tv Vice President Joe Biden Delivers Remarks on Financial Regulations CSPAN December 10, 2016 1:30pm-2:26pm EST
interventions, morality aside, what are the after effects ofwhat are the after eff war, and what are the human and financial costs on both sides? "q&a," brian gruber discusses his book "the after party," which chronicles his travel experiences. all of these to places -- of course we all come with some sort of bias -- with an open mind, trying not so much to understand what a partisan point of view might be or be validated but to look at -- was the mission accomplished, and what were the costs on both ends? >> sunday night at 8:00 eastern on c-span's "q and a." >> vice president joe biden
spoke about the benefits of the dodd frank financial law intact that was passed by congress in response to the 2008 financial crisis. he also shared his thoughts of what can be done by consumers and prevent another economic crisis. from georgetown university, this is 50 minutes. [applause] >> good afternoon, everyone. as our semester comes to a close, i wish to thank all of you for being here today. we are especially grateful to the director of our center for financial markets and policy at our mcdonogh school of business and vice provost for faculty. since its founding in 2010, the center has served as a forum for regulators, policymakers, and industry leaders to come together to engage in rigorous
debate, discussion, and research to guide policy and practice. i want to say thank you to all of our colleagues at the center who have helped make this special gathering possible. we come together today at gaston hall. throughout our history, this hall has served as one of the most important places for political discussion here in washington. and here it reflects the commitment we have as an academic community located in our nation's capitol to engage on a national dialogue on the
issues facing our country. last month, in a message to our community, i reaffirmed a responsibility to bring the resources of our university into engagement with the challenges in our nation. and one of the ways in which we realize this commitment is through fostering and promoting the debate and dialogue that takes place on this hilltop. today, we are honored to welcome two individuals who have played an important role in shaping and directing economic policy for our country -- former chairman of the federal reserve system and the economic recovery advisory board paul volcker and vice president joe biden. mr. volcker and vice president biden have been long-term colleagues in leadership intended to promote the flourishing of our economy and promoting transparency and responsibility in our financial system. we are honored to welcome vice president biden back to our hilltop, and we look forward to
his reflections in just a few minutes on the importance of sound financial sector regulations. first, i would like to offer a few words about our distinguished guest who will introduce him, mr. paul volcker. a graduate of princeton, he began his career as economist at the new york federal reserve bank in 1952. since that time, he has held numerous positions in public and private sectors, including the vice president of forward planning at chase manhattan bank, undersecretary of the u.s. treasury for monetary affairs, president of the new york federal reserve, and for two terms, chairman of the board of the federal reserve system. he has provided counsel and guidance to national organizations, chairing in 2004, the independent inquiry to midi and in 2007 a world bank panel reviewing operations of the department of institutional integrity. in 2008, president obama asked
him to lead the president's economic recovery advisory board. he has served on a number of advisory boards, including his own nonpartisan, nonprofit group the volcker alliance, which he established to address the challenges of successful implementation of public policies and to help rebuild public trust in government. in 2007, he served as speaker and received an honorary degree here at the commencement ceremonies of our mcdonogh school of business. it is an honor to welcome back him back to the hilltop to address our community together. please join me in welcoming paul volcker. [applause] mr. volcker: thank you very much
president degioia, students, staff others who might be here. i'm introducing vice president biden. on this special occasion, it is a really big privilege for me. i think i ought to begin with a revealing anecdote. one day, if i recall correctly, in november 2009, sitting quietly in new york, i got an unanticipated telephone call. vice president biden was on the line. that was the one and only time for me. he asked directly whether commercial banks shouldn't be involved with speculative trading was catching on. i said it was a good idea, but i had no horses to sell it. the vice president immediately responded, "don't worry about
that. i will be your horse." that he was. he took on the skeptics, then and now, in the administration. he gave the proposal political weight. president obama soon announced his support. to my complete surprise, they labeled the new law the volcker rule. it could have been labeled the biden rule. the no one would have the nerve to question it today. [laughter] mr. volcker: now we are approaching an unexpected new administration that brings a whole range of unanswered questions, as you well know, not least about financial reform. no doubt there are those who would like to see large parts of the financial reform set out in and the dodd-frank act set aside. they are seemingly oblivious to the lessons of the near breakdown of the financial system in 2008.
