Moment Of Silence In Remembrance Of Members Of Armed Forces And Their Families
Mr. Chairman, I move to strike the requisite number of words. Mr. Chairman, as I understand it, if we can add $34 million to the funding, we can get all the testing completed and not have to pay termination costs under the contract. So it…
Mr. Chairman, I move to strike the requisite number of words.
Mr. Chairman, as I understand it, if we can add $34 million to the funding, we can get all the testing completed and not have to pay termination costs under the contract. So it seems to me you can make a case that this is the most cost-effective thing to do. That's at least what I understood.
Is that the gentleman's understanding, or should we get the Marine Corps up here to try to explain this, or somebody?
I yield to the gentleman.
I think that's a wise course. I look forward to working with the gentleman on this.
I appreciate the opportunity to speak on this issue. Wounded warrior rehabilitation programs that have worked with national and community organizations have provided substantial support for injured members of our Armed Forces to participate in physical activity as an important aspect of their rehabilitation. Research shows that daily physical activity enhances wounded warriors' confidence, achievements, and quality of life. These programs are essential, and I would like to work with my colleague in the upcoming year to ensure that those programs will continue.
Will the gentleman yield?
I really think we've got to solve this problem. This is very unfair, this one program. This is a national program in every sense of the word, and we have either got to get it authorized or do whatever we have to do to make this possible. I look forward to working with you to achieve that.
I move to strike the requisite number of words.
We have already had a straight up-or-down vote on the Osprey and resoundingly supported it here in the committee.
On the expeditionary fighting vehicle, there's a decision been made by the Secretary of the Navy to end this program. What we're trying to do is to do it in a way that finishes the research with an additional $34 million and avoids termination liability.
I urge a ``no'' on this amendment.
I yield to the gentleman from Florida, the chairman.
Will the gentleman yield?
I agree with the gentleman. I've been down there on that southern border. I would just point out, though, that yesterday we killed the National Drug Intelligence Center, which is used by the Justice Department to try and target the people coming across, I mean, this was a Justice Department program, but your side killed it.
Mr. Chairman, I move to strike the number of requisite words.
The gentleman from Nebraska has spoken twice on this issue. Was that by unanimous consent?
I want an answer to my question first.
I yield to the gentleman.
You're such a handsome guy, I thought you spoke twice. I'm sorry.
I yield back the balance of my time, Mr. Chairman.
We accept the amendment on our side.
Will the gentleman yield?
Is this for 1 year, or what is the timeframe?
So it is permanent law?
Will the gentlewoman yield?
I appreciate it, and I associate myself with your remarks.
Did you mention that the associate general counsel and chief diversity officer of the Federal Communications is cut out of this as well?
That's rather shocking.
Did you offer the amendment?
Mr. Chairman, I move to strike the requisite number of words.
Mr. Chairman, I rise in support of the Frank amendment.
I yield to the gentleman from Massachusetts.
Reclaiming my time, I, again, support the gentleman's amendment.
Mr. Chair, since 2008 we have faced the most serious financial crisis since the Great Depression, and we are just not emerging from this difficult period. As we have debated the Continuing Resolution in the House this week, I have urged my colleagues to consider the impact that our near term actions will have on unemployment and on our nation's economy, which remains fragile. In this regard I have deep concerns about the magnitude of the cuts contained in the version of the Continuing Resolution that has been drafted by the majority leadership, with little input from the minority.
At this time I am particularly concerned about the impact of this bill on the Securities and Exchange Commission, which this bill would cut by $189 million from President Obama for Fiscal Year 2011. This level of spending will preclude the implementation of the Dodd-Frank Act, meaning that hedge funds, credit rating agencies, and broker- dealers will continue to operate without regulation, therefore increasing the risk of another fiscal meltdown. It also takes a big step backwards toward the enforcement situation we had before the crisis, leaving the agency with fewer staff to investigate potential misconduct and police securities markets to prevent another financial crisis.
Why is this important? Look at the history: In response to what was clearly an economic crisis in our country in 2007-2009, Congress established a bipartisan Commission on the Causes of the Financial and Economic Crisis in the United States. In its final report that was issued in January, the Commission concluded that the financial crisis was entirely avoidable. It wrote:
The crisis was a result of human action and inaction . . .
the captains of finance and the public stewards of our
financial system ignored warnings and failed to question,
understand, and manage evolving risks within a system
essential to the well-being of the
American public . . . Widespread failures in financial
regulation and supervision proved devastating to the
stability of the nation's financial markets. The sentries
were not at their posts, in no small part due to the widely-
accepted faith in the self-correcting nature of the markets
and the ability of financial institutions to effectively
police themselves.
So what did we do about this ``combination of excessive borrowing, risky investments, and a lack of transparency'' that the Commission said put our financial system on a collision course with crisis? We passed the Dodd-Frank Wall Street Reform and Consumer Protection Act, which was intended to enable federal regulators to better understand and manage evolving risks; providing transparency in the financial and derivatives markets; and, maybe most importantly, putting the sentries back on duty and giving them the tools to do their jobs.
This Dodd-Frank legislation charged the Securities and Exchange Commission and the Commodity Futures Trading Commission with new responsibility to oversee the financial industry and provide for regulation of the massive derivatives industry.
Now I understand that some members of the Republican caucus who may have opposed Dodd-Frank did not believe that a failure on the part of Federal regulators to enforce the law played a significant role in the financial crisis. It seems that this misguided conclusion has led the new Majority to attempt--through the appropriations process--what it could not accomplish through the regular legislative process: to scale back federal regulation to the pre-crisis level. I cannot imagine a more risky thing to do at this time.
Thus I support the amendment that the gentleman from Massachusetts, the Ranking Member of the Financial Services Committee, has offered, restoring $131 million of the funding that will go to the SEC in this fiscal year to implement the oversight functions mandated by Dodd- Frank. I believe this amount would allow the agency to carry out its basic functions and start the process implementation so that we will not be risking another calamity like the situation we faced in 2008.
Like many of the amendments proposed to this Continuing Resolution during this debate under such unusual rules, the funding offset is problematic. The Internal Revenue Service's Enforcement division is already taking a massive and unwise cut in this bill and I regret that this amendment would add to that cut. It is difficult to talk seriously about deficit reduction while at the same time ignoring the tens of billions of dollars in taxes that go unpaid every year because of a lack of enforcement. So I believe we have some work to do, as we move forward, to ensure adequate funding for tax enforcement while at the same time we proceed to putting in place the important oversight functions of Dodd-Frank.
I urge my colleagues to support the Frank amendment.
Mr. Chairman, I yield back the balance of my time.
Will the gentleman yield? Is the way to make them better by cutting money, for the SEC?
Madam Chair, I demand a recorded vote.
Madam Chairman, I move to strike the last word.
Madam Chairman, I rise in support of the amendment.
I yield to the gentleman from North Carolina.
Reclaiming my time, I yield to the gentlelady from New York.
Again, I strongly rise in support of the Holt amendment. If you look at history, in the years around 2003 to 2005, this budget was cut.
Vote for the Holt amendment.