we would not been able to pass this legislation without the shelby-dodd amendment that carried a 93-5. the language that we crafted create an orderly liquidation authority for the purpose of ending too big to fail. most financial firms ould still go through the normal bankruptcy process if they fail. the new liquidation authority would be used very rarely and have to be -- we have put in high hurdles to trigger its use. its use, the liquidation process would provide for an orderly winding down of complex institutions while still forcing shareholders to be wiped out and creditors to bear on losses. any payments to creditors would be clawed back and a large financial companies will be assessed to ensure that taxpayers do not lose a penny. the house has provisions that are very similar. from the house offer, we can't accept -- we can accept is studying the impact of securing creditor hair cuts. one modification we would make it to have the counsel to the study said that they have the benefit of the experience represented by the different agencies on the council including the fdic. we als

shelby. >> aye. >> mr. kriegel. crapo.mr. krieg >> aye. >> to the measure is a tie and it is defeated. >> we are going to recess for five minutes. [gavel] >> come to order. let me say, we previously had a tie vote and the proposal failed on the tie vote. as an expressive to senator chambliss, i believe -- as i expressed to senator chambliss, i think it is important to note that, while i do not necessarily disagree with what he is suggesting, and the fundamental reason for the vote on this side has less to do with the substance of the thing. the fact of the matter is we have a limitation on the parameters of this conference to be focused on the title that deals for the pay-for provisions of the deal. i'm prepared to work with my colleague from georgia on this to see if a call away solves the problem or something else may be done. >> in the procedural footing, i hope to not vote to reconsider. this is a very large bill. i think we would need a technical corrections bill that goes beyond just minor things people on the house sid

senator shelby who did not vvte mistake ran side-by-side.rible i spent money and ads and he did not. i think the american people, to a certain extent, think maybe it was thought necessary at that time, but never again. that is what i think. >> i have less than 10 minutes with rep back is. will this bill say anything specifically about fannie and freddie? >> atmel lot. that is a big disappointment. -- it will not. that is a big disappointment. it is too complicated an issse. my goodness. we are dealing wwth bb derivatives and credit default swaps. -- we are dealing with derivatives and credit default swaps. we are dealing with a lot of things that iido not think any understand.ers of congress we understand that the government has come in on christmas eve and obama came in and said they were going to guarantee their obligations of 100% several trillion dollars.3 up regulation, due in on sooething that the government is guaranteeing when her%. do not go out and do other regulations. address that. that ought to have been the first thing. thht an aig were the irst to the bailoots. the fir

shelby. mr. corker. mr. gregg. mr.>> the clerk will report. >> the measure were does not pass. >> are there additional amendments to settle? i am not going ask my colleagues to vote on title 1 as amended this evening, because we're going to work on the issue of thecrapo -- a o fthe crapo -- of the crapo amendment, it was a close call. we will work on this to see if we can't reach some additional commendation. i will delay asking my colleagues to vote to send back to the house our counter offer on title 1. are there amendments to title to? and that one, i will ask all those in favor of title 1 as drafted? -- title to, excuse me. those opposed? the ayes have it. we will submit our counter offer on title to. i am very grateful to my colleagues. we at started on such a good note earlier, we ended on kind of a sour note. >> this is a great process, and we see it for what it is. it has been a great process, and i appreciate that this is going to be a great legacy for you to leave behind. >> it better be important for the

i think senator shelby, who did not vote for it, and who said it was a terrible mistake, we ran within four percentage points, and he ran ads, and we didn't. i think the people have said maybe it was necessary at that time, but never again. that is what i think. >> we have under 10 minutes with congressman bachus. this bill, when it comes out of committee, say anything specifically about fannie mae and freddie ac? >> no, it won't, and that's a big disappointment to us. my democratic colleagues say it's too complicated an issue. my goodness. we are dealing with derivatives and credit default swaps. we are dealing with what is called in a book a demon of our own design. we are dealing with a lot of things that i don't think many members of congress understands. we do understand that the government has come in on -- on christmas eve, president obama said we are going to guarantee fanny and freddie's obligations 100%, and we are going to stand behind them. if you're going to beef up regulations, do it on something that the government is guaranteeing 100%. don't go out and assume some other