we escaped a great depression, but it took an enormous intervention of government funds to protect the banks and the economy from that threat. we don't want to repeat that experience again. there has been a lot of comments and concerned, i know, about the relatively slow so-called great the so-called great recession. in my view, not enough attention has been paid to the fact that we have in fact reached close to full employment. our performance stands out in contrast to the rest of the industrialized world. to my mind, it's very important we have reached that point of full employment consistent with reasonable price stability and the prospect we can maintain that in the months and years ahead.
i realize there are large questions about the future. the period of expansion has been long by historic standards. productivity growth, as measured by two decades, is below earlier experience. i say "as measured" in that sentence because i suspect it is hard for the statisticians, as much as they try, to keep up with the cyber economy and measure its output. the result may be lower statistics than the real economy justifies. but i'm not here as a prognosticator. but for sure we are in sounder economic footing than when president obama and vice president biden took office. so, i greatly appreciate the opportunity not to introduce joe biden, who needs no introduction from me, but to thank the man. he has given his professional life to public service, his personal life to a strong
family. each has had its share of satisfaction and joy but tragedy as well. i trust vice president biden, and as you leave office, you leave so with a sense of personal contribution and satisfaction that only a full life with family love and public service can provide. ladies and gentlemen, welcome the vice president of the united states. ♪ [applause] vice president biden: don't
jump. thank you. thank you very, very much. please, please be seated. mr. chairman, what a high honor and a wonderful compliment for you to introduce me and save the things you said. i hope as i leave this office, i hope my ability to stay engaged in the affairs of the country is partially as meaningful as yours has been. you have never, ever stopped serving your country. you have never, never stopped anyone from going to you to ask your advice and input. you are one of the most respected economists in the country, and you are one of the most respected men in the country, so thank you for that wonderful introduction. [applause] vice president biden: it's good
to be back up on the hill. [cheering] vice president biden: it's good to be back in gaston hall. [cheering and laughs] vice president biden: my son hunter -- as a matter of fact, 5 bidens have graduated from this great university -- [cheering] vice president biden: i think based on the tuition, at least a sidewalk should be named after me or something. [applause] vice president biden: my son, and two of my sister's children and two of my brother's children, and it has served them all incredibly well. i was thinking, president degioia, that as i walked out,
on the stage the first time i walked out here was when your predecessor was president. did i work harder on. my son joined the jesuit volunteer corps, and there was a retreat, filled, as this hall is the today. i was also my father whether i would come and speak on how my faith had informed my public policy. i had spent most of my career, all of my career making short i never let the twain meet, to never talk about my faith as it related to public policy. it was personal. but i didn't know how to tell father o'donovan no. [laughter] vice president biden: and i worked very, very hard. i mean this sincerely. i spent hours and hours trying to figure out how can i do this question mark, and as we catholics say, as the nun used to say to us, "i examined my conscience."
i realized the one thing that informed my public policy the most was my faith and all of the great faiths -- abhorrence for the abuse of power. so the subject matter, it ended up being a significant moment for me in realizing all of the things that have ever gained my emotional commitment and my intellectual effort all related to the abuse of power, from the time i got involved as a high school kid in the civil rights movement to the women's movement to the abuse of women and children, etc., as well is the abuse of economic power. in a strange sense, that is what i will talk about today. and, mr. chairman, i want to thank you and the volcker alliance for organizing today's conference in maintaining the financial stability of our
economy. it seems like a no-brainer. the chairman released a paper today that is the blueprint on how to make our financial system safer him , especially mitigating the risk of short-term debt. i think it is a very important read for financial leaders, reporters, academics, and students, for anyone concerned about the future of our economy. from my perspective, it comes, i think, at a very pivotal moment. you know, we are in the midst of one of the longest recoveries in american history as the chairman pointed out. on almost every measure, americans are better than they were eight years ago, but there are still a lot of people being left behind. but it wasn't an accident. it happened because we made some very tough, very unpopular decisions -- they turned out to be the right call on balance.
