| 00:00:56 |
Lowey, Nita - U.S. Representative, [D] New York
INTERNATIONAL PROGRAMS. AN INCREASE OF $941 MILLION ABOVE THE FISCAL YEAR 2008 APPROPRIATIONS. MR. SECRETARY, YOU'VE COME TO OUR SUBCOMMITTEE AT A...
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| 00:09:52 |
Wolf, Frank R. - U.S. Representative, [R] Virginia
THEM, HAVING HEARD ALL OF THIS, YOU MAY CHOOSE TO LOOK THE OTHER WAY. BUT YOU CAN NEVER AGAIN SAID YOU DID NOT KNOW. WELL, THERE'S NO ONE AT THIS ADMINISTRATION,...
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| 00:16:08 |
Lowey, Nita - U.S. Representative, [D] New York
YOALL HAVAV ASKING A NUMBER O OF QUQUESTIS S YOUR STSTATEMEN ATAT H HAV IS A ASTEMENT, SHORORSTATATENENT THAWILL G G VE ORRIX MINUNUS,S, WHICH ESN'T...
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| 00:16:21 |
Paulson, Henry M. Jr. - Secretary
ANDND U CAN BE T THIINING WHETHTHER YOU WANT TO HAVEEE GO THROUGHGH ALL E QUQUESTIONS YOU ASKEDNENE BY ONE OR WHETHER WE NTNT TO GO THROH H THE PCESSSS...
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| 00:23:00 |
Lowey, Nita - U.S. Representative, [D] New York
GLOBAL IMPACT OF THE FINANCIAL CRISIS. AS AN EXAMPLE OF THESE CONCERNS, I'VE LEARNED THAT THE INTER-AMERICAN DEVELOPMENT BANK MAY HAVE SIGNIFICANT...
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| 00:25:16 |
Paulson, Henry M. Jr. - Secretary
BANK. LET ME GIVE BY SAYING THAT -- AND AS WE'VE TALKED WITH FINANCE MINISTERS AROUND THE WORLD, THE GOOD NEWS TODAY WHEN YOU LOOK AT THE DEVELOPING...
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| 00:27:03 |
Lowey, Nita - U.S. Representative, [D] New York
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| 00:27:05 |
Paulson, Henry M. Jr. - Secretary
YES. AS I SAID, THIS IS A RELATIVELY SMALL PORTION OF THE OVERALL ASSETS. HE HAS RETAINED AN INDEPENDENT FIRM TO REPORT TO HIM ON THAT. IN TERMS OF...
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| 00:28:27 |
Lowey, Nita - U.S. Representative, [D] New York
REVIEWED? >> THEY'VE BEEN REVIEWED. THERE'S PROCESSES IN PLACE IN ALL OF THOSE BANKS TO REVIEW THEIR PORTFOLIO, AS THERE IS IN THE INTER-AMERICAN DEVELOPMENT...
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| 00:28:45 |
Lowey, Nita - U.S. Representative, [D] New York
OF REVIEWING IT? >>
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| 00:28:48 |
Paulson, Henry M. Jr. - Secretary
OKAY. THERE IS -- EVERY BANK, YOU CAN'T BE A BANK BUYING AAA SECURITY SECURITYS WHERE YOU'RE BUYING MORTGAGES AND OTHERS WITHOUT THEIR BEING SOME EXPOSURE....
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| 00:29:00 |
Lowey, Nita - U.S. Representative, [D] New York
THESE -- THIS IS NOT ANYWHERE NEAR COMPARABLE TO WHAT YOU'VE SEEN IN SOME SOFT PRIVATE SECTOR FINANCIAL INSTITUTIONS. THIS IS
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| 00:29:08 |
Paulson, Henry M. Jr. - Secretary
A -- THIS IS SOMETHING THAT IS BEING LOOKED AT AND IT IS LIMITED EXPOSURE. AND THE IDB CLEARLY HAS THE MOST. AS I SAID, THEY'VE GOT A PROCESS IN...
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| 00:29:47 |
Lowey, Nita - U.S. Representative, [D] New York
WE WILL CONTINUE TO DO THAT. >> THAT WILL BE VERY HELPFUL. THAT YOU KNOW. >> THANK YOU. MR.
