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| TIME | SPEAKER | TEXT |
|---|---|---|
| 00:00:55 |
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THE COMMITTEE WILL COME TO ORDER. THE COMMITTEE IS MEETING TODAY TO HEAR FROM THE SECRETARY OF THE... |
| 00:04:51 |
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THANK YOU, MR. CHAIRMAN. I APPRECIATE HEARING FROM THE TWO CABINET SECRETARIES, BUT WOULD LIKE TO... |
| 00:10:22 |
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THANK YOU. |
| 00:10:24 |
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GENTLEMAN MAKES A GOOD POINT. ADDRESS THAT. GENTLEMAN FROM LOUISIANA, POTENTIAL REGULATORY REFORM,... |
| 00:17:56 |
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GENTLEMAN OF PENNSYLVANIA. BEFORE WE HEAR FROM THE ADMINISTRATION, CURRENT REGULATORY SYSTEM FOR GOVERNMENT... |
| 00:21:21 |
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GENTLEMAN YIELDS BACK. CHAIR RECOGNIZING CHAIRMAN OF THE HOUSING COMMITTEE OPPORTUNITY SUBCOMMITTEE.... |
| 00:21:29 |
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THANK YOU, MR. CHAIRMAN. THANK YOU FOR THE HEARING. I APPRECIATE THE OPPORTUNITY TO MAKE JUST A BRIEF... |
| 00:25:48 |
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ABOUT THESE PROPOSED CHANGES. SECRETARY MARTINEZ, I OPPOSE THE TRANSFER PROGRAM APPROVAL FROM HUD... |
| 00:28:32 |
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GENTLE LADY YIELDS BACK. WE HAVE HEARD OUR DISTINGUISHED PANEL. LET ME SAY AT THE OUTSET, IT'S RARE... |
| 00:29:09 |
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NEED TO GET YOUR MICROPHONE ON, SECRETARY. |
| 00:29:19 |
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HUD AND TREASURY ALREADY WORKING IN FULL COOPERATION. [LAUGHTER] |
| 00:29:24 |
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THANK YOU VERY MUCH, MR. CHAIRMAN. RANKING MEMBER FRANK, AND MEMBERS OF THE COMMITTEE, FOR THIS INVITATION... |
| 00:41:15 |
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THANK YOU, MR. SECRETARY. SECRETARY MARTINEZ. |
| 00:41:21 |
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REAL PLEASURE TO BE WITH YOU TODAY, AND I AM REALLY DELIGHTED TO HAVE AN OPPORTUNITY TO JOIN MY COLLEAGUE,... |
| 00:48:20 |
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THANK YOU, MR. SECRETARY. AND BOTH OF YOU, WE THANK YOU FOR YOUR EXCELLENT TESTIMONY, AND YOUR CONTINUED... |
| 00:50:09 |
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OH, I BELIEVE IT IS NECESSARY FOR LEGISLATION TO ENHANCE THE EFFECTIVENESS OF A REGULATOR AS IT RELATES... |
| 00:50:47 |
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SO CONGRESS WOULD HAVE TO SET UP THE OVERALL STRUCTURE OF WHAT YOU ANTICIPATE, AND THEN ALLOW |
| 00:50:54 |
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CORRECT. AND THEN WE CAN HAVE THE REGULATIONS TO FOLLOW. |
| 00:50:59 |
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GOOD. SECRETARY SNOW, YOU MENTIONED THE POTENTIAL, INCLUDING ALL GSE'S, IN THE REGULATORY CHANGE,... |
| 00:51:57 |
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MR. CHAIRMAN, I DOUBT IT. I THINK UNLESS A CONSENSUS DEVELOPS FAIRLY QUICKLY, THAT WE WOULD GET BOGGED... |
| 00:52:58 |
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THANK YOU, MR. SECRETARY. MR. SECRETARY, BOTH OF YOU, ACTUALLY, I WOULD LIKE YOU TO INDICATE AT LEAST... |
| 00:53:42 |
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MR. CHAIRMAN, WE DO NOT OPPOSE ADDRESSING THOSE ISSUES IN THIS LEGISLATION. AND THINK THE IMPORTANT... |
| 00:54:54 |
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SECRETARY MARTINEZ. |
| 00:54:55 |
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WE'VE CONCLUDED THE MOST IMPORTANT THING WE COULD ACCOMPLISH THROUGH THE HEARINGS AND THE PROPOSED... |
| 00:55:33 |
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THANK YOU, MY TIME IS EXPIRED. THE GENTLEMAN FROM MASSACHUSETTS. |
| 00:55:38 |
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SECRETARY MARTINEZ, ON PAGE 3 YOU MAKE SOME VERY STRONG STATEMENTS ABOUT THE NEED TO ENHANCE THE FEDERAL... |