and one of the first people the president went to was mr. volcker to lead a group of economists. it is a recovery that requires us to know how far we have come and how we can't afford to go back to policies that nearly brought down the entire economy just eight years ago. that's what i would like to talk to you about today. eight years ago, president obama and i were forming an administration. the financial system was crumbling, and the economy was on the brink of collapse. we can't ever forget the turmoil. people were terrified of another great depression. over 3 million foreclosures a year from 2009 until 2011. bank runs -- thought to be a thing of the past -- were back.
remember in the 1930's, our fearful depositors, our grandfathers, great-grandfathers, withdrew their money. i remember, and paul may remember, that i was criticized for hyperbole when i called it "the great recession." there goes biden again. "another biden gaffe." i wish it had been a gaffe. but it was not our grandparents. large institutions were taking their funds back. credit markets dried up, making it almost impossible for small businesses to keep their doors open and meet payroll. prospective homeowners to get a mortgage, car buyers to get a loan, and right before election day, lehman brothers collapsed, unleashing a real, actual fear that the whole financial system could come crashing down. it's hard to remember that right now, thank goodness. across the country, people are rapidly losing confidence in the
government's ability to stem pan ic and the government was the ability to save the financial system. we have to remember the real lives of millions of american households and businesses outside of wall street, off of wall street. this month eight years ago, we had already lost 695,000 jobs. good paying, middle-class jobs. when barack and i placed our hands on the bible as we were sworn in on january 20, 2009, we had already lost almost 700,000 -- at that moment -- and we ended up losing 800,000 by the end of january. unemployment would eat at 10%. saw-term unemployment historical highs.
the poverty rate exceeded 15% -- that's the highest level in decades. the stock market plummeted. it's hard to believe it now. it was going to fall below 6000. that was the debate. trillions of dollars of wealth lost. decades of retirement savings lost overnight. i think we are still feeling the lingering effects in terms of how people conduct themselves. falling real estate prices left nearly 1/3 of the mortgaged homes underwater. 7 million homes lost to foreclosure since the start of the great recession. gm and chrysler -- iconic automobile industry of the united states -- headed toward bankruptcy, risking the livelihoods of 1.5 million workers up and down the economics of white chain. -- economic supply chain. this did not happen by chance. we remember why it happened not to hold people responsibly specifically, but make sure we do not commit the same sin again. it was the direct result of shortsighted, irresponsible, and i would argue greedy actions by
wall street and washington's lax regulations over a 20-year or 30-year period. barack and i knew that fixing the real economy meant stabilizing and fixing the financial system. mr. chairman, i remember that conversation we had, but i also remember the meetings we had to figure out what to do and how we leaned on you. i remember the first meeting the president-elect and i had with our economic team in chicago a month before the inauguration. we were told that tens of millions of americans owed more on their home than they were worth, and we were told we might need well over a trillion dollars to fix the banks. the good news, we were told, and i remember sitting in that room with about 48 economists -- you were not there, you were back in new york, i believe. i'm not sure where you were, but the economic team we have put together, the advisory team, we were told -- the good news, the opening comment was, "mr.