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| 00:29:52 |
Paulson, Henry M. Jr. - Secretary
SECRETARY, DO YOU WANT TO COMMENT BEFORE -- I HAVE SOME OTHER QUESTIONS, BUT CAN WE GET YOUR SUPPORT, ACTIVE SUPPORT SO YOU DON'T FEEL BADLY WHEN YOU...
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| 00:30:03 |
Lowey, Nita - U.S. Representative, [D] New York
ME SAY THIS. IN TERMS OF FEELING BADLY, WHEN I CAME DOWN
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| 00:30:08 |
Paulson, Henry M. Jr. - Secretary
HERE, ONE OF
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| 00:30:10 |
Lowey, Nita - U.S. Representative, [D] New York
THE REASONS I WAS
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| 00:30:11 |
Wolf, Frank R. - U.S. Representative, [R] Virginia
ATTRACTED TO COME DOWN HERE IS I KNEW IT WASN'T GOING ON TO BE EASY. THE PRESIDENT HAD THE COURAGE TO TAKE ON THE SOCIAL SECURITY ISSUE. HE ASKED
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| 00:30:23 |
Paulson, Henry M. Jr. - Secretary
ME TO UNDERTAKE A FRESH APPROACH AND TO REACH OUT TO MEMBERS ON BOTH SIDES OF THE AISLE TO -- IN AN ATTEMPT TO START A PROCESS WHICH COULD EITHER BE...
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| 00:32:08 |
Wolf, Frank R. - U.S. Representative, [R] Virginia
INCUR THAT WE COULD USE THE AAA BOND RATING IN A FEW YEARS. IS THERE THE POTENTIAL FOR THAT? >> I'M IN ANOTHER NOT GOING TO SAY THERE IS A POTENTIAL...
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| 00:32:35 |
Paulson, Henry M. Jr. - Secretary
BUT THE LONGER WE WAIT, THE LESS FLEXIBILITY WE HAVE AND THE GREATER PRICE THE YOUNGER GENERATION
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| 00:32:43 |
Wolf, Frank R. - U.S. Representative, [R] Virginia
WILL PAY. I'VE TALKED TO THE MAJORITY LEADER, THE MOO MINORITY ISSUE
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| 00:32:48 |
Paulson, Henry M. Jr. - Secretary
WITH YOU, THE LEADER, I'VE SPENT A LOT OF TIME WITH KENT AND JUDD. YOU HAVE IDEAS ON PROCESS. AND I'VE GOT TO TELL YOU, I RESPECT THOSE IDEAS FOR PROGRESS....
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| 00:34:01 |
Wolf, Frank R. - U.S. Representative, [R] Virginia
YOU TO BE ENGAGED. NOT TO BE ENGAGED IS TO WALK AWAY. JUST TO PUT OUT A STATEMENT, AND WHEN YOU PUT OUT YOUR STATEMENT ON SOCIAL SECURITY AND MEDICARE...
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| 00:37:17 |
Paulson, Henry M. Jr. - Secretary
SPENT TOO MUCH TIME ON IT. SO I APPRECIATE YOUR LEADERSHIP AND I'M GOING TO RESPECT YOU FOREVER FOR THE AMOUNT OF TIME AND I'M HOPEFUL THAT YOU WILL...
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| 00:37:56 |
Lowey, Nita - U.S. Representative, [D] New York
DURING A DIFFICULT TIME
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| 00:37:57 |
McCollum, Betty - U.S. Representative, [D] Minnesota
AND LEADING THE INSTITUTION FORWARD. I.D.A. BY DEFINITION IS A COMMITMENT TO PROVIDING AID, MEANING TO MEET DEVELOPMENT NEEDS IN THE WORLD'S POOREST...
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| 00:41:25 |
Paulson, Henry M. Jr. - Secretary
MORE BROADLY, WE ARE 872 MILLION IN ARREARS WHEN WE LOOK AT ALL THE MULTI LATERAL DEVELOPMENT BANKS. ABOUT HALF OF THAT IS TO THE WORLD BANK. AND IN...
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| 00:45:32 |
Lowey, Nita - U.S. Representative, [D] New York
IF YOU LOOK AT WHERE -- WE SHOULD HAVE MORE PEOPLE DOING THE THINGS THE
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| 00:45:38 |
Paulson, Henry M. Jr. - Secretary
TREASURY DOES BECAUSE I DO BELIEVE IN MARKETS AND IT'S NOT -- I ALSO BELIEVE IN CLIENTS. AND I THINK WHEN ASKED WHAT THESE COUNTRIES WANT, THEY WANT...
