but pride for generations. while the gm of the future will be different from that of the past i am confident that if well-managed a new gm will emerge to provide a new generation of americans with a chance to live out their dreams that can out-compete automakers around the world and once again be an integral part of america's economic future. when that happens we can truly say that what is good for general motors and all who work there is good for the united states of amer

would have to wait until they were behind three months, and then the effort was made to sell them a new loant a higher interest rate with high servicing charges that would have put them further in the hole. kind of a repeat of the types of flipping practices that have been destructive. somehow we have to get over the hill here. we have to get into -- into the world where our institutions are really taking seriously the modification programs. institutions that have received enormous tax support from citizens who are earning 30,000 bucks a year and seeing their tax money going to help the institutions but in return are being stonewalled on the mortgage front. what can we do to accelerate this effort to assist our citizens? >> senator, i share your concerns, that we be as effective as possible in rolling these programs out to every community in america. where people are feeling under great pressure right now. and this is a mammoth program. and it has taken some time to get rolling. i think all of us are impatient. we want this to be working as quickly as possible, because people are suffering e

meetings with finance officials to talk about how to make sure that small businesses can access their new loan guarantee program. the kbhers department and through the manufacturing extension, the economic administration have held numerous workshops in the auto region to help companies diversify and provide tailored assistance. and recently, the department of labor don veened all the rapid response coordinators throughout the midwest to make sure we provide a consistent level of service and to help states with their plans efforts. the administration approach realized that there's no single agency that holds the key to economic growth and there's no magic bullet. the challenges that regions face will not -- did not appear overnight and they will not be resolved overnight. credit for businesses, cleaning up private properties, information issues, job training, schools, public safety and health care are all integral parts of the solution. local and national foundations also have a role to play and we have begun to find ways to reach out and partner with them. state and local governments have and

would have to wait until they were behind three months, and then the effort was made to sell them a new loan at a higher interest rate with high servicing charges that would have put them further in the hole. kind of a repeat of the types of flipping practices that have been destructive. somehow we have to get over the hill here. we have to get into -- into the world where our institutions are really taking seriously the

funding for home purchases, more than 650,000 new mortgage loans. a $10 billion program would increase market capacity by enabling 6.5 million loans to be insured. such a government investment would dramatically benefit the housing market and enable more borrowers to realize the dream of homeownership on terms they can afford and sustain. so the bottom line is that with additional capital, the mortgage insurance companies can ensure more loans. we hope it is forthcoming. in conclusion, i want to thank you for the opportunity to testify today. the private mortgage insurance industry continues to absorb risk just like it is designed to do. mica strongly supports the state regulatory system and believes the structure assures that we can continue to meet our obligations during these very challenging times. we also would like to contribute still more to the housing recovery. we could do so the day after we receive additional capital. that is the housing recovery program that is ready to go. thank you. >> thank you very much, miss price. next we'll hear f

memberç states, as well as international financial institutions, to cease from providing any new concessional loansgrants, export credits, trade credits, or the like to north korea. with a narrow exception for humanitarian purposes, or forgo of mental activities that benefit directly the civilian population -- or for developmental activities that benefit directly the civilian population. third, it establishes innovative and expansive new regime for export -- for inspecting cargo that is suspected of being contraband under this resolution and prior resolutions that could benefit north korea's wmd program or be part of this proliferation activities. i would like to explain a little bit about how this inspection regime will work. the first, member states are expected to inspect any vessel on land, air, or see in their territory that they have reasonable grounds to believe is carrying contraband material that is prohibited by this resolution and the prior resolution. secondly, it calls upon all member states to inspect outside of their territorial waters any vessel they believe with reasonable grounds

