one is this issue ofha water versus deep water probably certainly for the bett there will be more regulatis. do you think that the flow would have now been stopped. >> the answer to that is yes, because it is much easier to deal with these kinds of issues in shallower water than i deep water. when you are 5,000 feet below the sea, you can seehe effort that bpas put together to try to stop this leak. and we are n 51 days into the continuing leak. it speaks for itself. just the difficulty of operating at those depths. some ask the seriousness in bp in stopping the leak. i have seenlans that are running parallel in nature to contain this leak. as i have said before pubically, it is an extensial issue for bp. i do believe they are throwing everything they have at the problem and trying to contain it. that's why the president's directive has been to bring people like tom hunter and other scientists to be sure that they are heard. >> there is a public interest here. clearly bp's interest must be to shut down this gusher. >> you mentioned tom hunter. i have gotten to work with pele like tom hunter

i found that few of my constituents understand or care out derivatives, cdo's swaps, regulaty structures. they said at many of them do not know the differenceetween the fed, the sec, the fdic, or the occ, but they do know that they want someone to show up to work every day with their primary focus on protecting consumers. our system nee a strg, viable cfta to restore trust in the financial-services sector. we should work in this nference to ensure strong consumer protectns and to esve the historical an important role the state of play in protecting their own citizens from abusive financial pducts and practices. fourth, regarding diversity in the financial-services sector, if we are honest with ourselves, the voting rights and civil rights gains we made as a country since the 1960's still have not found their weight to the financial services sector. there is no racial diversity amonthe regulators. literally any among the board or management of the institutions being regulated, and not a heck of lot even in the employment ranks. some people characterized the industry a "the good old boys c

get help for people who are out of work, but we cannot allow the federal government to goveoard regulati the oil industry because it will put more people out of work, and we want it to be safe. it should be safe but we have got to make sure to strike the right balance. . . >> define your job at "the wall street journal." >> i consider myself an investigative journalist. i try to look for the bad things in washington. people who are sometimes breaking the law but often pushing up against the law. i don't really have an exact definition. i sort of look for stories that if people picked up on that they would say that is wrong. five years at "the wall street journal." >> let me go back to march 31, 2006. lots of people in this town talk about this story to this day. it has to do with somebody named emily miller. give us the beginning. >> this is the heart of the jack abramoff scandal. he was a big-time republican lobbyist back in the day, released about five years ago. he made a lot of money from clients telling them how influential he was with republicans on capitol hill, particularly with

this happed because of lax or no regulati, regulation knew was nessary and weook a chance. we tok a chance. and we tk a cha why? because of the aighty doll. we took a chance becau of big oil moneymaking sure that it influenced the ocess an make sure it was exempteom normal regulatory revnte - revw. and you havtosk yourself in the kinds of circumstances, what would go wrong? let me enumerate what has gone wrong. retail jobs for fishingnd seafood on ice. $659illion in annual vae on 1.27 billion tons of seoo caht in e gulfthe largest amount of seafood iamica, not the cost of the vue of fish processing retail or people's salary in jeopardy. $5.5illion auavalue of commrcial fishing industry in thlf coa, including th value of fish harvest processing and retail in jeopardy. $12 billion of expenditures for 25.4 milln recreaonal fishing trips the gulf of mexicat r $9 biion in wages for tourism-relateagenci in the gulf of mexico employing 600,0 peopl th's what's riskor a mindless drill, baby, drill approach instd of a thoughtful, careful approach atalances this kind of socing of oil

effective regulati is the biased refer that rotects as we mpete. evyone benefits when sll business can get loans. yesterday's laws do notrote today. i commd chairman fran and chus. el back. the speaker pro mpore: the gentleman yields bthe balance of hisime. fowh purpo does the maomouisiana ris >> asknanimous csent t address the e for one minute. the spear pro tempor witht objection. mr. fleming: mr. speaker, the sein o obamacareo the americ publicas been trade marked by one ety promise afr another. on september 9,2009, president obama infamously promised amerans, and i qote, if you are ong e hundreds of millions of amerins who ready have heah insurae thh yo job, nothing this plan ll require u your empoyer to change the coverage othe doct you have. twist the ama ministration released dra rations indicating that to 6 of employer provided plans may be rced to change their health pls when the new health care mandates and requirents begin. speakelosi was quoted as saying tt, we wll he to pass this bill tfi out wh's in it. as t fine print iseing placed w

and the conversation right now is pretty emotional and that is not the pwbest atmosphere for regulati regulation. the american political approach to oil and gas is usually to ignore the subject when gas prices are low and to go berserk about it we gasoline prices are higher or there is a problem like this. maybe this will orient the political process to more knowledge about the sophistication of these operations and the necessity of their continuing even when we have a disaster. host: jim in columbia, south carolina, republican line. caller: people are maligning sarah palin's drill baby drill. i think the appropriate retort should be walk baby walk. i question the people calling. i wonder if they use it as a wedge issue to build the democratic party to keep it together and keep another part of it together that is active at fund-raising. and i was wondering if we really are close enough to being energy independent or fossil fuel independent why don't we drill on land where it is safer and not be concerned about completing resources because they are going to have them available. so if y

where do you get people who are fiercely independent and able to carry out the job of inspection and regulati regulation. how does reorganization fix that problem? >> we're not doing this because of cosmetic use, there's a problem and we need to fix it. and so we are going to do this with the request of this congress for a robust increase. you all know what the deficit situation is and what you've been dealing with. we have asked for a significant increase in the number of inspectors in the last two years, it's obvious that is not enough. we will be coming forward with the budget amendment, senator feinstein to be able to address these additional requests. and i have to ask, we are in a position senator feinstein, where we're moving forward with the reorganization, but i want to give mike bromwich an opportunity to dig further about the issu you speak about. it's clear there's additional work that has to be done. michael will be working with us to review these organizational plans as we come back t this committee, we'll have a greater degree of comfort. >> before you ask your question, just s