one of the many that passed was the in shelby-dodd amendment. we were able to and bailouts, one of the most contentious ises of our proposal. this conference represents an extraordinary time in the banking committee. we are currently part is putting intoonference is at once. this bill and the house foreign affairs committee and the iran sancons legislation. the last time the conference was held was 2003 for the fact tax. only one of two completed in e four years that my good friend and colague from alabama was chairman of the committee. continuing that spirit of bipartisanship, the minority is as revant as they choose in these discussions. i wcome constructive input so we work to finalize the essential rorms we need to ensure the long-term stability of our financial system i do not want to see this bill weekend at all. chairman frank and i present this before you. it is essentially theenate bill would valuable additions from colleagues from the house. the text it the final word. it is a jumping off point for wh i expect to beea serious and thoug

next would be senator shelby. >> mr.chairman, i will wait until after senator shelby has completed his opening statement. >> i recognize senator shelby from alabama. >> thank you chairman dodd. the legislation before us will have a profound impact for -pgenerations to come. therefore, much has been made of the wall street versus main street narrative by some of my colleagues. that has been my experience over the years that wall street tends to take care of itself. whatever congress decides to act in the law. in other words, wall street i think does not need democrats or republicans to protect its financial interests. they will do that on the run. there is a history of that. what congress needs to do, i believe, as major wall street is functioning in support of many streets ability to grow jobs and the economy. we should make sure wall street is never again the beneficiary of a taxpayer bailout. i believe the draft a bill before the conference committee undermines that and ensures the latter. before we are done, i like to

shelby's legislation effectively -- [unintelligible] >> [unintelligible] >> i suppose that we are using the titles of the senate restoring the financial stability act of 2010. considering the sweeping nature this is the most important financial services conference committee since the gramley said bliley act of 1999. i fear deregulation would have negative consequences. i voted no. i was right. the financial crisis legislation we have drafted has made clear the important role of the financial-services industry in the lives of everyday americans, rich and poor, homeowners and renters. this provides us with the attorney to use public policy to level the playing field, be fair, and not to benefit sullied the few, the powerful, the rich, but all americans. -- and knocked benefit solely -- and not bbnefit solely the few, the powerful, the ritz, but all americans. the provision to establish a protection agency is essential to this legislation. derivatives, including credit default swaps also contributed to the current crisis. these complex instruments were designed to earn huge profits for par

one of the many that passed was the in shelby-dodd amendment. we were able to and bailouts, one of the most contentious issues of our proposal. this conference represents an extraordinary time in the banking committee. we are currently part is putting into conference is at once. this bill and the house foreign affairs committee and the iran sanctions legislation. the last time the conference was held was 2003 for the fact tax. only one of two completed in the four years that my good friend and colleague from alabama was chairman of the committee. continuing that spirit of bipartisanship, the minority is as relevant as they choose in these discussions. i welcome constructive input so we work to finalize the essential reforms we need to ensure the long-term stability of our financial system i do not want to see this bill weekend at all. chairman frank and i present this before you. it is essentially the senate bill would valuable additions from colleagues from the house. the text is not the final word. it is a jumping off point for what i expect t

there is one in shelby county, alabama, challenging the section. it is before a judge in the district of columbia. it will be litigated again. we will go back over this ground again. one of the things that commentators said last year at this time -- it might have been right here at this panel and in this room. it might have been pam or me. we talked about this last year. there was some concern that, evident in the opinion, maybe congress should do something to better shore up the voting rights act. here is my reflection on that. four years ago, we had a very important piece of legislation -- the reauthorization voting rights act -- passed almost unanimously by congress, with a really extraordinary record of findings. unbelievable hearings and findings. 98-zip in the senate. >> for 25 years. >> the argument last year was openly hostile to what that meant. there was a ridiculing of 98-zip really means nothing in the oral argument. the idea that congress should then weighed in and fix that was what some of the commentators -- wade in and fix that was

