after that republican congressman scott garrett, a well founder steve case, former house democratic leader richard gephardt and grover norquist of americans for tax reform. the conference will continue all day until 5 p.m. easy. we will have a live right here on c-span2 years again, the conference or wisdom in about an hour. in about 10 minutes from now we'll show you discussion with former white house budget director, and the top democrat on the house budget committee. but first the british house of commons parliamentary committee is looking into the phone-hacking scandal by british newspapers. they issued a report found that rupert murdoch, said at news corporation and international is quote not a fit person to write a major corporation. this is about 10 minutes of the news conference. >> it's been 10 years one month in nine days since "news of the world" -- five days ago, rupert murdoch admitted it was a cover-up at news corporation. we found news corporation carried out an extensive cover-up of its rampant lawbreaking. its most senior executives repeatedly misled parliament, and the tw

so but we do have congressman scott garrett, the chairman of the subcommittee on capital markets and the house financial services committee, a member of the budget committee. we have in the middle neil wolen t deputy treasury secretary of the united states and the administration's point man on all things dodd frank. we thank secretary wolen. and we have arthur levitt, a senior advise tear the carlyle group, a man who has worn many hats in financial markets and in government. we thank you all for being here and i appreciate you all taking part in this conversation. congressman garrett, i thought i would begin with you. i'm going to take you back to 2008, the financial crisis kicking in and the period after that. you voted against the tarp legislation, later opposed the stimulus, you opposed the dodd frank legislation. how would the world look today if those things had not happened if your way prevailed? >> couldn't be much worse. i guess after all of those situations went through. i guess the term that barney frank always used at the time when we were saying why don't we do this, afte

we have congressman scott garrett, the chairman of the subcommittee on capital markets and house financial services experience committee. we have the deputy of the treasury of the united states and we thank secretary wolen for being here and we have arthur levitt, former chairman of the securities and exchange commission, senior adviser to the carlisle group, a man who has worn many hats in the financial markets and government as well. i thank you for being here and congressman garrett, i thought i would begin with you. i'm going to take you back to 2008, the financial crisis picking in and the period after that. you opposed the stimulus, you opposed the frank dodd legislation. how would the world look today if your way had prevailed? >> couldn't be much worse i guess than after all those situations went through. i guess the term that barney frank always used at the time when we were saying why don't we do this, why don't we do this after the fact, he'd say those are all counterfactuals and you can never go back to anticipate would actually would have occurred but with regard to two, three

lori ann scott garrett my son eric is here. where are you? . , where are you? eric quit his well-paying job in denver two years ago to come and do this with me on tape. if that is not as loving a gesture as anything i've ever received. [laughter] >> my daughter gave me a call and said i'm the worst daughter in the world. i said what are you talking about and she said she would be in brazil which bs in santa fe ballet. my daughter was -- she is there with the aspen santa fe by larry. she was the valedictorian. her car broke down. she happened to have her tools with her. schindler was the alternator. she hitch -- she knew it was the alternator. she hitchhiked, got an alternator, went back and installed it herself. [applause] >> my brother called me and said i watched the debate on c- span, you did great, you got your ass kicked by r. lee wrights. [applause] r. lee wrights, where is lee wrights? [applause] >> what a gentleman, when a pleasure, what the the light it has been sued debate lee wrights -- what a delight it has been sued the date -- to debate lee wright

. >> congressman scott garrett's office. this question is for alex. you talk about the cost to either fight how it makes an expense for businesses. can you talk a little more about the cost of government and business is, about you verify a? >> yeah, so as part of this entire process. all of these enforcement laws. he verifies the continuation started in 1986, part of the irca informer control act. according to a regulatory review done this year, employers spend annually 13.5 million hours dealing with the i-9 form. that is the symbol when we all fell out when we get employed in any kind of firm. i just sold them out not long ago. out of all of that time that private employers spend on that and employees every year it's about 18.5 million hours. that's a lot of hours based on a government form that doesn't really add much. when it comes to be verified, some of the main cause for the economic cost, specifically dealing with problems in the system. one of the problems the gao discovered when entering into the system is the system doesn't like hyphens. if

garrett >> -- dean. >> barons got nottingham -- darin scott nottingham ii. >> christopher. >> jeffrey david. >> trevor david. >> jonathan. >> amanda elisabeth terry. >> cadet squadron 21. [applause] >> evan barrett. >> matthew hines. >> benjamin lee brown. >> rainer. >> elvira and nancy. >> christopher ryan. >> stephen robert collins. >> austin michael. >> alicia fleischmann. >> benjamin scott galloway. >> >> [reading graduates' names] >> could at squadro 22 -- cadet squadron 22 guest. [reading graduates' names] cadet squadron 23. [reading graduates' names] >> concluding our coverage of president obama at the commencement of the air force academy, live now to the pentagon for the defense department briefing. >> good to see you again in washington after the nato chicago summit. i would like to have a brief statement before hand, and i will tell you that i left the summit heartened by the overwhelming international commitment to afghanistan through 2014 and beyond, and in particular, the afghan national security forces. the nato summit in chicago said the three unmistakable messages to the world. to the