>> thank you senator stabenow. let me just say the costs are substantial. and the volatility in today's marketplace is really just unprecedented. this is not theory. this is not you you know hypothetical what-ifs. we are living in the midst of the most volatile commodity times we have ever seen in our nations history. last week, you know usda's crop report and immediately prices are locked up to maximum daily limits and there are consequences associated with these kinds of price moves. you have both producers and buyers on any given day, you are not looking to limit your exposure over the course of a day or a couple of days. you are trying to limit your exposure in terms of hours and minutes because there is that kind of volatility in this marketplace. for our producers obviously they just simply can't withstand that kind of volatility. they can't be sitting on a commodity that is worth something one day and the next day it may be worth 50% lessor 50% more. if you are a livestock guy, how do you deal with that? on any given day there can be that kind of cha

so we'll start with senator stabenow. we're grateful that the senator is with us today. >> thank you so much, chairman casey and vice chairman brady. i want to thank you for recognizing the importance of manufacturing in this country and having this hearing. i think this is a very, very important hearing and i very much appreciate our friendship and working relationship and how you fight for pennsylvania. but i very much appreciate as chair and vice chair that you are both focused, i know, on manufacturing in this country. so thank you. we of course understand in michigan that this is a critical issue. i firmly believe we need to make things and grow things. if we make things here and grow things here, the jobs are here. so that's pretty fundamental philosophy that i operate under and i think it's one that makes sense for us. we are very proud in michigan in the last century to be the heart of american manufacturing and are right fully proud. for too long we've seen a situation where companieses are actually competing aga

stabenow and i will do an introduction of both of our first witnesses. senator stabenow was the chair of the senate agricultural nutrition and forestry committee and was also a member of the senate energy committee, the finance committee and the budget committee. she serves also as the co-chair of the bipartisan senate manufacturing caucus, and she was appointed to the president's export council by both president bush and president obama. she has sponsored many initiatives to revitalize our manufacturing sector including the retooling loan program for advanced rent factors this is bringing jobs back to the united states, and also i want to make sure that i mentioned she represents the state of michigan, and i know she's very proud of that. and i know has a new senator she was here a number of years ahead of me. she was a mentor to the new senators and continued to serve in that capacity. we are grateful that you are here with us this morning. i'd also like to welcome their representative charles bass from the second congressional district representative

the manufacturing tax credit which senator stabenow mentioned had a great deal of uptake and helped establish better facilities, wind turbine, solar panels. i think we should encourage other energy development, too, including nuclear, but the point is for the sake of an elegant economic corporate tax system and we would make a lot of sacrifices. i think it targets set tax relief for manufacturers making things in the united states instead of the overall income. and the last thing that i would have very briefly and as i think it misses the larger debate which is virtually every other company we are competing with has a value added tax system that has rebates for its exporters. the united states almost exclusively among industrialized countries does not have a system like that and i've not saying we need to adopt a system precisely why cut but it does put our exporters at some of the competitive disadvantage. >> full circle the way i started which is every time you give the example of a successful government policy on encouraging a particular industry there's four or five that failed miserably

the tax credit which senator stabenow mention had a great deal of up take, and really helped to establishtery facilities, wind turbine solar panel, i think we should encourage other energy and development, too, including nuclear, but the point is that for the sake of an elegant economic corporate tax system, we would make a lot of sacrifices. i think it makes sense to target tax relief for manufacturers that are actually making things in the united states instead of overall inme, and the last thing i would add briefly is i think it misses the larger debate, which is virtually every other country we're competing against has a value added tax system with rebates for exporters. the united states almost exclusively among industrialized countries does not have a system like that, and i'm not saying we need to adopt a system precisely like that, but it puts our exporters at somewhat of a competitive disadvantage. >> that brings us full circle to where i started, every time u sit and give the example of a successful government policy encouraging a particular industry, there are four or five that

debbie stabenow chairs this two and a half hour hearing. >> well, good morning. the meeting will come to order on agriculture, new triecious and forestry. we welcome the witnesses today and thank you to everyone joining us for our second and ongoing effort to do oversight related to financial services reform. we're here today to continue discussion of title vii in the wall street reform act, and one year after passing reform, i think it's important to take a moment to remember why congress to pass this historic legislation. in 2008, the world held its breath as we watched financial markets collapse and global financial institutions crumble. by the time the crisis subsided, millions of jobs were loss, not only did hard working americans lose their jobs, but many lost their homes and life savings in the process. make no mistake, the united states experienced an unparalleled crisis that required bold action. the reforms in the wall street reform and consumer protection act and the actions in the derivatives title were passed a public systemic risk, promote competiti

, carper, brown of ohio, whitehouse, casey, coons, tester, cardin, udall of new mexico, shaheen, stabenow, murray, conrad, durbin and manchin. mr. reid: i now move to proceed to calendar number 75, s. 679, the efficiency and streamlining act. the presiding officer: the motion to proceed is now pending. mr. reid: madam president, i want to say a word before i leave the floor to -- to and about my friend, the senator from california. as i've indicated, chair of this most important committee, the environment and public works which i had the good fortune of chairing on two separate occasions. she has been tireless in bringing legislation to this floor and attempting to. she has been talking about this bill for months about how good it is, and when she sat down and reminded me of the merits of this legislation, i thought this should be a good one. a job-creating measure. we need that right now. and i have been very disappointed that we haven't been able to move forward, but it is not because of any lack of effort on her behalf. she and i came to washington together many, many years ago and ser