. >> brown: nashville mayor carl dean joined us on the shelby street bridge over the cumberland. >> wed homes that were flooded, in the floodway, and some suffered more than 50% damage. and we'll be worked with people to determine whether those buildings will be bought out. other people have had extensive damage, whether in the flood plain or further we from the river. and their damage is such that the money they're getting from fema is not enough to totally restore those buildings, and we're going to work with nonprofits and banks to try to find ways to help them. >> brown: in fact, signs of that movement abound. in the bellview neighborhood repairs are well along with workmen painting and adding final touches. fema checks, up to $29,000, have helped many though huge gaps remain. >> we still need more money, obviously. and i will say this-- fema responded quickly, and i think appropriately , and they put a lot of people on the ground very very quickly. >> brown: in many parts of nash, including the famous downtown, life seems largely back to normal. but downtown also holds the home of

great pleasure to work with rick kessler, shannon winters, allen mikulski, ranking member richard shelby along with his talented counsel john o'hara, margaret roth warren, a brilliant detail-oriented legislative counsel who spent weeks on end here working with my staff and us to make this hopefully the most comprehensive and effective sanctions legislation that we can -- that we can include. i believe i have hopefully mentioned all of the appropriate members of the staff. if i have left anyone out, i will ask permission to revise these comments to include others. there is always the danger of leaving someone out,, and i dont want to do that. they have worked very, very hard. again, these are the unknown people that we don't often get to recognize, but they spent countless hours on this, mr. president, to pull this most comprehensive sanctions conference report together, and we're very, very grateful to all of them and the tremendous work they do every single day. so with that, mr. president, i know my colleague from maryland wishes to be heard, so i will yield the floor. ms. mikulski: mr

shelby. but he was never able to bring his bill to the floor because of opposition from democrats. both in the house and senate democrats were aggressively trying to defeat our efforts under the guise of protecting affordable housing. mr. d.o.d. and mr. sarbanes blocked -- mr. dodd and mr. sarbanes blocked those reforms in the senate. luckily some members from the other side have noted this failure. in 2008 president clinton said i think the responsibility that the democrats have may rst more in resisting any efforts by republicans in the congress or by me when i was president to put some standards and tighten up a little on fannie mae and freddie mac. it is unfortunate that we lost that battle. our housing market, our financial sector, and the broader economy are dealing with the consequences of that very systemic shock that the fed had anticipated and warned us about. today despite what some may claim, we are not advocating for the elimb -- elimination of the g.s.e.'s tomorrow but we want them addressed in this legislation. the speaker pro tempore: the gentleman from massachusett

shelby, maye speaking. the chairn and i both srved with m. shelby. i surthere will b discussions with the ranking republican from r sidehat may not be in the context of the conferenelf where there be camas, but the will be an opportunity to off amendmentsnd fully debate an iscuss varusptio, and i think that's frankly -- i've nobeen too pleased personally wh the fact that we don't have a lot of conferences. i thinconferences e od. i think they accomplish a worthy objective of bringi reconciliatiobetween the tw houses and,rankly, ging an opportunity for eac perspecte that's represented on the conrence toe articulated. i think this will be from that standpoint a model confce. i think mr. frank does intend, as he has said, to have an open conference withull bate and voting in the light of day on various different prols. gentleman for that. e in the spirit owanting to try toork together in savel manr and tory tget the r the people donethe gentleman mentne the war supplemental foscdung perhaps next week and obviously we continue to be concerned, mrspeaker,

shelby. >> know. aye. >> mr. crrdo. >> aye. >> mr. chambliss. >> aye. >> the measure fails. >> this measure creates a consumer financial protection bureau the gives regulators the power to break up large, failing to financial companies that pose a threat to the greater economy. there are also a number of restrictions on banks that trade in derivatives. the white house and democratic leaders are hoping to have a final vote on the measure by july 4th. here is more on the debate on how the bill is being paid for. >> next, a look at oil spill cleanup efforts in a louisiana parish. >> i am under the weather. how are you doing? i came in to see you all. >> take care of him. he is so special. >> well, let us go upstairs. >> he is like my little kid, because they went to school together. >> i knew i was going to shut down soon. >> i am amazed you are on this long. i was worried about getting through. [unintelligible] >> do you know jackie? >> it is nice to see you again. >> this is danielle, from arne's office. >> [unintelligible] [inaudible]