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| 00:46:36 |
Lowey, Nita - U.S. Representative, [D] New York
WORK ON THE IDB BECAUSE I AM CONCERNED ABOUT THE
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| 00:46:39 |
Kirk, Mark Steven - U.S. Representative, [R] Illinois
LOSSES THERE, AS WELL. A COUPLE OF QUICK THINGS, I HOPE AS PART OF THE SAID WHICH YOU'RE GOING TO LEAVE WITH CHINA COMING UP, THAT YOU FORMALLY...
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| 00:50:40 |
Paulson, Henry M. Jr. - Secretary
OUTSTANDING JOB OF SHUTTING DOWN FINANCING IN IRAN AND HIS WORK IS BEING DIRECTLY UNDERCUT BY MONEY SENT TO IRAN BY THE WORLD BANK. >> TO GET TO THIS,...
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| 00:50:57 |
Kirk, Mark Steven - U.S. Representative, [R] Illinois
CAME IN A COUPLE OF YEARS BEFORE I ARRIVED TO TREASURY -- TREASURY OPPOSED THAT. THAT I CAN DO A LOT OF THINGS BUT ONE THING I CAN'T DO IS CHANGE WORLD...
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| 00:51:12 |
Paulson, Henry M. Jr. - Secretary
WITH SUPPORT AND INTEREST IN YOUR QUESTIONS. I READ WITH INTEREST BOB ZELLIG'S LETTER TO YOU SIGNED OFF ON THE GENERAL COUNSEL BY THE U.N. AND BY THE...
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| 00:52:36 |
Kirk, Mark Steven - U.S. Representative, [R] Illinois
INRD
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| 00:52:37 |
Paulson, Henry M. Jr. - Secretary
PENDING FOR THE ISLAMIC REPUBLIC OF IRAN TO IDA SO WE'RE HELPING THE POOREST
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| 00:52:42 |
Kirk, Mark Steven - U.S. Representative, [R] Illinois
OF THE POOR COUNTRIES AND NOT HELPING IRAN. >> THANK YOU. >> WOULD NOT LIKE TO EVEN STOP THERE. BUT -- THANK YOU. >> THANK YOU. >> THANK YOU. MR....
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| 00:53:05 |
Kirk, Mark Steven - U.S. Representative, [R] Illinois
ELABORATE ON WHAT IT'S
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| 00:53:07 |
Paulson, Henry M. Jr. - Secretary
DOING. SPECIFICALLY, WILL THE FUNDING
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| 00:53:10 |
Kirk, Mark Steven - U.S. Representative, [R] Illinois
BE TARGETED
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| 00:53:12 |
Israel, Steve - U.S. Representative, [D] New York
TO MICROENTERPRISES, MACROFINANCING, MID LEVEL BUSINESSES? >> LET ME TALK ABOUT THIS. YOU'RE ASKING ME TO TALK ABOUT MY FAVORITE TOPIC BECAUSE -- >>...
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| 00:53:35 |
Paulson, Henry M. Jr. - Secretary
SCIENCE, WHICH IS OVERWHELMING, YOU NEED TO LOOK AT THE ECONOMICS, AND YOU NEED TO LOOK AT
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| 00:53:40 |
Israel, Steve - U.S. Representative, [D] New York
THE POLITICAL
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| 00:53:42 |
Paulson, Henry M. Jr. - Secretary
EQUATION. AND THEY'RE ALL AT DIFFERENT PLACES. BUT THE THING THAT IS JUST APPARENT TO ME AS ANYTHING. NO MATTER WHAT WE DO THAT WE ARE NOT GOING TO...
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| 00:57:47 |
Israel, Steve - U.S. Representative, [D] New York
HAVE THEIR OWN PROGRAMS. LOOK FORWARD TO LEARNING MORE ABOUT THIS. >> WE LOOK FORWARD TO IT. THIS IS CONSISTENT WITH EVERYTHING WE'RE DOING IN THIS...
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| 00:58:11 |
Paulson, Henry M. Jr. - Secretary
IS WORTHWHILE. NOTHING ELSE IS AS TARGETED DIRECTLY AT WHAT -- BECAUSE IF THIS PROBLEM ISN'T INVOLVED OVER THE NEXT 30 YEARS, NOTHING ELSE IS GOING...
