I rise to speak in support of the McCain amendment, which is Jobs Through Growth Act. I do not think there is any question that the No. 1 solution to the deep financial hole in which we find ourselves in this country today is in economic…

I ask to be recognized for not more than 10 minutes. The PRESIDING OFFICER. Without objection, it is so ordered. Amendment No. 928

Mr. Chairman, I testified before a panel that the CFTC put together a year or so ago, and after our research at Public Citizen, we deemed that high-frequency traders do not serve a legitimate function in these markets.

It is clear that they are not serving a legitimate market function. It is clearly disadvantaging those that are seeking to enter the market for legitimate hedging purposes.

So it is obviously after the fact. It is more of an auditing process and really more statistics-based. Am I correct?

maybe FEMA is being asked to deal with too many situations that do not really constitute an emergency or a disaster.

OK. You said that you have--there are 30,000 notices trying to recover. Is it 30,000 out of 160,000?

So how many do you expect out of the 160,000 will receive notices?

As a small government proponent, I am always looking at where the government is more effective.

Can you typify? I mean improper is a term. Can you typify what, put some meat on that bone?

we have doubled the number of employees of FEMA. I mean have we really gotten the bang for the buck there, or has that actually created more problems?

So do you split out then actual fraud versus potential fraud?

That would be a good idea. I mean if that worked well.

the number of layers I think can actually make things less effective.

Thank you, Mr. Chairman. Let me pick up on that point in terms of fraud rate with Mr. Serino.

the reality is different because if you are really going to rely on local districts or local governments we would not be increasing the size of FEMA.

The free market itself would force the information.

I have come to develop a high regard and respect for him as not only a smart senator but as a senator who very much likes and wants to do things in a bipartisan way.

Currently, about the only reason that we're able to reduce cost to providers is because we have a huge amount of cost sharing.

The numbers we came up with, rather than an annual cost for Obamacare of $93 billion, it's closer to almost a trillion dollars a year.

If we keep putting off dealing with Medicare's $38 trillion in unfunded liabilities, there will be severe consequences for the country.

When they first started this program back in 1965, they projected out 25 years and said that by 1990 Medicare would cost $12 billion. In fact, it ended up costing $109 billion, basically nine times the original estimate.

I have joined 42 senators, 21 Republicans and 20 Democrats and 1 Independent, in asking the Select Committee to go big.

Certainly, as I traveled around the State of Wisconsin, when I ask younger people what do you expect to get out of Social Security and Medicare, younger people-- unfortunately for me, that's people probably 50 and under-- without…

But the second point is to me that shows that there's a pretty receptive audience for structural reform because when you have no expectations of getting a benefit, you probably welcome the fact that if we reform these programs, make them…