Jack Reed

From your perspective, the Government of Iraq was not prepared to give appropriate immunities to American forces?

I think if the Senator from California wishes to finish her statement and then recognize Senator Coats, that would be appropriate. That is the procedure. I think it is appropriate to alternate back and forth.

I appreciate very much the Senator yielding, but I think the custom is that we are going back and forth, if the Senator from California would like to finish her statement.

Let me also commend Senator Enzi and Senator Durbin and Senator Alexander because I too am a cosponsor of this legislation, and I think it does represent a remarkably thoughtful and bipartisan approach to the problem of providing resources…

Right. But as I understand this whole procedure is to give you access to talk about those State missions, which you effectively don't have any control of because you can't force them to change their budgets.

But they are Federal funds that we provide in anticipation of units being federalized to perform Federal missions that fall clearly--and I don't think you dispute this--within the chain of command of the Service Chiefs and, ultimately…

So would you be adverse to eliminating the gubernatorial recommendation, since this statute would create a position on the JCS?

But as the law goes, the Governor will essentially recommend the National Guard Bureau Chief, who will, if this statute passed, be by law a member of the JCS.

So looking ahead, effectively, some Governor is going to have to be either the nominator or vetoer of a member of the JCS.

I think one of the most satisfying aspects of the Dodd-Frank Act for me was working with Senator Brown to create the Office of Servicemembers Affairs.

I want to commend, Mr. Pollack, Pentagon Federal for adopting a Pew disclosure form. That should be the standard for financial institutions throughout the country.

What I have heard today is, I think, even more outrageous than I recollect in terms of what is being done to military personnel, particularly now in a time of war.

I appreciate my colleague from Arkansas, my great friend, for yielding to me. Just to add a comment. When my colleague from Wisconsin spoke and my colleague just mentioned when we talk about the Forgotten 15, now 16, we've got to be clear…

We might be sort of captives of our history.

We have to think beyond the traditional, and we have to do this.

Until, from my view, until we stabilize housing prices, begin to deal with the foreclosure issues, we are not going to have the foundation.

The housing market is instrikibly and inevitably linked to our progress as a Nation economically in growth.

If we cannot effectively sort of deploy these regulations in a timely way, it seems to me the only stopgap for the uncertainty is increased capital levels.

I am still trying to get my hands around good old-fashioned derivatives.

I would just regret immensely if that nomination was not moved with deliberate speed.

Well, we need the nomination so then we can go along with the confirmation process.

Part of the FSOC's mission is to understand systemic risk, to try to anticipate growing risk.

Get things done. And we can do that. That's why I was so pleased that our colleague from Michigan joined us today. Even though we may disagree on many things, there is common ground there. He recognized that lower taxes creates a business…

I thank the gentleman from Arkansas. And I simply wanted to end this conversation with, as I get ready to leave and as our colleague from Kansas has joined us--I think the gentlelady from Alabama said it best. We came here as a new breed…

As we come down we're going to put a lot of increased burden upon first the ANSF.