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| 00:58:57 |
Israel, Steve - U.S. Representative, [D] New York
WOULD LIKE TO FOLLOW UP ON THAT, MR. SECRETARY. >> RESPOND? >> THANK YOU. >> THANK YOU, MADAM CHAIRMAN. I APPRECIATE MR. SECRETARY YOU BEING HERE...
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| 00:59:20 |
Paulson, Henry M. Jr. - Secretary
THE DEPARTMENT OF TREASURY
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| 00:59:21 |
Lowey, Nita - U.S. Representative, [D] New York
TO REPORT TO CONGRESS ON CURRENCY MANIPULATION OF
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| 00:59:25 |
Knollenberg, Joe - U.S. Representative, [R] Michigan
INTERNATIONAL MONETARY FUND MEMBER COUNTRIES. I BELIEVE BY LAW, THIS REPORT IS DUE ON APRIL 24, CAN YOU JUST UPDATE ME ON THE STATUS OF THAT REPORT?...
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| 00:59:54 |
Paulson, Henry M. Jr. - Secretary
AND I WOULD SAY WITH CHINA, WE'D STILL LIKE TO SEE THEM DO MORE, BUT THE PACE OF CHANGE HAS ACCELERATED. THEY'VE -- THE DOLLAR BROKE BELOW 7 FOR THE...
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| 01:00:59 |
Knollenberg, Joe - U.S. Representative, [R] Michigan
TO CALL IT MICROCREDIT. >> YEAH. >> MORE AND MORE -- AND IT'S EFFECT
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| 01:01:04 |
Paulson, Henry M. Jr. - Secretary
ON LOCAL ECONOMIES AROUND THE WORLD. MORE AND MORE PEOPLE AROUND THE WORLD
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| 01:01:08 |
Knollenberg, Joe - U.S. Representative, [R] Michigan
DEPEND ON THESE LOANS TO GET THEIR
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| 01:01:10 |
Paulson, Henry M. Jr. - Secretary
BUSINESS STARTED IN REGIONS AND
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| 01:01:12 |
Knollenberg, Joe - U.S. Representative, [R] Michigan
INDIVIDUAL COUNTRIES, THE EFFECT
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| 01:01:14 |
Knollenberg, Joe - U.S. Representative, [R] Michigan
OF MICROFINANCE IS HOWEVER DIFFERENT. I LEARNED THE OTHER WAY THAT IT'S A LITTLE DIFFERENT IN IRAQERIRAQ THAN
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| 01:01:20 |
Paulson, Henry M. Jr. - Secretary
IT IS IN OTHER COUNTRIES. . IS IT POSSIBLE THAT
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| 01:01:23 |
Knollenberg, Joe - U.S. Representative, [R] Michigan
WHILE THE PROGRAM WORKS WELL IN A COUNTRY LIKE SOMALIA AT THE LOWER LEVEL, COULD WE CHANGE THAT TO A LARGER NUMBER FROM SAY $500 TO $1,000 OR $3,000....
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| 01:02:13 |
Paulson, Henry M. Jr. - Secretary
NEEDS TO BE DIFFERENT IN DIFFERENT AREAS. AT TREASURY, WE NEED TO FOCUS ON PEOPLE TAKING IT UP TO ANOTHER LEVEL STILL, SMALL BUSINESSES. WE HAVE ROLLED...
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| 01:03:21 |
Knollenberg, Joe - U.S. Representative, [R] Michigan
AVAILABILITY THERE IS FOR MONEY FOR SAY SMALL BUSINESSES OR ENTREPRENEURS, BUT WE'VE HAD CONVERSATIONS WITH ADMINISTRATOR CORE AND OTHERS ON THIS...
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| 01:04:15 |
Paulson, Henry M. Jr. - Secretary
OF THE DEFENSE SUPPLEMENTAL FOR 12 ADDITIONAL PEOPLE. THAT'S NOT IN TREASURIES BUDGET, BUT PART OF THAT BUDGET WHERE THEY WOULD BE THE KINDS OF PEOPLE...
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| 01:04:51 |
Knollenberg, Joe - U.S. Representative, [R] Michigan
IN 1999, I INTRODUCED A BILL --
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| 01:04:54 |
Lowey, Nita - U.S. Representative, [D] New York
THE HOPE FOR AFRICA
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| 01:04:56 |
Jackson, Jesse Jr. - U.S. Representative, [D] Illinois
ACT. HUMAN RIGHTS OPPORTUNITY PARTNERSHIP AND EMPOWERMENT. ONE OF THE TENETS OF THAT BILL WAS FULL DEBT RELIEF FOR ALL UNSAHARAN AFRICAN COUNTRIES....