| 00:55:53 |
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YES, SIR, WE WOULD HAVE A VERY SPECIFIC RECOMMENDATION. |
| 00:55:56 |
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I THINK THAT'S VERY IMPORTANT. THE PROBLEM YOU HAVE IS THERE COULD BE ATTENTION BETWEEN TREASURY... |
| 00:56:26 |
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THE TENSIONS EXIST TODAY BUT THE PROBLEM TODAY IS H.U.D. DOESN'T HAVE THE ABILITY TO REALLY IMPACT... |
| 00:56:43 |
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I'M SKEPTICAL OF WHAT IS GOING TO HAPPEN TO THE HOUSING MISSION IF MOST OF THE REGULATION IS IN TREASURY.... |
| 00:56:51 |
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WE STILL HAVE A CONSULTING ROLE. AS IT RELATES TO THE MISSION, AS IT RELATES TO NEW PROGRAM APPROVAL,... |
| 00:57:06 |
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I AM UNIMPRESSED BY THE RIGHT TO CONSULT. BY VIRTUE OF MY JOB I GOT THE RIGHT TO CONSULT WITH A LOT... |
| 00:57:28 |
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ON THE OTHER PART OF IT. SEE, THE PROBLEM IS THE SAFETY AND SOUNDNESS SHOULD ALL BE IN ONE PLACE.... |
| 00:57:55 |
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I AM SKEPTICAL AGAIN. IF ALL THE REGULATORY AUTHORITY IS THERE, THEY APPROVE NEW PROGRAMS, YOU SET... |
| 00:58:18 |
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WE'LL GIVE YOU SPECIFIC. THE TRUTH OF THE MATTER IS THERE WILL ALWAYS BE TENSION BETWEEN INSISTING... |
| 00:58:25 |
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I AGREE. HERE IS MY POINT. I THINK TREASURY IS GOING TO BE THE BIG BROTHER HERE AND IF ONE SET OF... |
| 00:59:44 |
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THAT'S A FAIR CHARACTERIZATION, CONGRESSMAN FRANK, OF OUR POSITION. WE'RE NOT -- WE'RE NOT PUTTING... |
| 01:00:14 |
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GOTTEN BIGGER? |
| 01:00:15 |
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HUGELY. AND THESE ENTITIES HAVE GROWN AND BECOME NOW VERY LARGE PLAYERS ON THE WHOLE FINANCIAL LANDSCAPE... |
| 01:00:26 |
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I THINK IT'S IMPORTANT TO MAKE IT CLEAR I'M JUST CLOSING BY SAYING I LOOK FORWARD TO THIS. I'VE GIVEN... |
| 01:00:48 |
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THEY WON'T. I DON'T THINK I'LL CONVINCE YOU BY THIS. AS I VIEW THIS INSTITUTIONAL ARRANGEMENT WE'RE... |
| 01:01:05 |
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WHAT HAPPENS IF THEY DON'T MEET THE MISSION? |
| 01:01:09 |
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THE SECRETARY IS ASKING FOR ENHANCED AUTHORITY TO HAVE DISCIPLINARY POWERS TO STRENGTHEN HIS HAND... |
| 01:01:18 |
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I WORRY THAT WE'LL GET THEM IN A SITUATION WHERE THE MOST IMPORTANT QUESTION FOR FANNIE MAE AND FREDDIE... |
| 01:01:31 |
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IF THIS AUTHORITY COMES TO TREASURY, I WOULD VIEW OUR RESPONSIBILITY AS SOUNDNESS AND SAFETY WITHIN... |
| 01:01:42 |
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I APPRECIATE THAT. 10 MORE SECONDS. IF WE COULD FIND SOME WAY TO WRITE THAT SORT OF THING INTO THE... |
| 01:01:53 |
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THE GENTLEMAN'S TIME IS EXPIRED. THE GENTLEMAN FROM LOUISIANA, MR. BAKER. |
| 01:01:59 |
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THANK YOU, MR. CHAIRMAN. I OBVIOUSLY HAVE A NUMBER OF SUBJECTS I WOULD LIKE TO COVER BUT I WOULD LIKE... |
| 01:03:19 |
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YES, THAT IS. |
| 01:03:20 |
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SECONDLY AND PERHAPS THIS IS SOMETHING FOR BOTH GENTLEMEN. WITH REGARD TO PRODUCT APPROVAL. AS I READ... |
| 01:03:48 |
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YES. |
| 01:03:50 |
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AND THEN THERE ARE TWO POINTS THAT I FIND VERY IMPORTANT THAT ARE BEYOND WHAT HAS BEEN PROPOSED IN... |