president, we have good news. we are not going to recommend you call a bank holiday." whoa, what do you mean? [laughter] vice president biden: i am areas serious. it is not a joke. there were serious considerations that we recommend a bank holiday. never forget. that is what president roosevelt was told during the great depression. we knew our regulatory system was outdated, designed decades ago and ill-equipped to monitor the modern-day economy. we had seen this play out before in major economic crises driven by insufficient regulation. i was there in the united states senate when we dealt with the savings-and-loan crisis in the 1980's. i was there when we had to deal with the failure of long-term capital management in the 1990's, and i was there in the
aftermath of the enron debacle in 2000, which reminds me of that old bad joke -- claude and maude in the late 1990's thing on the porch, and claude looks at maude and says, remembered world war i, i was g assed, and you took care of me, and remember we bought that little drug store, and he goes through all of these things, and then i got drafted in ww2, and that's when i lost to be as fingers on my hand, and he says, maude, i was thinking. you are bad luck. [laughter] vice president biden. maybe i am bad luck to have been : through all of those. i was there. [laughter] vice president biden: when it comes to the great recession of 2008, we knew the specific underpinnings were complex, but also that we could avoid
repeating them again. banks and other financial companies knew that they could turn around and sell these loans in a heartbeat. so they often threw lending standards of the window, making billions on loans to people who were completely unprepared to make the payments. i remember a fellow who was a classmate of my son who became a very successful real estate man. and i remember him telling me, you know, i and a housekeeper, up to me and said, guess what? they're going to give me a $300,000 loan. he said, how can you pay it? she said, they told me i would be able to. i'm not making this up. ratings agencies were paid by banks and institutions to a great risk. time and again, they gave inflated ratings to get business. the repeal of glass-steagall allowed banks with a deposit to
take on risky investments, putting the whole system at risk. there was a debate in the white house whether i should say that, but i have never not that what i believe. that was the worst vote i ever cast in my entire time at the united states senate -- repealed glass-steagall act. there was an sec regulation in biggestt allow the investment banks to operate with too much leverage, too much reliance on short-term debt, and very little supervision. across the board, it was insufficient regulatory infrastructure. a shadow banking system operating with limited oversight, the lack of systematic -- a systematic regulator overseeing the whole system, new exotic financial products, widely misunderstood, not subject to regulation. the structure of executive pay creating incentives for ceo's to take excessive risks. collectively, this was not about allowing banks to take on more risk.
it was about shifting the risk from the banks to the taxpayer. governments and the taxpayer. that is because the federal government lacked authority to manage failures, and banks knew. they knew they had a backstop in the american taxpayer. the administration and our democratic allies in congress knew we had to protect families from the immediate damage, but we had to curb the risks being taken so that we could help prevent future crises. president bush saw the beginning of the crisis and knew he needed to act, even though he had no way to know its magnitude. so he started the troubled assets relief program, so-called t.a.r.p., which in some cases financed toxic assets from the banks. and before stimulus was a dirty word, president bush pushed for modest rebate checks to taxpayers to try to stem the
crisis and jolt the economy a little bit, and president obama and i, along with the republican congress, continued the t.a.r.p. program. mr. chairman, you know voting for t.a.r.p., bailing out banks was like putting a snake in everyone's living room. i really mean this. the folks who "caused the crisis," all of a sudden, we're making sure we bail them out. it's hard to explain to average, well-informed americans. but it was necessary. it was the right vote. it helped save the economy. when all was said and done, t.a.r.p. amounted to over $400 billion. but because we insisted it be paid back with interest, the tax
payers got it all back plus $15 billion in interest. we rescued the auto industry, which was not at all popular, among democrats or republicans. six in 10 people did not think we should do it. it was on the brink of bankruptcy. today -- i know i got blamed for pushing that a lot because i am middle-class joe, i'm the guy with the manufacturers -- well, you know -- [laughter] vice president biden: i understand, and universities in particular and washington in very particular, to be middle-class means you are not sophisticated. but i know when the middle class does well, we all do well. we do well when the poor have a way up. we have a social contract with the growing middle class. but today, the auto industry is back on its feet. 695,000 jobs added since the