loans that backed them. in march 2009, the fed signaled that talf could be extended to legacy assets with the intention of stimulating the extension of new credit generally by easing balance sheet pressures on potential lenders. finally, the maxima further of talf loans has been extended from three years to five years. and in february the maximum size of the total operation was increased from $200 billion to $1 trillion to match the growing list of eligible securities. admittedly, talf has generated two opposite concerns. one is that our credit requirements were too conservative and unlikely to fund large volumes. the other is that central bank is taking too much credit risk on its balance sheet. ill think we've struck a good balance between these concerns. we've taken appropriate action to limit our exposure to credit risks through stringent credit quality requirements on the assets, substantial haircuts, and the direct support of the treasury. importantly, talf is not intended to substitute for the a.b.s. markets as they existed before the crisis, nor is it intended to revive them to their former level of activity solely on the back of

securities were eligible only if they were backed by new or recently issued loans. the intent was to bring the asset backed market back to life by directly financing investors willing to purchase the securities and indirectly funding the loans. in march 2009, talf would be extended to legacy access. it would attempt to ease balance sheet pressures on lenders. the maximum maturity of talf loans has been expended -- extended to five years. the size of the total operation was increased from $200 billion to $1ri

loans. the mission of this new agency must be reflected in the work we do throughout the government. there are other agencies like the federal trade commission charged with tracking consumers. they must get the resources and the tools they need to stop unfair practices. third, we are proposing a series of changes designed to promote free and fair markets by closing gas and all for less in our regulatory system, including gaps that exist between nations. we have seen the structural deficiencies allowed some companies to shop for the regulator of their choice and others like hedge funds to operate outside the regulatory system altogether. we've seen that element of financial institutions like many derivatives that are still complex which to fight efforts to assess the actual values. we a cynicism that allows lenders to profit by offering items -- we have seen lenders profit by offering items to borrowers who they know can never repay the money. we want to close loopholes that have allowed important institutions to cherry pick among banking rules. we will offer only one federal banking

unstable housing market, the administration announced a new coordinated effort across federal and state government and private sectors to target mortgage loan modification fraud and foreclosure rescue scams. the new effort aligns responses from federal law enforcement agencies, state investigators and prosecution, civil enforcement authorities and the private sector to protect homeowners seeking assistance under the amferings' making homes affordable program from criminals looking to perpetrate predatory schemes. i appreciate the committee's work in enacting the fraud enforcement and recovery act which will enhance the department's criminal and civil tools and resources to combat mortgage fraud, securities and commodities fraud, money laundering and to protect taxpayer money that has been expended during the recent economic stimulus and rescue packages. with the tools and resources that the bill provides, the department and others will be better equipped to address the challenges that face this nation in difficult economic times and to do their part to help the nation respond to this challenge. in addition, the department has been investiga

he also talks about housing, including mortgage loans and funding for new construction and the government's policies on job retention. that's "prime minister's questions" tonight at 9:00 eastern. >> now, the israeli prime minister, benjamin and not -- benjamin netanyahu called on palestinian leaders to restart peace negotiations without preconditions. he made this call during a major policy speech and said palestinians must recognize israel as a jewish state. this is 30 minutes. [applause] >> honored guests, citizens of the state of israel, peace has always been the desire of our nation. our prophets gave the world the vision of peace, we greet one another with wishes of peace and our prayers conclude with the word peace. we are gathered here this evening in an institution named for two pioneers of peace, menachem begin and anwar sadat. we share in their vision. 2 1/2 months ago, i took the oath of office as prime minister of israel. i pledged to establish a national unity government and i did. i believed and i still believe that unity was essential for us now more than ever as we face thre

the federal reserve board of new york had $85 billion loan to a ing. the testimony today is that money was used to buy all the contracts and cancel them, that's how they took care of that obligation. what was of concern to me and others is the counterparties appeared to have received 100% of that even though testimony from people at aig before the committee said they thought there were a lot of contentious reasons to think they did not all 100% if they would anything at all on those particular obligations that there had been serious negotiations about whether they should pay anything to the counter parties and if they should pay something, chest and 100% they should pay. we pressed mr. lardy at aig for makarov on just how the negotiations went, why did they pay 100%, his comment was he was the wrong person to talk to and in fact the fed had all of those documents and paperwork because they had struck the deal. so, my question to you is why was 100% paid on these obligations including what was the rationale, why weren't the interest of the public money