| 01:04:45 |
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YES, VERY MUCH SO, MR. BAKER. WE VIEW THESE AS LARGE, SUBSTANTIAL AND IMPORTANT PRIVATE ENTERPRISES.... |
| 01:05:27 |
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THE NEXT IS WITH REGARD TO -- I HAD RECOMMENDED AT ONE TIME CONSIDERATION OF A RECEIVERSHIP PROCESS... |
| 01:06:33 |
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THAT'S WHAT WE'RE SUGGESTING. |
| 01:06:35 |
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LET ME SAY THESE ARE SIGNIFICANT IMPROVEMENTS OVER PROPOSALS IN THE PAST AND I THINK YOU'RE TO BE... |
| 01:06:50 |
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THE GENTLEMAN YIELDS BACK. THE GENTLEMAN FROM PENNSYLVANIA. |
| 01:06:54 |
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THANK YOU, MR. CHAIRMAN. MR. SECRETARY, LET ME GET THIS STRAIGHT, YOU DID ANSWER MR. FRANK'S TESTIMONY... |
| 01:07:37 |
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YOU'LL HAVE TO DECIDE WHAT PRIORITY TO GIVE IT AND WHETHER TO-- |
| 01:07:41 |
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THERE IS NOTHING ESSENTIAL THAT WE MOVE THROUGH AND HAVE DAILY HEARINGS HERE AND MOVE A PIECE OF LEGISLATION... |
| 01:07:54 |
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WE ARE NOT BEFORE YOU, AS I ANSWERED CONGRESSMAN FRANK, BECAUSE OF AN IMMINENT RISK. RATHER, THERE... |
| 01:08:23 |
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I'M IMPRESSED WITH THE WORK YOU'VE DONE BUT I WORRY ABOUT SOME OF YOUR DEFINITIONS. I AGREE WE SHOULD... |
| 01:08:51 |
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NO, WE DON'T REVIEW. |
| 01:08:53 |
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SO YOU'RE USING TERMINOLOGY WORLD-CLASS BUT YOU'RE NOT TALKING ABOUT MAKING THE TYPE OF REGULATOR... |
| 01:10:04 |
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TREASURY HAS THAT VERY AUTHORITY TODAY WITH RESPECT TO THE I.R.S. |
| 01:10:13 |
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THE I.R.S. IS ONLY -- I'M NOT SURE THAT QUITE FRANKLY WE SHOULD BRAG ABOUT THE I.R.S. YOU ASKED ME... |
| 01:10:34 |
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IF THAT'S THE BEST EXAMPLE YOU CAN GIVE AS A WORLD CLASS. |
| 01:10:39 |
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YOU ASKED A REVIEW OF TESTIMONY. |
| 01:10:41 |
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I ASKED YOU TO GIVE ME AN EXAMPLE OF A WORLD-CLASS INDEPENDENT STRONG REGULATOR. |
| 01:10:47 |
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UNTIL I THINK IT'S THE MID-1990'S THAT TREASURY DID HAVE THAT -- DID REVIEW THE TESTIMONY OF THE O.C.C.... |
| 01:10:56 |
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THANK HEAVENS WE PUT THAT ASIDE. WHAT I'M SUGGESTING IS I'M ONE OF THE FEW MEMBERS ON THIS COMMITTEE... |
| 01:12:19 |
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CAN I JUST RESPOND TO PUT THIS IN -- TO GIVE YOU OUR PERSPECTIVE ON IT AND WHY WE'RE RECOMMENDING... |
| 01:13:03 |
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THE HOUSEKEEPING WOULD BE UNDER THE REGULATOR. THE DECISION POLICY-- |
| 01:13:09 |
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I WOULDN'T CALL LITIGATION AND ENFORCEMENT HOUSEKEEPING. IT'S THE GUTS OF WHAT REGULATORS DO. |
| 01:13:15 |
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REGULATORS HAVE A RESPONSIBILITY TO COME TO THIS CONGRESS AND TO THE AMERICAN PEOPLE AND WITHOUT FILTERING... |
| 01:14:04 |
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THE GENTLEMAN FROM IOWA. |
| 01:14:07 |
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LET ME JUST BEGIN BY THANKING CHAIRMAN BAKER AND CHAIRMAN OXLEY FOR AN EXCELLENT JOB OF BRINGING US... |
| 01:18:21 |
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I'M IN VERY BROAD AGREEMENT WITH WHAT YOU JUST SAID. I DON'T TAKE EXCEPTION TO IT. TO ANY OF IT. ... |
| 01:20:41 |