automakers emerged from bankruptcy, the fastest growth on record. and dodd-drank was the centerpiece of our plan to stabilize the financial system and prevent a new crisis. the law did everything from helping students get the best rates, to making sure that creditors operate within the law. pretty important stuff that is taken for granted again. but i don't know how many times my son, who was a decorated veteran, he was a jag officer, spent a year in iraq -- i remember how i had an opportunity to see him several times because i was responsible for iraqi and i traveled to iraq and afghanistan at least 20 times. -- 28 times. when i would see him, he would
say, "dad, soldiers are panicked to see me -- they are foreclosing on my house. what do i do?" they have brought more than 11 $11 billion of relief to americans what protecting consumers from harmful practices , and dodd-frank also created the financial oversight council to see where the risk might arise. the goal of the council is to monitor when a failure by a single company could end up affecting people who left have nothing to do with that particular firm or company. the law of regulated derivatives, like credit default swaps, bringing them into exchanges to increase transparency and brought oversight to the shadow banking system. the federal deposit insurance corporation, fdic, empowering it to deal with bankrupt banks and increase the amount of insured deposits from $100,000 to
$250,000, giving people peace of mind that the deposits were safe in the future. and preventing bank runs in the future. requiring better capitalized banks, making them hold more capital and subjecting them to the stress tests. enforced conflict of interest prohibitions with rating agencies to restore confidence that their evaluations are fair and unbiased. they put in place new regulations to change the culture of executive compensation like say on pay, which allows shareholders to say whether executive raises are appropriate. like clawbacks, which regulates the ability to claw back bonuses from underperforming executives. i will talk about this later, but quite frankly, there is more
that needs to be done raining reining in ceo pay. this was all part of a nationwide effort to rid our financial system of reckless behavior and fraud that nearly brought down the entire economy, not just here, but worldwide. let's be honest. there were some -- myself, the chairman, and some others, including states attorney general -- you did not think we who did not think we went far enough. [laughs] vice president biden: i remember my son calling me. "dad, i can't tell you what i'm about to do because it may be a conflict of interest. but dad, i want to warn you, the administration is not going to like it. i'm not going to settle with these banks." senator leahy, senator elect roy cooper of carolina, now elected, and beau biden went after the
banks, bringing over $100 million back to delaware in several billion to all three of those states. but none of this happened overnight. the financial sector stabilized much more quickly than our critics thought it would, allowing american commerce to get back on its feet. lets her member what our -- let's remember what our republican friends set said at the time, and some still say, mitch mcconnell, who was a friend and truly is a friend, john boehner, who is a friend, paul ryan, who is a friend, the entire republican caucus -- i remember when the media thought it was exaggerating when i called it the great recession. the same people said that dodd-frank would restrict credit markets. but today, credit markets are functioning again. the chairman of the house financials service said that dodd-frank would crush small business funding. today, small business funding is back to pre-recession levels. it is doing the best in two decades. so much for the disaster.
he and so many other republicans said it would crush community banks. today, community banks are back lending at prerecession levels, and they are expanding significantly. he and other republicans said it dodd frank would make the banking sector riskier. the banks are better capitalized today with an initial $700 billion protecting against the downturn. the number of bank failures decreased from 140 a year when the president and i took office to eight last year. and the cause the cost of federal insurance fell $38 billion, under $1 billion this period, a decline of 98%. and so much for the republican party orthodoxy that says dodd-frank would be disaster for the real economy. as my friend john boehner said, here are the facts. i know a lot of people, and probably some of you do, many of your parents lost their jobs and were hit hard. but today, we are in the midst
of the longest streak of job growth. 15 million jobs added. more than all of the advanced economies in the world combined. and the unemployment rate is 4.6%. at the time of the great recession, there were too many retirees who lost their savings or delayed retirement. today, most retirement accounts have been restored. ofricans added $34 trillion wealth over the course of this administration. while we know that not everybody got back their homes. , not everyone got everything that meant something to them. housing prices are up by about 1/3. 8 million homeowners are above, not underwater. what we forget is those folks who lost their homes never having missed a mortgage payment they had some cockamamie loan, and then they ended up underwater and lost their homes, never able to get back into a home, they are not benefiting from that additional money that is back.