a subdivision is altogether different and much more complicated than making a loan on an existing single-family home or a new home that's been completed and you can establish some reasonable fair market value. one has much broader pitfalls and more area that is can go wrong and complicates the appraisal for a lender when you're dealing with a subdivision than an individual home. i just -- i'm really concerned that we're dealing with a very difficult marketplace. we're dealing with consumers that are having very difficult times even getting loans today, as you know. they have to have stellar credit to get a good loan and if gscs were not in the market they wouldn't make any loans in california to be honest, because they're the only ones willing to lend. ems can't sit on the loan for that long time because they don't have the liquidity to do it. they go to their realtor or local mortgage broker trying to package a loan for them and go out and shop the loan. the marketplace it seems like we're making it much more difficult and hamstringing it in more ways by saying, an agreement that, perhaps works in new york

we have a new effort across the sector to target loan, mortgage fraud and rescue scams. these from law enforcement and state prosecutors and private sector to protect the homeowners of homes affordable program for those with predator schemes. i appreciate the committee's work that will enhance the tools and resources for fraud and money laundry and to protect the packages. with the tools and resources that the bill provides, the department and others will be equipped to face what challenges us in economic time and to do their part. in addition the department has been investigating and prosecuting crimes aggressively. and has been successful in fraud schemes including securities and market manipulation and ponzi schemes. as part of the administration's fiscal responsibility, the department is working with the health of human services to combat the ten's of billions lost every year to fraud. those represent dollars that could spent on consumers but wasted on fraud. and we have launched a new effort to combat fraud that will have increased tools and resources and sustained

the prime minister talks about housing, including mortgage loans and funding for new construction and the government's policy on job retention. that's "prime minister's questions" tonight at 9:00 eastern on c-span. >> how is c-span funded? >> i have no clue. >> maybe government grants. >> donations. >> advertising for products. >> public money, i'm sure. >> my taxes. >> how is c-span funded? 30 years ago, america's cable companies created c-span as a public service, a private business initiative, no government mandate, no government money. >> now, the president of chrysler and the ceo of general motors. friday on capitol hill, they took questions on plans to close thousands of dealerships as part of a government-mandated restructuring process. we begin with questions from the subcommittee chair. dealerships that have been chosen to go forward, in other words, not be closed, are being told that they should resign from positions of the national auto dealers association, an ada and from positions on state auto dealer associations because of nadh support of legislation to reinstate straig

reforms in the parliament in the wake of misuse of expense accounts, and he discusses mortgage loans and funding for new discussion. prime minister's

the fed has pumped a lot of money into the new york banks in the forms of loans and securities and other measures of credit by buying up mortgage- backed securities. many banks to not have what they need. regional banks in iowa, california, oregon, they work but they do not have adequate deposits. so much money is being in a money-market and other places now. securitization is going on. it is a very important component of our banking system. but many banks are not interested in that activity. ordinary sound won't do not of you pay jpmorgan $30 million a year. you have to pay normal salaries that make sense in the marketplace. the new york banks are not interested in that. i assure you. host: our guest is a professor of international business at the university of maryland. he is an economist. he is author of 18 books. he has taught of the university of maine. our next call is from indianapolis. you are on the republican line. caller: if we pass the cap and trade, do you believe that as nancy pelosi and president obama have said it will create all the jobs they say it will, or will we lose

the deployment of new technologies is one such example. the issues of loan to -- long technology should not be considered a subsidy. a properly-functioning program will not result in the expenditure of any taxpayer dollars, and this is especially accurate for new nuclear reactors. the united states faces many challenges. nuclear power is one of the primary technologies that can have measurable impact on the increase in our energy security through a portable, base level electricity while improving the environmental impact of no greenhouse gas emissions. certain guarantees our program to foster expansion. i would note, however, the nuclear power alone will not solve our energy problems. a balanced portfolio is essential to securing the future and the environment. thank you. >> thank you very much. >> thank you, mr. chairman, members of this panel for contributing to your panel. i have to correct one mistake in my biography. i am not a lawyer. i went to the school of law and diplomacy which prepares one to be neither a lawyer, nor a diplomat. i am an economist.