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| 01:06:32 |
Paulson, Henry M. Jr. - Secretary
I HAVE SPENT A FAIR AMOUNT OF TIME AT TREASURY WORKING THROUGH THE DEBT RELIEF FOR LIBERIA AND A BIG PART OF WHAT WE'RE DOING WITH THE BIG "AND THE...
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| 01:08:56 |
Jackson, Jesse Jr. - U.S. Representative, [D] Illinois
JUST -- >> SHE'S A HERO. AND THE -- AND THERE'S A LOT. IF THE -- FIRST OF ALL, YOU KNOW WHAT WE DID IN TERMS OF THE DEBT RELIEF. AND SHE'S -- I'LL...
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| 01:09:18 |
Paulson, Henry M. Jr. - Secretary
WHAT I WOULD LIKE TO DO, I WILL SEND A TEAM UP TO -- TO MEET WITH YOU AND TAKE YOU THROUGH ALL OF THE THINGS. BECAUSE THIS PROGRAM IS REALLY MULTIFACETED....
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| 01:10:25 |
Lowey, Nita - U.S. Representative, [D] New York
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| 01:10:27 |
Crenshaw, Ander - U.S. Representative, [R] Florida
OTHER THE SECURITY COUNCIL HAS IMPOSED MORE SANCTIONS. I WANT TO COMMEND YOU ON WHAT YOU'VE DONE WITH SOME OF THE STATE-OWNED IRANIAN BANKS. I THINK...
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| 01:11:39 |
Paulson, Henry M. Jr. - Secretary
EVIDENCE BUT ONE OF THE THINGS WE DID, WE WENT TO THE HEADS OF COMMERCIAL BANKS ALL OVER THE WORLD, RECOGNIZING THAT THESE ARE GOOD PEOPLE. THEY DON'T...
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| 01:13:40 |
Crenshaw, Ander - U.S. Representative, [R] Florida
IS THIS KIND OF MAYBE THE BEGINNING FOR SOME OF OUR EUROPEAN ALLIES BEING INVOLVE? >> OUR EUROPEAN ALLIES HAVE BEEN HELPFUL, THIS -- IN A NUMBER OF THINGS....
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| 01:14:09 |
Paulson, Henry M. Jr. - Secretary
CONVERSATIONS? I MEAN, NONSTOP. THAT'S SOMETHING WE WILL TALK ABOUT THIS WEEKEND. IT'S SOMETHING THAT I'M ON -- WHEN OUR -- WHEN EVER I HAVE ANOTHER...
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| 01:14:26 |
Crenshaw, Ander - U.S. Representative, [R] Florida
DOWN, I HAVE STEWART LEVY THERE, WE GO THROUGH
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| 01:14:29 |
Paulson, Henry M. Jr. - Secretary
THIS AND WE WANT THEIR COOPERATION FIRST WITH THE U.N. AND WE DON'T GET ANYTHING WE WANT THERE, THEN LET'S DO IT AT THE EU LEVEL, DOING IT AT THE FATF...
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| 01:15:10 |
Crenshaw, Ander - U.S. Representative, [R] Florida
TO THOSE RESOLUTIONS. WE SPENT TIME REMINDING THEM OF THE IMPORTANCE OF THAT. AND --
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| 01:15:15 |
Paulson, Henry M. Jr. - Secretary
AND, SO, AGAIN, THERE IS -- AND WHAT YOU SAW HAPPEN AT THE FINANCIAL ACTION TASK FORCE, WHICH, AGAIN CITED AND IT'S A MULTILATERAL EFFORT WHICH CITED...
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| 01:15:57 |
Crenshaw, Ander - U.S. Representative, [R] Florida
GONE. >> PLEASE. >> THANK YOU, MADAM CHAIRMAN.
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| 01:15:59 |
Paulson, Henry M. Jr. - Secretary
GOOD AFTERNOON. THANK YOU FOR YOUR TELL. LET ME SAY FIRST, I KNOW THIS IS NOT THE SUBJECT OF TODAY'S HEARING. I'M GLAD TO SEE THE ADMINISTRATION...