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MAY I JUST QUICKLY COMMENT FIRST? I DON'T TAKE ANY PERSONAL OFFENSE ABOUT THE SERIOUSNESS OF WHICH... |
| 01:21:39 |
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THE GENTLEMAN'S TIME EXPIRED. THE GENTLEMAN FROM VERMONT, MR. SANDERS. |
| 01:21:42 |
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THANK YOU MR. CHAIRMAN AND THANK YOU BOTH FOR BEING WITH US TODAY. LET ME BEGIN VERY BRIEFLY BY CONCURING... |
| 01:25:44 |
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I'M NOT AWARE OF ANY AUTHORIZATION FOR ANY TALKING POINTS OF THE SORT YOU WERE COMMENTING ON. |
| 01:25:51 |
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DO YOU AGREE WITH YOUR SPOKESWOMAN THAT THE AGENCY DIDN'T ISSUE THIS DOCUMENT? |
| 01:25:58 |
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YES. CERTAINLY I'M NOT A WARE OF IT. IF SHE SAID THAT SHE WOULD KNOW AND I WOULD AGREE WITH HER. |
| 01:26:05 |
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IF THAT'S THE CASE, WOULD YOU AGREE WITH ME THAT THIS IS A VERY SERIOUS FRAUD IF I.B.M. OR ANY OTHER... |
| 01:26:23 |
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I BETTER NOT COMMENT BECAUSE I REALLY DON'T KNOW THE -- I DON'T KNOW THE FACTS ON THIS. BUT IT'S CERTAINLY... |
| 01:26:38 |
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THIS WAS IN THE "WALL STREET JOURNAL" TODAY. SIR, I WOULD, IF YOUR SPOKESPERSON IS CORRECT AND IF... |
| 01:27:02 |
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I WILL CERTAINLY LOOK INTO IT AND TRY TO GET AT THE BASE OF WHAT THE FACTS ARE AND TAKE WHATEVER STEPS... |
| 01:27:10 |
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CAN I EXPECT TO HEAR FROM YOU? |
| 01:27:12 |
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THANK YOU, MR. CHAIRMAN. I WANT TO ASK A QUESTION OF SECRETARY SNOW. I'M AWARE AS YOU ARE OF THE STRENGTH... |
| 01:28:06 |
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WE AREN'T RECOMMENDING ANY CHANGE IN THE CURRENT STANDARDS AS PART OF THIS LEGISLATION, THAT'S CORRECT.... |
| 01:28:11 |
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MR. CHAIRMAN THE SECOND QUESTION, WE ALL RECOGNIZE THE ISSUE OF G.S.E. REGULATIONS IS VITAL TO OUR... |
| 01:28:40 |
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YES. |
| 01:28:42 |
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WE ARE NOT REALLY TALKING ABOUT AN ADVERSE CHANGE TO THE HOUSING MISSION OR TALKING ABOUT ANY CHANGE... |
| 01:28:54 |
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IT IS BASICALLY CORRECT. THE ADMINISTRATION IS RECOMMENDING STRENGTHENING THE HAND THAT H.U.D. HAS... |
| 01:29:33 |
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GENTLEMAN'S TIME IS EXPIRED. THE GENTLEMAN FROM ILLINOIS. |
| 01:29:35 |
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THANK YOU. I WANT TO THANK TREASURY SECRETARY SNOW AND H.U.D. SECRETARY MARTINEZ FOR APPEARING FOR... |
| 01:32:09 |
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SIR, I BELIEVE IT'S IMPORTANT FOR US TO KEEP IN MIND THAT THE G.S.E.'S FAN NIE AND FREDDIE SPECIFICALLY,... |
| 01:33:39 |
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I THANK YOU FOR THAT RESPONSE. I LOOK FORWARD TO WORKING WITH YOU AND SECRETARY SNOW IN ACHEEFG WHAT... |
| 01:34:01 |
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THANK YOU VERY MUCH. THANK MY FRIEND VERY MUCH. MR. SNOW YOU DIDN'T GET A CHANCE TO ANSWER THE QUESTION... |
| 01:34:25 |
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CONGRESSMAN, I WANT TO REVIEW THAT LEGISLATION THAT CARRIED LAST NIGHT. I'M IN THE PROCESS OF REVIEWING... |
| 01:35:16 |
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GENTLEMAN FROM THE FIRST STATE, MR.-- |
| 01:35:19 |
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THANK YOU, MR. CHAIRMAN. I WOULD JUST LIKE TO THANK THE DISTINGUISHED CABINET SECRETARIES FOR BEING... |
| 01:36:13 |
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WHAT THE HESITANT -- WE DON'T SEE PUTTING OFAO IN TREASURY. IF YOU WANT TO DO THAT YOU MIGHT AS WELL... |
| 01:37:02 |