including affordable housing, as well as loans for community facilities and loans to nonprofit organizations like the council of new york cooperatives and condominiums. together these groups are able to provide assisted living, affordable housing and services to the frail and elderly. presently, n.c.b. capital impact is working with five community-based organizations to help finance 17 projects that will create 558 housing units. despite their good work in serving low income communities and disadvantaged populations, n.c.b. capital impact is not eligible for assistance authorized under the community development banking and financial institutions act of 1994. which is administered by the cdfi fund. the fund has ruled it cannot certify n.c.b. capital impact as a cdfi because of the corporate structure of its parent, n.c.b. in short, n.c.b. capital impact is shut off from critical sources of financial awards that are needed to maintain their housing and community development efforts. the interest of n.c.b. capital impact in gaining cdfi certification is two fold. first it has a track record that is comparable to other

investments were made for new schools, roads, infrastructure, banks, made many loans to property developers who in turn purchased land and provided homes and commercial properties to support the arrival of over 10,000 soldiers and families. however, the decision announced by the army this june has brought all this economic activity to a halt. while some of this infrastructure will be used or absorbed in time, it is clear that without the arrival of the brigade combat team, the city has overbuilt and overinvested. the economic hardship would not have occurred without the bracc based decision to bring additional troops and that the city get aggressively involved. the community support in fort stewart has much to offer for the army. i stand here in support of the provisions within this bill that will help address the hardship incurred on the small rural communities that support fort stewart. mr. skelton: mr. chairman, i'm pleased to respond to the gentleman from georgia. he has a long record of support and advocacy for fort stewart and our nation's armed forces. and i am pleased to inform that

that looks to address this issue with the greatest affect and efficiency is the loan guarantee program applicable to new nuclear reactors. while progress in this program has been slow since it was nooktd almost four years ago, it's not possible to overstate how crucial this program is for some new construction. especially for utilities operating in deregulated states. if there is to be the massive commitment to new builds that some have called for it must be expanded and modified as is done in the comprehensive energy legislation that was favorably reported by the energy resources committee several of you are members of last week. it is important to address the role the federal government supporting any energy source for a project. we firmly believe that the private sector operating within the confines of a market economy is the best arbiter of the most efficient use of private capital to meet the country's energy needs. in some narrow instances market inefficiency market involvement. to further the energy goals of the country is one example. the instance of loan guarantees should not be considered a su

new housing and shelter options from this committee. i will continue to say that providing these communities with $5 million in community loan assistance is probably not what charleston or savena or miami or new orleans or atlanta or baton rouge or any number of communities they can't do much with $5 million and that's a all the law allows them to borrow. so administrator few gate from fema will discuss the 2008 response tand agency's work on alert and warning systems evacuation plans and from his perspective if we're better situated as the 2009 season opens. major general grass from u.s. northern command will outline the department of defense's support mission for hurricane response including aerial storm surveillance, air medivac, search and rescue, communications support, logistics support, recent hurricane response exercises and north come's coordination with the state national guard. it's a lot but we're going to try to get that in. and i will mention that we're very proud to have the general with us and he is from the missouri national guard which is of particular interest to senator mccaskle. and then in our final or next panel w