now that it is $19,000, they are not benefiting. there's a lot of people we should be paying attention to, that quite frankly, neither party paid enough attention to. every time i talk about this, "middle class joe" again, but the truth of the matter is, a lot of people got hurt. summer not back. some workers deserve more pay for the work they do. this is the fastest growth on record. wages are scheduled to rise by 3% this year alone. our gdp is up 11%, even after accounting for inflation over the course of this administration. so there was undeniable progress the last eight years, and the president and i both acknowledged it's not enough. not enough. that is why we proposed a number of things i will speak to. we are a lot better off today than we were when we took office
. i don't say this in defense of the economy. i say this in defense of why we should not be changing the fundamental way in the ways that have been suggested. the economy has gone from crisis to recovery, and we are now on the cusp of resurgence. we also know the path to this resurgence has included real hardships for americans, some of whom have never really made it back. they still feel left out. they have every reason to ask why. the first truth is the american economy cannot prosper in the middle of a financial crisis, period. our capitalist system is the greatest allocator of capital in the history of the world, but if win put toward protective uses, it helps create jobs and the middle class. we need it, but we need it to function a way that will let in.ybody
so the financial sector can be robust and lay the groundwork to rebuild the middle class. the second truth is that more should have been done. even on top of our trillion dollar stimulus for american families, even on top of the largest tax cuts for the american family history, even on top all the lifeline to automakers, the president and i tried to do more. we tried hard to push the american jobs act of 2011 that provided billions for training and unemployment insurance, tax cuts for schools and businesses. all told, it would have added 2 million jobs and generated 1.5% in additional economic growth. our friends on the hill said no. we knew that in order to prosper, we needed a 21st century infrastructure. we rank 26 in the world, the united states, in transportation and infrastructure. i got in trouble when i said if i blindfold you and put you in an airport at laguardia and then an airport in beijing, to do
4:00 in thee at morning and asked you which one was a developing country, you would have said laguardia. [laughter] vice president biden: everybody disagreed. this is the united states of america. we pushed for an infrastructure package that would have put millions of american workers back to work. republicans on the hill said no. we proposed billions of tax cuts for working americans. again, the hill said no. we wanted to make two years at community college free, paid for by closing loopholes. republicans said no. does anybody believe in the 21st century 12 years is enough? does anybody really believe that to be true? that 12 years of free education is enough to compete in the 21st century? already, the study i did for the president, six in 10 jobs
require more than a college degree. excuse me, than a high school degree. we know so many of the most qualified women are staying out of the workforce. why? the cost of childcare. in washington, if you have two kids, the cost is $22,000 a year. we wanted to triple the child tax credit. that could add 500,000 women into the workplace. increasing bring to the end growth. -- increasing productivity and growth. our friends said no. when reagan was president, we had about $800 billion in tax loopholes. now we have $1.3 trillion per year. all the economists here in georgetown, tell me you can justify more than $600 billion to $800 billion of that as generating a social good or increased productivity. we wanted to incentivize companies to bring profits home, and their operations back home.
our friends said no. in the end, we just didn't have the republican votes in the congress. so, let me just say to you all, this is not your father's republican party. all of a sudden -- i remember all the years i served in the senate. infrastructure was pushed more by republicans than by democrats. literally, not figuratively. there was a consensus on a range of things, like the basic partnering. you got to share in the benefits. that was the basic bargain. democrats and republicans from 1972, when i got elected as a 29-year-old kid, and 20 years before, 30 years before. which leads me to the fundamental question. where do we go from here? the people have spoken.
