scott garrett from new jersey, jim himes from connecticut. >> i also rise to express support for the jobs act today. i strongly believe that the jobs act will ease the burden on capital formation on the entrepreneurial growth companies that have traditionally served as the u.s. economy's primary job creators and provide a larger pool of investors with access to information and investment options on the companies that currently doesn't exist. with venture capital fundraising stagnant when the ipo market closed off innovative startup companies who can have access to the capital market they need have been forced literally to lay research on promising medical and scientific and technological breakthroughs. that's hurt our economy and the global competitiveness. companies need capital. developing medical cures to help people living loner and healther need capital. developing technology to improve the speed of communications need capital. developing alternative energy technologies to reduce dependence on foreign sources requires capital. with the pass a.m. of the bill, we'll provide those

so here is how the debate unfolded between the republicans and democrats and scott garrett of new jersey and jim heinz from connecticut. >> i also rise to express supporter the jobs act today. i strongly believe that the jobs act will ease the burden on the entrepreneurial companies that have served as the u.s. e kcono primary job creators and provide a larger pool of investors with access to information and investment options on the companies that don't currently exist. with venture capital funding stagnant and innovative startup companies who have access to the research have promising scientific and technological breakthroughs, but it is stopped, and it has hurt the global economy and k competitiveness. finding miracles to help people live longer requires capital. and to improve communications needs capital and to improve innovative technology requires capital to reduce our dependence on foreign companies. so with the passage of this bill, we will promote creativity in the marketplace to keep american companies competitive with the cost effective means to access the capital and keep th

and so what we want to today under the hard work of scott garrett, mick mulvaney is a budget that discipline, that understands that basic concept that you shouldn't send the bill to someone else. you should pay for things each generation should pay for the things that they are actually spending the money on. and so we have a budget, a cut, cap and balance budget that is consistent with hat the vast majority of the house of representatives voted on last year when a balanced budget amendment in the united states constitution. we have a bge think is appropriate for how serious the situation we now face. and one that we think will solve the problem, do s way, and a way that will promote economic growth and a way that will help our country. and so i want to tut w has donen this. ch task force, budget task rett frm jersey. >> greetings and good morall, jordan, for all your leadership, not only on thisis 112th congress. we very much appreciate that. i'd also like to commend as he already did, mr. mulvaney who has worked and his staff extraordinary manners. also the gentleman recently recognized by

this is actually bipartisan legislation, we'll talk to representatives maxine waters and scott garretttes right after this. 20 pages. boom! the other office devices? they don't get me. they're all like, "hey, brother, doesn't it bother you that no one notices you?" and i'm like, "doesn't it bother you you're not reliable?" and they say, "shut up!" and i'm like, "you shut up." in business, it's all about reliability. 'cause these guys aren't just hitting "print." they're hitting "dream." so that's what i do. i print dreams, baby. [whispering] big dreams. >>> welcome back, everyone. this morning the house will wrap up its debate and vote on the much anticipated jobs act. joining us with more on this is representative scott garrett, the chairman of the capital subcommittee and maxine waters the ranking mej of the subcommittee, and representatives, welcome to both of you this morning. representative garrett, why don't you start off and talk a little bit about what's in the jobs act and what you hope it will accomplish. >> okay, the bill that we started yesterday and hopefully we'll finish

on the way over here, we got a notice from scott garrett that he will be a key sponsor of this legislation. we will start to grow it from here. >> thank you. i am from the pearson institute. you talked about requiring a 2/3 vote for the federal reserve to purchase assets beside treasurys. currently, the limit to a agency that guaranteed instruments, would your bill allow them to move into other assets, such as corporate bonds or equities? would you limited to agencies? what about the foreign exchange fund? do you mean they will not be able to buy foreign exchange? would that require a 2/3 vote? >> we want to give the fed the flexibility to respond to unusual circumstances, which may occur. we give them that flexibility to do that. the 2/3 vote seems to be that their standard, where a circumstance would certainly create that type of support. as to whether it would limit the ability or ban the ability of the fed to get involved in the foreign-exchange rates -- >> [inaudible] no effect on what the federal reserve may or mike -- may not do? >> karen johnson. you mentioned, or encompassed, abse

seeking sponsors as we mpwe forward starting today, but on the way over here, we got notice from scott garrett one of the key leaders to the financial services committee that he will be a? legislation. so we will start to grow it from there. la> thank you. i'm from the peterson institute. you talked about requiring a two-thirds vote for the federal reserve to purchase. they are currently oludy going o agency guaranteed instruments. with the ttutalkhirds eqte woul your bill all. s them to move into other assets such as corporate bon ab? on ould you intoimit it just to agencies? what about the foreign exchange fund. if you close that down, would they tn be allowed foreign exchange or would they need a two-thirds vote? >> in the first case we want to give the feds to respond to unusual circumstances, which may occur. so we give them that flexibility to do that. the two-thirds eqte seems to be that fair standard where circumstance could certainly e reate that type . on ould it limit the ability or ban the ability for the fed to get involved in the foreign exchange rate? >> thank you. >>? you menti

scott garrett of new jersey. >> good morning. first of all, let me thank our chairman of the rsc for work not only on this issue, but throughout this 112th congress. very much appreciate it. i want to commend mr. mulvaney who has worked with his staff in an extraordinary manner. also the gentleman recently recognized by "the wall street journal" for his efforts. and my other colleagues, who worked in a yeoman's away on the budget before you today. i will be brief and allow my colleagues to say a few words. earlier today, i heard the famous "by thomas paine, "that we may live in troubled times so that our children may live in peace." it is important as we look at the budget process. this past week, the house gop laid out its republican budget to deal with the debt and declinable come about if we follow the president have path going forward and try to reverse it. we tried to build off of, you might say, some of the plans in that, and offer a further planned to cut spending, to place caps on it, and to provide for a balanced budget,

seeking sponsors as we move forward starting today, but on the way over here we got notice from scott garrett, one of the key leaders of the financial services committee, that he will be a key sponsor of this legislation. so we will start to grow it from here. >> thank you. joe, peterson institute. >> joe? >> you talked about requiring a two-thirds vote for the federal reserve to purchase assets besides treasuries. um, currently they're limited really only to agency-guaranteed instruments. with a two-thirds vote, would you bill allow them to move into other assets such as corporate bonds or equities, or would you limit it just to agencies, and also what about the foreign exchange fund? if you close that down, do you mean they would not be allowed to buy foreign exchange? or would that require a two-thirds vote? >> we want to give the fed the flexibility to respond to unusual circumstances which may occur. so we give them that flexibility to do that, and the two-thirds vote seems, i think, to be that fair standard where a circumstance would certainly create that type of support and reset vote

on the way over here, we got a notice from scott garrett, one of the leaders of the financial- services committee, that he will be a key sponsor of this legislation. we will start to grow it from here. >> i'm from the peterson institute. you talked about requiring a two-thirds vote for the federal reserve to purchase assets besides treasuries. currently, they are limited really to only agency- guaranteed insurance. but with the two-thirds vote, would your bill allow them to move into other assets such as corporate bonds or equities? or would you limited just to regencies? what about the foreign exchange fund? does this mean they would not be allowed to buy foreign exchange or would not require a two- thirds vote? >> we want the fed have the flexibility to respond to unusual circumstances so we give them the flexibility to do that. the two-thirds vote seems to be the fair standard where a circumstance could certainly create that type of support and reach that standard. robert, as to the limited ability or banning the ability of the fed to get involved in foreign exchange rates? >> the tr