new information considering the number of our worst, the concentration of borrowing, and the collateral pledge. quarterly updates will be provided to the key financial statements, including information on the system market portfolio, loan programs, and the special vehicles consolidated on bank of new york. we hope that this interest will be helpful to congress and others in addressing the economic crisis in the economic downturn. we will continue to look for opportunities to broaden the scope of explanation and analysis. >> thank you, mr. chairman. can we conclude from what you just said and what we are seeing that the favorable practices might be harbingers of an economy that is recovering? you see a recovery unfolding at this point in time? >> yes, our expectation is that we will begin to see growth in the economy. at the end of the technical recession, later this year, an underlying that prediction is stabilization in final demand, including consumer spending as well as the unwinding dynamic. firms have been cutting back production and lowering stocks of unwanted inventory. as that process goes forward, they will be able to increase production as they no longer have to focus this on getting rid of unwanted inventory

federal reserve board of new york then provided yz 85 billion in a loan to a.i. g testimony here was that then that money was used to buy out the contracts and cancel them. that's how they took care of that obligation. what was of concern to me and others was the counsellor parties appeared to have proceeded 100%, even though testimony from people from a.i.g. said they thought there were a lot of reasons to think they did not owe 100% if they owed anything at all on those particular obligations that there had been serious negotiations about whether they should pay anything to these counter parties and if they should, how much less than 100% they should pay. when we pressed mr. liddy from a.i.g. for background on those, why it is they paid 100%, his comment was that he was the wrong person to talk to, that in fact the fed had all those documents because they struck the deal. so my question to you is: why was 100% paid on these various obligations, including the ones to bank of america, and what was the rationale there? why weren't the public machine interests prot

extended 3.9 million in new credit to small businesses and provided $31 million in community development loans bolstering the country's most underserved people and businesses. i also want to stress we have paid 1.1 billion in dividends on the treasury of t.a.r.p. as a result, neither i nor my senior team received any bonus. to the next level down the bonus pool was cut by 80% the previous year. the level below that by 70, 75%. let me walk you through the decision to purchase merrill lynch. we made the decision in september of 2008. we did so because we saw the potential benefits i just described. we did so without any promise or expectation of governmental support. in-december i was advised merrill lynch raised forecasted losses and recontacted the federal reserve to inform them we had concerns about closing the transaction. as a matter of contract law, this can propel to consummate a deal. federal and treasury reserve asked tus to delay action and expressed significant concerns about the systemic consequences and the risk to bank of america. we explore government support. we both were aware t

loans. the second group of policies consists of opening new lending facilities to a wide array of participantsnancial markets. one can think of it as sort of a discount window for financial actors who are not depository institutions. the third group of policies consist of large scale purchases of notes and treasure rest. this can be seen as an extension of traditional open market operations. the fed still exchanges reserves for bonds but on a vastly different scale. within these groups there are a number of particular programs or facilities, each with its own terms and conditions. taken as a whole our nontraditional policies might look

loans, iran, venezuela, zimbabwe and burma are all eligible. therefore, state sponsors of terrorism can receive american taxpayer money under the democrats' proposal. "the new york times" reported on may 27 that hezbollah is in talks with the ifrlt m.f. about -- i.m.f. about continuing loans to lebanon if they win an election. therefore, a terrorist organization could receive american taxpayer dollars under the democrats' proposal. to loan the i.m.f. $108 billion america will have to get a loan from a country like china. this will put america further into debt, a cost that will be paid by our children and grandchildren, a point pointed out by my colleague from indiana. also, according to the center for economic policy and research, american taxpayers will actually lose money by loaning it to the i.m.f. while countries like china, russia, brazil and india have announced they will not participate in loans, the democrats are asking americans to support this. . finally the american taxpayers are sick of bailouts in their own country. how can democrats rationalize a global bailout? madam chairman, i yield back. the speaker pro tempore: the gentlewoman yields. th