under the leadership of chuck hegel and richard shelby, senate republicans assed a bill through the banking committee that attacked the heart of the problem, the excessive buildup of leverage and risk within the mortgage portfolios. that bill was written by the fed. these institutions or leveraged through arbitrageeat 100 to one. this was the warning that the fed was giving us about the pending collapse in the financial system of this was not addressed. as "the wall street journal" reported, the white house, treasury, and federal reserve lined up but he was never able to bring this bill to the floor democrats. i carried the amendment on the house side. mr. frank's comments sums of one line of argument. "and do not want the same focus on safety and soundness we had in occ and ots. i want to roll the dice in the situation toward subsidizing housing." i wwuld like to go to something president clinton said. he said, "i think that responsibility the democrats have, in resisting efforts by republicans in the congress or by me when i was president to put some standards and tighten up a little on f

we have other voting rights act case there is one in shelby county, alabama, challenging the section. it is before a judge in the district of columbia. it will be litigated again. we will go back over this ground again. one of the things that commentators said last year at this time -- it might have been right here at this panel and in this room. it might have been pam or me. we talked about this last year. there was some concern that, evident in the opinion, maybe congresshould do something to better shore up the voting rights act. here is my reflection on that. four years ago, we had a very important piece of legislation -- the reauthorization voting rights act -- passed almost unanimously by congress, with a really extraordinary record of findings. unbelievable hearings and findings. 98-zip in the senate. >> for 25 yrs. >> the argument last year was openly hostile to what that meant. there was a ridiculing of 9zip really means nothing in the oral argument. the idea that congress should then weighed in and fix that was what some of the commentators -- wade in and fix that was what s

i think senator shelby who did not vote for and said it was a terrible mistake, ran side-by- side, and we ran with him four percentage points. i had a candidate who spend money and ran ads, and he did not. i think the american people said maybe it was necessary that time, but never again. and that is what i think. host: senator bachus is our guest on "newsmakers." this is from the front page and a jump page of "the washington post" as obama makes his case for the aid package. it is what we are focusing on this morning. again, this" ww read earlier from the republican side, john stewart who sent an e-mail, the spokesperson for senator mitch mcconnell, saying the president called for targeted and temporary spending measures, but then called for a stimulus program. joe joins us on the republican line from boston. caller: you can google what i'm about to say to verify it.3 the article it is part o-- a cen amount of money for black farmers. also, there was money for historically black colleges and a prior bill. that is $3.70 billion of obama bucks we just do not have. host: doug says that a

shelby, no. mr. corker, no. mr. gregg, no. >> the clerk will report. >> the votes are 7 aye, 5 nay. the bill is passed. >> i thank my colleagues, immensely. [applause] >> will the house and senate conferees in favor of passage of the bill, i declare the bill passed and the conference committee is now adjourned. [applause] [inaudible conversations] >> i think chairman frank and his team. we recognize the tremendous effort of the staff, representative barney frank and i worked together the last couple of years. it is a big legislative effort. we have a lot of work to do. this makes a huge difference. we thought we could get this done, but to establish a consumer protections bureau for the first time in the history of our country. stopped too big to fail, provide for the protections and see to it that we don't end up in a kind of cataclysmic event that brought our country to the brink of financial collapse. that kind of early warning, there are other items that are included. we believe we have something that has been needed for a long time. it took a crisis to bring us to the point whe