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| 01:16:17 |
Lowey, Nita - U.S. Representative, [D] New York
AND BUILDERS AND
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| 01:16:18 |
Lee, Barbara - U.S. Representative, [D] California
THE PLIGHT OF THE INDIVIDUAL HOMEOWNERS. I DON'T THINK IT'S GONE FAR ENOUGH, BUT I HOPE YOU WORK WITH CONGRESS TO MAKE SURE THAT HOMEOWNERS GET SOME...
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| 01:16:49 |
Paulson, Henry M. Jr. - Secretary
THE HELP OF CONGRESS AND LOOKING TO TAKE ACTIONS THAT CAN BE DONE WITHOUT LEGISLATION, MUCH OF WHICH HAS BEEN SUPPORTED BY CONGRESS. THERE'S A LOT WE...
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| 01:17:41 |
Lee, Barbara - U.S. Representative, [D] California
ACT INTO LAW. THE PRESIDENT SIGNED IT LAST DECEMBER, VERY QUIETLY. WAS AFTER -- DURING THE HOLIDAYS, I THINK. BUT IT WAS REALLY SHOCKING TO ME TH...
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| 01:19:18 |
Paulson, Henry M. Jr. - Secretary
MADE HERCULEAN EFFORTS TO DO THINGS. I REMEMBER TALKING TO BOB AT THE STATE DEPARTMENT LONG BEFORE I GOT HERE AND OTHERS. THAT THE TREASURY HAS --...
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| 01:20:20 |
Lee, Barbara - U.S. Representative, [D] California
OR HAVE SOMEONE COME UP AND BRIEF YOU ON THAT. >> THANK YOU VERY MUCH. GAO RECENTLY CONDUCTED A STUDY AND FOUND THAT, YOU KNOW,
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| 01:20:30 |
Paulson, Henry M. Jr. - Secretary
61% OF OPEC'S ENFORCEMENT WAS SPENT ON SANCTIONS. WHY ARE WE WASTING SO MUCH
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| 01:20:42 |
Lee, Barbara - U.S. Representative, [D] California
MONEY ENFORCING SANCTIONS AGAINST PEOPLE WHO TRAVEL BACK AND FORTH TO CUBA? >> NO. THE -- WHAT YOU NEED TO UNDERSTAND IS THAT MOST OF THE ENERGY AND...
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| 01:21:07 |
Paulson, Henry M. Jr. - Secretary
FOR TRAVEL. AND I DON'T HAVE -- I WAS COMING HERE TO TALK ABOUT OTHER TOPICS. BUT I'M GOING TO BE RIGHT. IF I'M NOT TOTALLY RIGHT, SOMEONE WILL CORRECT...
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| 01:22:41 |
Lee, Barbara - U.S. Representative, [D] California
BANK. MARCOZY. FINALLY THE ADMINISTRATION AND OTHERS IN THE
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| 01:22:46 |
Lowey, Nita - U.S. Representative, [D] New York
RURAL COMMUNITY HAVE POSTED
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| 01:22:49 |
Rothman, Steven R. - U.S. Representative, [D] New Jersey
SANCTIONS ON TRANSACTIONS INVOLVING IRANIAN BANKS
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| 01:22:53 |
Paulson, Henry M. Jr. - Secretary
AND THEY'VE BEEN SOMEWHAT SUCCESSFUL WITH SMALLER
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| 01:22:57 |
Rothman, Steven R. - U.S. Representative, [D] New Jersey
BANKS, SMALL AND LARGE BANKS IN IRAN. BUT, WE'RE TOLD IN PARTICULAR BY THE FINANCIAL CRIMES ENFORCEMENT NETWORK AMONG OTHERS AND THE STATE DEPARTMENT...
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| 01:24:01 |
Paulson, Henry M. Jr. - Secretary
HAD STRONG INTELLIGENCE AND BEING ABLE TO TAKE ACTIONS AND AT THAT TIME, I PUT A BIG SPOTLIGHT ON MARKOZY AND THE WORK THEY'D DONE WHEN -- WHEN ZEPPA...
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| 01:25:21 |
Rothman, Steven R. - U.S. Representative, [D] New Jersey
BE EXECUTED. >> I THOUGHT IT WAS NET WORTH OR INTENTION, I WOULDN'T HAVE SPOKEN ABOUT IT. >> IS IT THE LATTER THAT OUR STRATEGY ISN'T MATURE ENOUGH...