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IT'S NOT A HELPS -- HESITANCY TO-- |
| 01:37:11 |
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NO, WE WOULD STRONGLY RECOMMEND IT IF WE GOT IN IN THOSE TERMS. |
| 01:37:19 |
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WOULD THE FUNDING SOURCES BE DEDICATED OR SUBJECT TO APPROPRIATIONS? |
| 01:37:23 |
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WE FEEL AGAIN IT WOULD BE BEST, WE STRONGLY WOULD RECOMMEND, THAT IT NOT GO THROUGH THE APPROPRIATIONS... |
| 01:37:51 |
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TELL ME THE RATIONALE. I DON'T UNDERSTAND THE TECHNICAL DIFFERENCES. THE INCLUSION OF THE FEDERAL... |
| 01:38:09 |
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THE RATIONALE IS THAT THE FEDERAL HOME LOAN BANKS IN THE AGGREGATE HAVE A VERY LARGE IMPACT ON FINANCIAL... |
| 01:38:53 |
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SECRETARY MARTINEZ, YOU SORT OF HAVE BEEN ANSWERING THIS THROUGH THIS MORNING. BUT JUST IN SORT OF... |
| 01:39:30 |
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I THINK IT WOULD BE A TREMENDOUS IMPROVEMENT. THE REAL IMPORTANCE TO OUR MISSION IS IN THE HOUSING... |
| 01:40:50 |
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I AGREE WITH WHAT YOU'RE TRYING TO DO. I HOPE WE CAN WORK TOGETHER TO DO IT CORRECTLY. |
| 01:40:56 |
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THANK YOU VERY MUCH. FIRST OF ALL, LET ME SAY TO SECRETARY SNOW THAT WHEN I RUSHED IN THIS MORNING... |
| 01:41:17 |
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THANK YOU VERY MUCH. |
| 01:41:18 |
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WE'RE DELIGHTED THAT YOU'RE HERE. MY QUESTION IS DIRECTED TOWARD SECRETARY MARTINEZ. IN YOUR TESTIMONY,... |
| 01:43:13 |
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THE HOUSING GOALS AS FORMULATED CURRENTLY HAVE ALWAYS BEEN MET BY THE G.S.E.'S. WHAT WE'RE TALKING... |
| 01:43:58 |
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AS COMPARED TO THE MARKET AT |
| 01:43:59 |
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CORRECT. |
| 01:44:01 |
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MEANING ALL OF THE BANKS AND FINANCIAL INSTITUTIONS AND THE MORTGAGE COMPANIES, THEY HAVE |
| 01:44:08 |
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CORRECT. |
| 01:44:10 |
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I WOULD LIKE TO SEE THAT STUDY. |
| 01:44:14 |
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MY POINT IS THAT WE DON'T VALUE THEIR CONTRIBUTION. AT THE SAME TIME WE ALSO BELIEVE THAT IN ORDER... |
| 01:45:03 |
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CERTAINLY, MR. SECRETARY, WE CERTAINLY DO HAVE THE SAME GOALS. WHAT I DON'T WANT TO SEE IS AN EXPANDED... |
| 01:46:05 |
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RIGHT NOW WE DON'T HAVE THE ABILITY TO FINE TUNE THE GOALS TO SET THEM THE WAY WE WOULD WANT TO STET... |
| 01:46:15 |
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YOU'RE SAYING YOU HAVE TO HAVE A WHOLE NEW OFFICE TO DO THAT? |
| 01:46:19 |
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HERE IS WHAT I WANT YOU TO UNDERSTAND. I DON'T WANT TO JUXTAPOSE YOUR APPRECIATION FOR THE G.S.E.'S... |
| 01:47:11 |
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I DON'T KNOW, IS MY TIME UP? OK. THANK YOU VERY MUCH. |
| 01:47:18 |
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TIME IS EXPIRED. |
| 01:47:19 |
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THANK YOU. WE THANK YOU BOTH FOR YOUR TESTIMONY AND I WANT TO SHARE WITH YOU, I HAVE PROPOSED TO ... |
| 01:50:51 |
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WELL, CONGRESSMAN, I'M IN BROAD AGREEMENT WITH EVERYTHING YOU'VE SAID AND I, OF COURSE, REVIEWED IT... |
| 01:51:56 |
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I THINK WE SHOULD INCLUDE IT AS WE MOVE FORWARD. I THINK FOR ALL THE REASONS THAT YOU'VE INDICATED,... |
| 01:52:18 |
