perlmutter: mr. chairman, i have an amendment at the desk, made in order by the rules. amendment number 5. the chair: the clerk will designate the amendment. the clerk: amendment number 5, printed in part c of house report number 11-506, offered by mr. perlmutter of colorado. the chair: pursuant to house resolution 1436, the gentleman from colorado, mr. perlmutter, and a member opposed each will control five minutes. the chair recognizes the gentleman from colorado. mr. perlmutter: mr. chairman, i yield myself such time as i may consume. the chair: the gentleman is recognized. mr. perlmutter: mr. chair, the amendment i offer with my colleagues today would increase the availability of capital for small businesses. it temporarily allows banks to amortize real estate losses over six years. in addition, smaller community banks would be incentivized to increase small business lending through an extended am more at thisization period of up to 10 years. the impact of this amendment deals with regional and s

perlmutter: mr. speaker, house resolution 1448 is a structured rule providing further consideration of h.r. 5297, the small business lending fund act. it provides for consideration of two amendments which were initially cleared as pay-go compliant but were subsequently deemed to violate the pay-go after the first rule was adapted. -- adopted. these amendments have been revised to comply with pay-go rule and this rule treats them as a part of yesterday's rule. mr. speaker, in 2008 after years of lax regulation and wall street roulette, our nation's economy fell off a cliff. within a matter of months many wall street giants fell and they took the livelihoods of thousands of small businesses with them. since that time we've taken bold action to stabilize the economy, invest in economic growth and we are in the process of putting in place new rules to protect against the casino-like atmosphere that existed on wall street. but for small businesses they're still feeling the pinch. accessing capital to buil

perlmutter: thank you. for purposes of debate only, i yield the customary 30 minutes to the gentleman, mr. sessions from texas. all time yielded during consideration of the rule is for debate only. and i yield myself such time as i may consume. the speaker pro tempore: the gentleman from colorado. mr. perlmutter: thank you. i also ask unanimous consent that all members may have five legislative days to revise and extend their remarks on house resolution 1424. the speaker pro tempore: without objection, so ordered. the gentleman from colorado. mr. perlmutter: thank you. the rule provides for consideration of house bill 5072, the f.h.a. reform act of 2010. it is a structured rule which makes in order 13 amendments. the rule waives all points of order against the bill except those arising under clause 9 and 10 of rule 21. it further considers the amendment in the nature of a substitute from the financial services committee be considered as read. and, finally, the rule provides authority to the speaker to enter

perlmutter: thank you. i yield two minutes to the gentleman from connecticut, mr. himes. the speaker pro tempore: the gentleman from connecticut is recognized for two minutes. mr. himescloverpb thank you, mr. chairman. i -- mr. himes: thank you, mr. chairman. i want to enter into a colloquy with chairman frank. the bill would prohibit firms from investing in traditional private inequity funds and hedge funds, because they use the act that defines the hedge funds, it could apply to corporate structures and not just hedge funds. joint ventures used to hold other investments that the volcker rule won't deem those things hedge funds. mr. frank: if the gentleman would yield. there's been some mockery because this bill has a large number of pages. although our bill's smaller. we do that -- by the way there are also the people who complain sometimes we have too much discretion to the regulators. it's a complex bill and we want to make sure we get it right. the point the gentleman makes is correct. there is -- we d

perlmutter has come to the floor, congressman perlmutter, very good, we'll give you two minutes system of this issue of, is conflict of interest addressed in the bill and shuts the door tight between the rating agencies and the banks, is it sufficient? members have to weigh whether it is or not. next i'd like to turn to derivatives. this is where wall street really created money whether there's no underlying value. you can check this in your own community because now a majority of mortgage loans in this country are actually the home is not worth as much as the loan is valued at. they call that under water. they so overvalued real estate through the derivative instrument and through the way that the loan was leveraged through the bonding of the security, we're all paying the price for this now as home values start to go down and this year, another $-- another 2.4 million americans appear to be on the verge of losing their homes. the question becomes, what kind of margin calls will there be in the bill, capital margin requirements will there be in the bill and how will those derivatives

perlmutter: thank you, mr. speaker. listening to my friend from pennsylvania i'd remind him as well as others that the last month of george bush this country lost 780,000 jobs in one month. ok. 14 months later, 15 months later we gained some 400,000 jobs in this country, but in the process down here in the recession after the bush administration we lost eight million jobs. we have a long way to go to put those people back to work, but for democrats that's job number one, to continue to add jobs and put people back to work. when president bush left it was a $1.3 trillion deficit. we know that we have to rein in spending and we can begin by with iraq, by drawing down those troops and saving this country some real money, but first job is to put people back to work and that's what democrats are going to do. with that i'd yield back. the speaker pro tempore: the gentleman yields back the balance of his time. for what purpose does the gentleman from south carolina rise? mr. wilson: mr. speaker, i ask permission to address the