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| 01:25:44 |
Paulson, Henry M. Jr. - Secretary
WELL AWARE OF -- >> FAIR ENOUGH, FAIR ENOUGH. >> PERHAPS IN A CLOSED SETTING
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| 01:25:48 |
Rothman, Steven R. - U.S. Representative, [D] New Jersey
IT MIGHT BE A DIFFERENT ANSWER? >> PERHAPS.
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| 01:25:52 |
Paulson, Henry M. Jr. - Secretary
BUT,
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| 01:25:58 |
Rothman, Steven R. - U.S. Representative, [D] New Jersey
THE --
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| 01:26:00 |
Rothman, Steven R. - U.S. Representative, [D] New Jersey
CLEARLY, THIS HAS NOT ESCAPED MY
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| 01:26:03 |
Paulson, Henry M. Jr. - Secretary
ATTENTION. >> NOT ESCAPED YOUR ATTENTION. >> FAIR
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| 01:26:06 |
Rothman, Steven R. - U.S. Representative, [D] New Jersey
ENOUGH. GOT IT.
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| 01:26:07 |
Rothman, Steven R. - U.S. Representative, [D] New Jersey
OOH. >> I'LL SEND A COPY OF OUR
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| 01:26:10 |
Paulson, Henry M. Jr. - Secretary
REMARKS. BUT WE ARE INTENSELY FOCUSED ON IRAN AND THE FINANCIAL SECTOR AND YOU CAN'T DO THAT WITHOUT FOCUSING ON THE CENTRAL BANK. SAUDI ARABIA, YOU...
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| 01:26:25 |
Rothman, Steven R. - U.S. Representative, [D] New Jersey
COOPERATION FROM ARAB
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| 01:26:26 |
Rothman, Steven R. - U.S. Representative, [D] New Jersey
AND MUSLIM COUNTRIES IS CRUCIAL
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| 01:26:29 |
Paulson, Henry M. Jr. - Secretary
IN THE GLOBAL SITE. HAVE REGULATIONS PUT TO ENSURE THAT SAUDI INTERNATIONAL CHARITIES ARE NOT FUNDING TERRORISM OR -- AND WHAT CAN YOU TELL THE...
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| 01:27:12 |
Paulson, Henry M. Jr. - Secretary
MADE IN THE WAY SAUDIS HAVE DEALT WITH TERRORIST FINANCE. THERE HAVE BEEN MAJOR PROGRESS, CLOSE COOPERATION TO OUR CLOSE ALLY. THERE IS CLEAR --...
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| 01:27:46 |
Rothman, Steven R. - U.S. Representative, [D] New Jersey
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| 01:27:48 |
Rothman, Steven R. - U.S. Representative, [D] New Jersey
OF SAUDI FUNDS WHICH LEAD THE COUNTRY. AND I THINK DEALING
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| 01:27:54 |
Paulson, Henry M. Jr. - Secretary
WITH THE FINANCING
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| 01:27:56 |
Rothman, Steven R. - U.S. Representative, [D] New Jersey
OUTSIDE OF THE COUNTRIES,
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| 01:27:57 |
Paulson, Henry M. Jr. - Secretary
IT'S A DIFFICULT -- IT'S A COMPLEX ISSUE. MORE NEEDS TO BE DONE. AND THERE'S ROOM FOR A LOT OF IMPROVEMENT IN THAT AREA. >> WE'RE WORKING TO MAKE THOSE...
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| 01:28:27 |
Rothman, Steven R. - U.S. Representative, [D] New Jersey
COLLEAGUE'S QUESTIONS ABOUT
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| 01:28:29 |
Paulson, Henry M. Jr. - Secretary
THE IRANIAN CENTRAL BANK. I HAD A CHANCE TO ASK YOU ABOUT IT, WHETHER THE PRIOR APPEARANCES BEFORE THE SUBCOMMITTEE AND I ALSO RAISED WIT
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| 01:28:37 |
Rothman, Steven R. - U.S. Representative, [D] New Jersey
THE COUNTERPART OF COMMERCE AND WITH THE SECRETARY OF STATE.