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I VERY MUCH WOULD AGREE WITH YOU AND HOPE WE COULD DO THAT. I DO WANT TO MAKE THIS POINT CLEAR, THOUGH.... |
| 01:52:52 |
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AND THE EXPERTISE AND MANAGING THE INTEREST RATE DERIVATIVES AND SUCH. |
| 01:53:02 |
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YIELDING. AND I THANK YOU SECRETARY SNOW AND MARTINEZ FOR YOUR TESTIMONY AND I'M PLEASED THAT THE... |
| 01:55:00 |
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I WONDER IF I MIGHT TRY TO ANSWER THAT, I WOULD SAY THAT WE HAVE REVIEWED THAT AT H.U.D. FROM TIME... |
| 01:55:35 |
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THANK YOU. MR. SNOW, YOU MENTIONED THE WIDE ARRANGE OF KNOWLEDGE OF TREASURY . I WOULD LIKE TO REALLY... |
| 01:56:38 |
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TODAY RECOGNIZING THAT BOTH TREASURY AND THE G.S.E.'S ARE LARGE PARTICIPANTS IN THE DEBT MARKETS OF... |
| 01:57:42 |
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YOU DON'T THINK THERE WOULD EVER BE A SITUATION WHERE TREASURY WOULD THREATEN THE G.S.C.'S BECAUSE... |
| 01:57:56 |
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WELL, NO. THREATEN IS THE WRONG WORD. THERE IS AN INTEREST IN COORDINATING. THAT COORDINATION GOES... |
| 01:58:29 |
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MY TIME IS UP. THANK YOU VERY MUCH. |
| 01:58:37 |
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MR. SECRETARY MARTINE SKPEZZ SECRETARY SNOW, THANK YOU VERY MUCH FOR YOUR PATIENCE WITH OUR QUESTIONS.... |
| 01:59:43 |
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THAT'S AN ISSUE THAT I -- I HAVEN'T ADDRESSED IN MY TESTIMONY. FOR SOME REASON, HAVEN'T HAD A CHANCE... |
| 01:59:57 |
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I BELIEVE THAT CURRENTLY THE BOARD MEMBERS OF THE HOME LOAN BANK BOARDS ARE NOT PRESIDENTIAL APPOINTMENTS.... |
| 02:00:05 |
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THAT'S RIGHT. |
| 02:00:06 |
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SO -- |
| 02:00:08 |
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THERE ARE NO PRESIDENTIAL APPOINTMENTS. |
| 02:00:10 |
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WHAT YOU ARE SAYING THEN, THERE WOULD BE NO PRESIDENTIAL APPOINTMENTS TO THE BOARDS OF FANNIE, FREDDIE,... |
| 02:00:24 |
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THAT'S MY UNDERSTANDING. CURRENTLY THEY ARE APPOINTED BY THEIR BOARD MEMBERS. YEAH. |
| 02:00:28 |
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OK. I WANTED TO ASK ONE MORE QUESTION. THAT IS, IN YOUR TESTIMONY, YOU TALK ABOUT TIMELY CORRECTIVE... |
| 02:00:57 |
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I WOULD SAY THAT -- BY THE WAY, ALSO I WANT TO POINT OUT OUR REQUEST IS ALSO THAT THOSE PARTS OF H.U.D.'S... |
| 02:01:39 |
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SECRETARY SNOW, DO YOU WANT TO ANSWER THAT? |
| 02:01:41 |
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WITH RESPECT TO THE SOUND ZPHS SAFETY IN THE WHOLE RANGE OF REGULATORY JURISDICTIONS, THE TIMING WOULD... |
| 02:01:54 |
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SO YOU WOULD LEAVE IT UP TO THE REGULATORS. |
| 02:01:57 |
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ACT AS NEEDED, YES. |
| 02:01:59 |
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I WOULD LIKE TO EXPLORE THAT WITH BOTH OF YOU A LITTLE BIT MORE. I'M GOING TO YIELD MAY TIME. THANK... |
| 02:02:09 |
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I THANK THE GENTLELADY FOR YIELDING BACK. MR. GONZALEZ. |
| 02:02:13 |
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THANK YOU, MR. CHAIRMAN. I'M GOING MAKE GENERAL OBSERVATIONS WHICH WILL BE THE BACKDROP FOR THE QUESTIONS.... |
| 02:03:30 |
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YOU ARE READING THAT TOTALLY CORRECTLY. THERE'S NO MISUNDERSTANDING THERE. |
| 02:03:34 |
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I APPRECIATE THAT. BECAUSE THEN WE ARE ALL ON THE SAME PAGE WHEN IT COMES TO THAT. LET'S JUST SEE... |