host: republican, shelby township, michigan. you are on the air. caller: i just have a question for you this morning. did we have this type of -- sense i am a long time listener and watching person of c-span program -- i'm wondering, did we have a strumpfer armond type call-in july host: i guarantee we did. caller: it just kind of stuns me in the past when we had issues with david duke, how he was involved with a clan -- the klan, just the hypocrisy how the democrats can bring a guy like this up to, almost like a marquee-type king status. anyway, that is all i had this morning. for the people of west virginia, you know, i feel strom thrumond was much more of an icon frankly. host: patricia, a democrat, washington, d.c. caller: good morning. i'm going to quote what one of the elite people said. i'm one of the little people. senator byrd always never forgot the little people. he was an avid citizen band operated. he was known as big byrd. we would contact him and he would talk on this citizen's band. a cb operator. host: are the still use? caller: no

on "face the nation, got you will hear a louisiana congressman and senator richard shelby. you'll hear the florida democratic senator and the california democrat barbara boxer. on cnn's they will have dianne feinstein and the alaska and senator and a connecticut independent joseph lieberman. you can listen to all five of the sunday morning talk show starting at noon eastern on cspan radio on90.1 fm. we are on the web at cspan radio.org and you can follows on facebook or twitter. >> he was a volatile, emotional, very complicated kind of the press of young man. he was very adventuress. when he was in america, he was 25. >> take a new look at alexis de top fell and his 1831 tour of america. abroad -- alexis de tocqueville and his 1831 tour america. fcc commissioner robert mcdowell talks about the use of public airwaves for emergency airwaves sunday night on c-span 2. tonight, vietnam veteran on the novel that took in 30 years to publish. "matt terhorn" follows the veterans of bravo company. we will have the author of more than 20 books for children. get our entire weekend sche

senator shelby in i offered an amendment which struck that provision in the bill. we moved through the senate without a pay for, and house obviously requires pay for. coming back was an alternative, pay for is what brings us here today. what i will propose and what the language specifically is before you, legislative language, let me briefly describe what i will be offering as an alternative for that. i want to remove the financial crisis special assessment to, in 16 01 and 16 02 of the conference report. it effectively ends the target program by prohibiting any new programs are initiatives, reducing the total amount to authority to 475 billion, what has already been authorized. and it prohibits payments from being recycled into new obligation. the legislation calls for that after june 25 and so that there no doubt to concerns about new obligations under that program. . secondly, it strengthens the fdic insurance fund, amending title 3. it would increase the statutory minimum target for the fdic loss insurance fund from 1.5% to 1.35% for estimated insured deposits.

so i think senator shelby, who did not vote for it, and he said it was a terrible mistake, was running side by side, and we ran within four percentage points, and i had a candidate that spent money and did ads, so i think the american people, to a certain extent, said maybe it was necessary at that time, but never again. and that's what i think. host: more that have conversation will come your way tomorrow right after this program. you can watch it at 10:00 on the morning and see it again at 6:00 in the evening on our main channel, c-span. independent line, brian, albany, new york. caller: hi. i'd like to say thank you for having me on today. first of all, to address this, if the normal media -- if the modern media, like the big seven news networks, if they're out and they're not showing it to the public, then somebody's got to do it. i mean, we ran into this kind of issue back during world war ii, and f.d.r. himself decided to show, there's grainy footage of what was going on, and it actually boosted morale, boosted concern for the war effort. people wanted to participate more, to buy

shelby? >> no. >> mr. crapo. >> no. >> mr. corker. >> no. >> mr. gregg. >> no. >> mr. chambliss. >> no. >> the clerk will report. >> 7 aye, 5 nay. the bill is passed. >> i thank my colleagues. [applause] >> with the votes of the house and senate conferees in favor of passage of the bill, i declare the bill passed and the conference committee is now adjourned. [applause] >> nice to meet you. take care. >> i'm on the cleanup crew. >> congratulations. >> congratulations. >> we recognize the tremendous efforts of staff. barney frank and i have worked together for the last few years. it has been nothing quite like this. as is as good as it gets in terms of a legislative effort. this makes a huge difference. no one thought we could get this done. it is a tough environment to operate in. to establish a consumer protection bureau for the first time in the history of our country, to stop the too big to fail, to ensure that we do not end up with another near financial collapse. we will provide an early- warning system. it is another of the great pillars of this bill. >> how will