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| 01:28:40 |
Lowey, Nita - U.S. Representative, [D] New York
IT SEEMS THAT AND NOT WITH JUST RESPECT TO THE
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| 01:28:44 |
Schiff, Adam B. - U.S. Representative, [D] California
CENTRAL BANK, BUT ALSO TO THE ENERGY COMPANIES DOING BUSINESS, SWISS COMPANIES AND OTHERS WITH IRAN THAT WE PROBABLY HAVE THE INFORMATION WE NEED...
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| 01:30:08 |
Paulson, Henry M. Jr. - Secretary
FROM 100,000 FEET, WHICH IS WHICH IS CONSISTENT TO WHAT I SAID FROM AN EARLIER QUESTION. I HAVE WATCH EDED BEHAVIOR. AND I BELIEVE IT IS JUST IN GENERAL...
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| 01:31:48 |
Paulson, Henry M. Jr. - Secretary
THAT WE'RE SKIRTING THE -- THE
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| 01:31:51 |
Schiff, Adam B. - U.S. Representative, [D] California
PROHIBITIONS ON FINANCING TERRORIST ORGANIZATION, SO YOU DO HAVE TOOLS IN YOUR TOOL BOXES THAT HAVE BEEN EMPLOYED SOME OF THE PRIVATE BANKS. THE QUESTION...
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| 01:32:35 |
Paulson, Henry M. Jr. - Secretary
A GOOD REASON NOT TO USE THEM. IF YOU CAN'T DESCRIBE IN OPEN
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| 01:32:38 |
Schiff, Adam B. - U.S. Representative, [D] California
SESSION WHY YOU'RE NOT USING THEM, I WOULD
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| 01:32:41 |
Paulson, Henry M. Jr. - Secretary
LIKE TO ASK IN CLOSED SESSION WHAT
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| 01:32:44 |
Schiff, Adam B. - U.S. Representative, [D] California
THE INVESTIGATION OF -- STATUS OF OUR INVESTIGATIONS ARE. A SWISS COUNTRY IN THE ENERGY SECTOR. NOT IN YOUR BALLY WICK. >> STICK TO THE CENTRAL BANK....
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| 01:33:15 |
Paulson, Henry M. Jr. - Secretary
TO DEALING
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| 01:33:16 |
Paulson, Henry M. Jr. - Secretary
WITH ACTIONS AGAINST IRANIAN BANKS AND ACTIONS GOING TO ALL KINDS OF OTHER BANKS AROUND THE WORLD, YOU WILL LIKE WHAT YOU SEE AND YOU WILL SEE A LEVEL...
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| 01:34:22 |
Schiff, Adam B. - U.S. Representative, [D] California
CLOSED SESSIONS. BECAUSE
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| 01:34:24 |
Lowey, Nita - U.S. Representative, [D] New York
IT IS FRUSTRATEING TO US THAT YOU INTERACT WITH CHINA, YOU INTERACT WITH RUSSIA. YOU INTERACTED WITH THE EUROPEAN STATES. WE UNDERSTAND THAT THE MULTILATERAL...
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| 01:35:31 |
Paulson, Henry M. Jr. - Secretary
A LARGE EXTENT FOCUSED ON THE FINANCIAL SECTOR. BUT IT IS -- IT'S ALSO FOCUSSED ON THE INDIVIDUALS AND WHAT WE'RE DOING AND WHY WE'RE DOING IT. AND...
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| 01:36:06 |
Lowey, Nita - U.S. Representative, [D] New York
ON THIS ISSUE, IT'S VERY FRUSTRATING THAT WE CAN'T ENGAGE CHINA MORE AGGRESSIVELY AND WE CAN'T ENGAGE RUSSIA AND THE EUROPEAN UNION. I WOULD SAVE...
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| 01:36:39 |
Paulson, Henry M. Jr. - Secretary
THE FINANCIAL SECTOR AND ON THE WHOLE VARIETY OF THINGS. SO YOU CAN GO THROUGH, STEWART WITH GO THROUGH SOMEONE COUNTRY BY COUNTRY WHAT WE'RE DOING...
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| 01:37:18 |
Lowey, Nita - U.S. Representative, [D] New York
SAY -- >> NO, THANK YOU VERY MUCH. >> THANK YOU VERY MUCH. THIS COMMITTEE IS ADJOURNED. . . >>
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| 01:37:39 |
Paulson, Henry M. Jr. - Secretary
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| 01:37:40 |
Lowey, Nita - U.S. Representative, [D] New York
PRESS
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NOTE: The transcript for this program was compiled from uncorrected Closed Captioning.