| 02:05:07 |
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THE MORE IMPORTANT FUNCTION OF H.U.D.'S ROLE AS HOUSING ORIENTED DEPARTMENT THE HOUSING GOALS. I... |
| 02:06:45 |
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THE NEW REGULATOR HAS A FINAL SAY AS TO HOW YOU GET FROM A TO B. |
| 02:06:49 |
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IT HAS THE FINAL SAY AS TO SAFETY SOUNDNESS AND CURRENT AND NEW APPROVAL. I DOES NOT HAVE THE FINAL... |
| 02:06:59 |
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NO. I UNDERSTAND THAT. BUT HOW YOU WOULD ACHIEVE THOSE GOALS IS PRETTY IMPORTANT, ISN'T IT? I MEAN... |
| 02:07:05 |
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YES. THE REGULATOR DOESN'T TELL FANNIE AND FREDDIE. HOW TO ACHIEVE THOSE GOALS. WE TELL THEM HERE... |
| 02:07:14 |
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TREASURY WOULD BECAUSE THEY WOULD HAVE FINAL SAY OVER A PARTICULAR PRODUCT AT ANY GIVEN POINT IN TIME.... |
| 02:07:20 |
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THAT HAS BEEN THE GENTLEMAN'S LAST QUESTION. HIS TIME HAS EXPIRED. |
| 02:07:26 |
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IF SECRETARY SNOW OR MARTINEZ WOULD ANSWER. |
| 02:07:28 |
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I THINK SINCE I HAVE BEEN IN THE LINE OF QUESTIONS, MAYBE I SHOULD FINISH WHAT I STARTED. I DO BELIEVE... |
| 02:07:56 |
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CAN I RESPOND AS WELL? AS WE THINK OF AS NEW REGULATOR, THE G.S.E.'S TAKE THEIR MISSION AND THEIR... |
| 02:08:50 |
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THE GENTLEMAN'S TIME HAS EXPIRED. |
| 02:08:52 |
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THANK YOU, MR. CHAIRMAN. I FIRST WANT TO COMPLIMENT MR. BAKE ARE FOR HAVING PURSUED THIS ISSUE AND... |
| 02:12:35 |
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CONGRESSMAN, AS YOU KNOW, THE DOLLAR AND THE INTEREST RATES ARE LARGELY A FUNCTION OF MONETARY POLICY.... |
| 02:14:37 |
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THE GENTLEMAN'S TIME HAS EXPIRED. THE GENTLEMAN FROM NORTH CAROLINA. |
| 02:14:48 |
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DO YOU WANT TO TRY THE OTHER ONE? THIS IS NOT A CONSPIRACY. WE WILL RESET THE CLOCK ONCE YOU GET... |
| 02:15:11 |
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NICE TO KNOW THAT MY BASEBALL COACH IS NOT CONSPIRING AGAINST ME. |
| 02:15:20 |
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ONLY ONCE A YEAR. |
| 02:15:22 |
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THANK YOU, MR. CHAIRMAN. I THANK SECRETARY MARTINE SKPEZZ SECRETARY SNOW FROM -- FOR -- MARTINEZ AND... |
| 02:21:41 |
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THE GENTLEMAN'S TIME HAS EXPIRED. YOU MAY RESPOND. |
| 02:21:45 |
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IF I MAY COMMENT ON A COUPLE OF ISSUES THAT WERE RAISED. LET ME SAY THAT I DON'T BELIEVE WE ARE INTRINSICALLY... |
| 02:22:55 |
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UNTIL THE TREASURY TELLS YOU CAN'T DO IT. |
| 02:22:57 |
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THAT'S NOT CORRECT. THAT ASPECT OF WHAT I DO WILL NOT IN ANY WAY BE UNDER TREASURY. THE PART THAT... |
| 02:23:20 |
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THE WHY'S TIME HAS EXPIRED. |
| 02:23:22 |
|
ONE LAST THING, IF I MAY SAY. IF IN FACT THERE IS AN INFERENCE THAT RIGHT NOW BECAUSE THEY HAVE SOMEHOW... |
| 02:23:36 |
|
ALL THE MORE REASON THEY SHOULD BE AT THE TABLE, IT SEEMS TO ME. |
| 02:23:42 |
|
I WANT TO THANK YOU BOTH FOR BEING HERE AS SOMEONE WHO IS TREMENDOUSLY CONCERNED ABOUT THE G.S.E.'S.... |
| 02:26:08 |
|
CONGRESSMAN, AS YOU, I THINK, KNOW, WE HAVE BEEN IN THE FOREFRONT OF URGING BOTH FANNIE AND FREDDIE... |
| 02:26:22 |
|
WHY URGE? WHY URGE? WHY IS IT THEIR DECISION? FREDDIE HASN'T EVEN DONE IT YET. LET ME ASK YOU THIS.... |
| 02:26:35 |
|
IF I CAN COMPLETE THE ANSWER. I THINK YOU WILL GET THE FULL PICTURE THEN. |
