. >> special thanks very much and i'm honored to be here with the ranking member spencer bachus and the senior members of the financial services committee. as we unveil as a conference a road map for word to address the number one issue that's on the minds of most americans which is the economy, and we all know economic recovery is going to be predicated upon resumption of normal credit conditions so that we can see expansion start to happen again as far as jobs are concerned in the country and we hear a lot and there's a lot of coverage about the heavy hand of government right now in the financial markets. to me it is a heavy hand of the obama administration. who could have told we would continue to find ourselves in the world of continued bailouts, handouts. we wake up one day and we are the proud owners of two of the largest car companies. it is this type of uncertainty and continued reached by government this plan tries to react and say we do have a better way. we don't believe the government should be picking winners and losers and we want to see market for six return under a set o

i thank the ranking member, spencer bachus. of course i thank mr. barney frank. i also would like it to thank the housing subcommittee chair who has worked closely with me on this project, representative maxine waters. mr. speaker, the question may be posed in the mind of someone as to why we should pass the homes for heroes act. i'd like to answer this question. we need to pass this bill because, while many of us are sleeping in the suits of life, too many of our veterans are sleeping in the streets of life. we node to pass it because while many of -- we need to pass it because while many of us have homes and jobs, too many of our veterans are homeless with no jobs at all. we must pass this piece of legislation because america can't continue to be the home of the free and the land of the brave if too many of our brave veterans continue to be homeless. mr. speaker, the statistics are shocking. they literally shock the conscience. veterans are % of the population and more than 25 -- 9% of the population and more than 25% of the homeless. on any given night, 131,00

speakers at the siege and include financial services ranking member spencer bachus and republican whip, eric cantor. this is about half an hour. [inaudible conversations] >> thank you for coming. i am joined byub

i know spencer bachus and chairman frank does too. hopefully we find the bottom and move the american people in a positive fashion forward. thank you. ms. waters: thank you very much. i do appreciate your comments and i value them because of your experience. mr. speaker, i would reserve the balance of my time. the speaker pro tempore: the gentlewoman reserves the balance of her time. mr. miller: i have no further speakers and i would be willing to yield back the balance of my time. ms. waters: thank you very much, i yield back the balance of my time. the speaker pro tempore: the gentlewoman yields back her time. ms. waters: we have no other speakers. the speaker pro tempore: the question on the floor, will the house spuned the rules and agree to house resolution 502? those in favor say aye. those opposed, no. in the opinion of the chair, with 2/3 being in the affirmative, the rules are suspended, the resolution is agreed to, and without objection, the motion to reconsider is laid on the table. for what purpose does the gentleman from

barton: i want to yield one minute to our expert on derivatives, spencer bachus. the speaker pro tempore: the gentleman is recognized for one minute. mr. bachus: like what robert shapiro said under the clinton administration, we are going to create a multitrillion dollar derivative overnight. these will be based on carbon offsets. these projects, most of them we anticipate will be in underdeveloped countries or foreign countries. almost all of them. and when you start a project, a clean coal project in china or india or you plant trees in about a zill, who pays for it? -- brazil, who pays for it? the american taxpayers. does it discharge pollution there? no, it absolutely you to discharge carbon dioxide here in the united states. before you vote for this bill, ask yourself, if the subprime lending market was hard to police, how do you police a derivative market based on projects in china and barnio? ask yourself. am i going to stick my constituents with the cost of clean coal projects in china? go home and explain that to your constituents. go home and explain how