loans? >> absolutely. when you take money, i run a business is a new rule of games, and if you don't want to play by government rules you don't need the government's money. on pay, there are a couple key facts you need to consider. the compensation is satisfactory. i sit on 2 large institutional funds, one being, a mutual-fund if compensation is fine, and we think within limits, when they not vote on pay, we still do. the large mutual-fund institutions, fidelity, barkley, vote with management close to 90% of the time. the reason they do is they get assets from management, the corporate pension funds, they get tremendous fees for that and as a result of that they are not going to vote against management, they're not going to -- management team will take the funds away from them and place them with another asset manager so those votes become problematic. we need legislation that says when the mutual-fund vote, on behalf of the investors in that fund, they have to make that vote based on the best interest of those investors, not their best interest as a mutual-fund. a prime example, a few years ago, phenomenal, a

the first task of the new government will be to think about the national parties and setting up a loan to finance these priorities. we do not intend to set these priorities ourselves. the sectors that will prepare the future of france. these priorities are important to the country as a whole. the parliament should take part in defining and setting these priorities. we will discuss this as of july 1. our leaders of the economy of culture and education will also be consulted. we will discuss this all together. what are the few strategic sectors, the party sectors that will enable us to prepare the future of france? the decisions will be made once this debate is concluded. we need to radically change the way in which we face the future. as to the loan, the amount, the conditions will be sent once we set our candid -- once we set our priorities. i will take the measures necessary to allocate the proceeds of this load exclusively to these strategic priorities for the future. i'm saying exclusively. i wish to decrease our operational costs, those that seem to be wasteful and not a priority.

loans given to g.m. and chrysler were a bad idea. a new poll on may 3st shows that 67% of americans are opposed to providing general motors with $90 billion -- i'm sorry, $50 billion and giving the government a 70% ownership interest in g.m. 56% of voters said it would be better to have g.m. go out of business. none of us want to see that. but most don't want to see the federal government owning american companies. the federal government is inevitably going to use thattership -- that owner ship to you push its own agenda. robert rice declared if the government is an active shareholder they should and i quote -- "push management to take actions that are not necessarily geared toward higher shareholder return." end quote. think about that statement. they should, the government owns more and more of american businesses. they should push government to take actions not necessarily geared toward higher return. in other words, the government should use its newly acquired power in form early private companies to further its own agenda. both the po

offer home loans are held the same standards so that lenders are not competing to lower standards but rather are competing to meet a higher bar on behalf of consumers. the mission of this new agency must also be reflected in the work we do throughout the government. there are other agencies like the federal trade commission that is charged with protecting consumers, and we must ensure that those agencies have their resources and the state of the art tools to stop unfair and deceptive practices as well. third, we're proposing a series of changes designed to promote free and fair markets by closing gaps and overlaps in our regulatory system, including gaps that exist not just within, but between nations. yes any structural deficiencies that have allowed some countries to shop for the regulator of their choice. others, like hedge funds, operate outside of the regulatory system altogether. yet seen the development of financial instruments like derivatives that are so complex as to defy efforts -- lenders have provided loans to borrowers that would never repaid because the lender offloaded the loans. they offered the consequences to somebody else. as part of these reforms, we w

new and complex financial instruments. these products such as asset to spread risks but ended up concentrating risks. loans were sold to banks which packaged them into securities. investors bought these into the risks to which they were exposed. lasted. pile of sand. as the appetite for these products group, lenders lowered standards to attract new borrowers. many americans bought home without being adequately responsibilities. executives compensation were awarded with a recklessness rather than responsibility. individuals but of the entire system. the actions of many firms escaped regulation. few inside or outside of these happening. regulators lack the authority to take action. regulators lacked the accountability for their inaction. in absence of oversight engendered systematic and systemic abuse. instead of reducing risk, the markets magnified risks. firms alike. there was too much debt and not enough capital in the system. complacency. we all know the result. the sudden decline in available credit and the deterioration of intervention of the federal government to stabilize the financial markets and pr