| 02:26:37 |
|
I'M SORRY. |
| 02:26:38 |
|
WE DON'T HAVE THE AUTHORITY |
| 02:26:41 |
|
YOU CAN RECOMMEND. |
| 02:26:43 |
|
THAT'S WHAT I'M SAYING. |
| 02:26:45 |
|
YOU RECOMMENDED THEY NOT. |
| 02:26:46 |
|
NO, NO, NO. LET ME JUST FINISH THE ANSWER. THEN I THINK YOU WILL GET THE FULL STORY. |
| 02:26:50 |
|
SURE. |
| 02:26:52 |
|
WE HAVE URGED THEM TO GOBE UNDER THE 34 ACT -- TO GO UNDER THE 34 ACT. YOU KNOW 34 ACT. THE 34 ACT... |
| 02:27:18 |
|
WHAT ABOUT THE 33 ACT? |
| 02:27:20 |
|
LET ME MOVE TO THE 33 ACT TO MAKE A DISTINCTION. THE 33 ACT DEALS WITH A DIFFERENT SUBJECT. IT DEALS... |
| 02:27:34 |
|
YOU DON'T THINK THAT'S IMPORTANT? |
| 02:27:37 |
|
LET ME -- IF YOU WILL LET ME, I WILL FINISH AND TELL WHAT YOU I DO THINK. I THINK THAT -- THERE'S... |
| 02:27:54 |
|
I DON'T KNOW WANT TO TAKE MY TIME. YOU SAID THERE IS NO NEED. WE HAVE A DISPUTE. |
| 02:27:59 |
|
I'M TRYING TO EXPLAIN WHY THERE IS NO NEED. THERE IS NO EVIDENCE OF ANY FRAUD IN THE ISSUANCE, IN... |
| 02:28:11 |
|
I HEARD YOU. ASK -- |
| 02:28:14 |
|
INSIDE TO INTERRUPT YOU. I WANT TO UNDERSTAND -- YOU JUST REPEATED YOUR STATEMENT. BUT THE BOTTOM... |
| 02:28:40 |
|
YES. |
| 02:28:43 |
|
BUT YOU SAID TO MR. -- |
| 02:28:44 |
|
BROAD EXPANSION IN THE AUTHORITY WITH RESPECT TO -- |
| 02:28:48 |
|
MINIMUM -- |
| 02:28:50 |
|
RISK BASED RESERVE. |
| 02:28:51 |
|
BUT NOT THE MINIMUM. |
| 02:28:55 |
|
GENTLEMAN'S TIME HAS EXPIRED. |
| 02:28:56 |
|
CAN HE ANSWER THE QUESTION? |
| 02:28:57 |
|
THE SECRETARY IS ANSWER. |
| 02:28:58 |
|
THE GENTLEMAN WAS ALLOWED TO ANSWER THE QUESTION. |
| 02:29:01 |
|
THE GENTLEMAN MAY RESPOND. THE SECRETARY MAY RESPOND. |
| 02:29:04 |
|
WE SEE NO NEED TO CHANGE THE MINIMUM STANDARDS. WHAT WE ARE PROPOSING IS THE AGENCY HAVE ALL THE AUTHORITY... |
| 02:30:06 |
|
THE GENTLEMAN FROM NEW YORK. |
| 02:30:08 |
|
I THANK THE CHAIRMAN. I SAT HERE THROUGH 2 1/2 HOURS OF TESTIMONY AND APPRECIATE BOTH YOU GENTLEMEN... |
| 02:34:18 |
|
JOBS DEPEND UPON GROWTH. AND GETTING A STRONG RECOVERY. THE RECOVERY IS BEGINNING TO GET UNDER WAY.... |
| 02:35:53 |
|
THE GENTLEMAN'S TIME HAS EXPIRED. |
| 02:35:57 |
|
DO YOU WANT TO CHANGE THE PRESIDENT'S -- |
| 02:35:59 |
|
BEFORE RECOGNIZING THE GENTLEMAN FROM TEXAS, I KNOW MR. SECRETARY, YOU HAVE A VERY IMPORTANT APPOINTMENT... |
| 02:36:05 |
|
YES. YES, MR. CHAIRMAN. |
| 02:36:10 |
|
WE WOULD BE RECOGNIZEPLING -- RECOGNIZING -- FOR THE LAST ROUND OF QUESTIONING AND THE CHAIR WOULD... |
| 02:36:24 |
|
THANK YOU, MR. CHAIRMAN. NOT WANTING TO HOLD UP THE PRESIDENT OF THE UNITED STATES, I SHALL BE BRIEF.... |
| 02:36:51 |
|
I DON'T BELIEVE I HAVE ANY INFORMATION ABOUT THAT, THAT I |
| 02:36:55 |
|
SECRETARY SNOW? |
| 02:36:56 |
|
NO, NEITHER DO I. EXCEPT TO SAY WE HAVE A HIGH REGARD AND SUPPORT THE PENDING NOMINATION OF MR. BRICKELL.... |
| 02:37:06 |
|
THERE IS AN ARTICLE IN "THE WALL STREET JOURNAL" TODAY ELUDING TO A STUDY FLOATING AROUND IN THE OTHER... |
| 02:37:31 |
|
I HAVE NOT SEEN THAT STUDY. I JUST SAW THE NEWSPAPER REFERENCE TO IT, CONKMAN. WE LOOK FORWARD TO... |
| 02:37:44 |
|
FINALLY, IN THE DISCUSSION OF INCLUDING THE FEDERAL HOME LOAN BANKS INTO THE GALLON BUT OF PROCEEDTENIAL... |
| 02:38:16 |
|
SOME OF THEM HAVE SOUGHT TO GET UNDER PUBLICLY TRADED AND PROBABLY WILL MOVE IN THAT DIRECTION IN... |
| 02:38:40 |
|
MR. CHAIRMAN, I WOULD LIKE TO YIELD THE BALANCE OF MY TIME TO MR. BAKER. |
| 02:38:45 |
|
I THANK THE GENTLEMAN. |
| 02:38:46 |
|
I'M SORRY. I BELIEVE THE GENTLEMAN IS GOING TO YIELD ME -- |
| 02:38:49 |
|
I'M SORRY. |
| 02:38:50 |
|
I WILL MAKE IT REAL QUICK. FOR POINTS OF CLARIFICATION, MR. SECRETARY, ON THE CAPITAL ISSUE, I UNDERSTAND... |
| 02:39:36 |
|
THAT OUGHT TO BE THE DECISION OF THE NEW REGULATOR. |
| 02:39:39 |
|
THANK YOU. I THANK THE GENTLEMAN FOR YIELDING. |
| 02:39:43 |
|
THE GENTLEMAN'S TIME HAS EXPIRED. LET ME CHANGE BOTH OF YOU GENTLEMAN FOR WHAT WAS AN EXTRAORDINARY... |
NOTE: The transcript for this program was compiled from uncorrected Closed Captioning.
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