things, whether it is highway projects or for us in arkansas, the new market tax credits have been a -- we look at the s r s.b.a.-7-a loan, which has been tremendous for small businesses, education alone, i met with principals and administrators just last week when i was home talking about the opportunities for education and the infusion of resources coming from the recovery act along with water projects and broadband. the senator from pennsylvania did an excellent job in -- in mention those and, most importantly, focusing on the fact that this is what is going to help us get our country back on track, get our economy back on track and get working americans back to work or keep them in the jobs that they're clinging to. i appreciate him coming to the floor and mentioning some of that. all of us have seen as we travel to our states over the weekends and during the breaks. but mr. president, today i rise to pay tribute to a young man. army private william andrew long of con way, arkansas -- conway, arkansas. last week, mr. president, he was laid to -- laid to rest in north little rock. he was buried with full military hono

$5,000 per month, never went bankrupt, and never defaulted on a loan, and never had health insurance plan. i paid my bills. i did not buy a brand new cars and that is how i did it. my question is, what about putting a cap on how much these big ceo's can make? also, i'm looking for a politician who's willing -- you know what? people fought and died for this country. we do noneed a politician who is willing to sacrifice his drop- off. guest: she is right. we saw this from people on wall street who are not content making 40% rates on return. she is right. greed permeates almost every aspect of our life. i would say to karen, was not living with health insurance -- that's a dangerous position to be in because you never know what is going to happen tomorrow. you do not know what kind of illness can develop and you do not know what kind of accident can happen. as a nation, we have to move toward health care for all people. in terms of putting one's job on the line, i think there are people who are prepared to stand up to big money interest and take on the drug companies and insurance companies. host: we have a call and a twwet. this twee

loan balance to cover potential chargebacks.. three of the points you raise, senator. regarding the new participation agreement, i don't know if you're aware of this or not but general motors has been an active dialogue over the recent period with both the nada >> and i believe that in ada has put out a statement indicating that they find the modifications have been made to go forward agreement participation agreement to meet the majority of the dealers serve so i think concerns were raised. i think you and others brought them to the attention of gm, and i think the dialogue was had, and i think a good result. so certainly when members of congress bring to our attention situations, we absolutely will do everything we can to facilitate dialogue between the affected stakeholder in the company. we are not going to intervene and become the arbitrator of a dispute, but we certainly are going to ask and insist that the companies listen carefully to the concerns of any stakeholder. and if it's the particular situation you mentioned regarding the chrysler dealer or the participation agreement w

what the administration plans are for sba specifically for loans for them, are there other things we can do beyond promoting diversifying into new clean energy areas through mep, through the manufacturing partnership, what's the plan to provide financing, are there national emergency grants for nontraditional auto related workers like dealers and suppliers, are there new authorities from congress like the defense production act? i just want to pick your brain for a moment on how do we get this, how do we get suppliers financed when credit is still pretty frozen if you're an auto supplier? >> my impression, senator, is that obviously the issue that you raise about suppliers and having access to credit is one that we hear a lot. i hear it a lot, as i have traveled through the midwest states. to the sba expansion to the floor plan for using -- all three of which are trying to provide various different participants in the industry credit pretty -- in the industry credit. you mentioned grants, a national emergency grants, those are typically available for retraining, not as a matter of collateral. there are ways that you can support

sign up for mortgages, student loans, and credit cards, facing a bewildering array of incomprehensible options. there is more fine print, more hidden terminology. this new agency of the chains that, building on credit-card reforms signed into law a few weeks ago, with the help of members of congress here today. this agency will have the power to set standards so that companies compete by offering innovative products that consumers ought -- actually want and understand. consumers will be provided information that is simple, transparent, and accurate. they will be able to compare products and see what is best for you. the most unfair practices will be banned. ridiculous contracts with pages of fine print that no one can figure out, that will be a thing of the past. enforcement will be the rule, not the exception. for example, this agency will have the power to set new goals for home mortgage lending. the bad practices that led to the home mortgage crisis will be stamped out. mortgage brokers will be held the higher standards. exotic mortgages will no longer be the norm. home mortgages will be reasonable, clearly written, and concise. we will level the pla