we cannot be lulled into a collective sense of amnesia. too many more people spoke for the other team than the team that got elected. forget what caused this god-awful recession of eight years ago. it was the same policies that are being proposed now. half the rate on dividends. cut the top income tax rate. dramatically reduce estate tax. deregulation orthodoxy. the president and i wanted to clear the rubble. a newo wanted to build stadium, we wanted to have lights in the stadium. , if we cannotke do that, let's at least make sure that the umpire is on the field calling balls and wearing a striped shirt. that is why we cannot allow the repeal of dodd frank. we cannot go back to the days where the banks hired bank
regulators. we cannot go back to the days where the banks were free to take risks with your depositor'' money. we cannot go back to the day where banks take massive risks. we cannot afford that. the country cannot afford it. the middle class cannot afford it. we need to ensure that the executive compensation does not go back to encourage executive risk-taking and short-term is smism. buybackat length about of publicly traded companies, how they swing for the fences today. they are not bad guys or bad women. the process incentivize is actions. 1980's whened in buyback ofed the
stock to influence share prices. when he to change this as well, in my opinion. many to change the fcc rules created by dodd frank. said, weman volcker need to address the threat posed by volatile short-term debt, and as evidenced by the recent concerns of result banks, we .eed to step up our monitoring look at wells fargo. look at wells fargo. the justice department, and i cannot speak to it because i do , is reviewingem whether or not there are criminal sanctions here. the thing that ordinary people go to jail for. let's be clear. this should never be allowed to happen again. pay the of families
price for reckless and irresponsible policy, and our regulators need to have the catch a safety net before he gets out of control. that is pretty basic. like me, you do not have to be an economist to understand this. do not have to be an economist. it helps -- [laughter] vice president biden: that is why i have some brilliant working for me, but you do not have to be an economist to understand this. look at what caused the problem in the first place. look at what we did to correct the problem, and ask now is it is willing to know back to the problems that caused the change in the first place. as my oldest grandson would say, "it is not rocket science." ladies and gentlemen, let me close with this. my deceased wife used to tell me, and i share her expression, "joey, the greatest gift to gave mankind with the ability to forget," and my mother, god love
is true, joey, if it were not, every woman would only have one child or ." [laughter] it is a great gift god gave us, to forget and have the ability to go on. but it does not apply to governing where to forget is dangerous. dangerous. given what the people of this country went through eight years ago, on the cusp of a real depression and how far we have come t today on the cusp of a potential resurgen with the united states better position than any country in the world to leave the 21st century, my lord, we are so much better positioned. i am not supposed be and ask for it on the economy, but i'm supposed to be annexed it on -- an expert on foreign policy. i do not have my briefcase
today, but i do know a lot about foreign policy. worldm looking around the , do you think any major leader of a major country would change places? god love china. i want to see them succeed. they do not have enough energy -- they do not have enough water. talking about a $2 trillion project to turn them around. raise your hand if you think the eu is our serious competition, and they will eat our lunch, as we were told. i remember being at the wharton speaking with someone from american enterprises, about how japan was going to own us, buying be rockefeller center. there is not a shot in the world that happening. why? not because of barack obama and joe biden, but we are the most
productive workers in the world. energy -- we are the epicenter of energy for the remainder of nextcentury, at least the 50 years, including renewable energy. watch what we can do. watch what happens. gentlemen, we respect intellectual property. you can adjudicate contract differences and know that they are going to be cap. we are so much better positioned than any nation in the world. and we have a workforce that replaced,to be because, i might add, because of the value of immigration. hasname me a product that transformed the world in terms of technology that was not made in america, conceived in america.
two great things of america, gave every american, nativeborn or otherwise, no matter what -- how about our education system , no oneade school orthodoxy, unlike any other country in the world, including our allies. we challenge the orthodoxy. we are a remarkable country. forget who we are or where we came from originally and go back to what created this crisis in the first place. forward,o keep moving and i believe that we well. we have to give this new administration a fighting chance. to determine a
lot of this stuff that seemed awful clear to them is not so clear. we will see. we will see what happens. if you notice, they have decided they will immediately repeal the affordable care act. 20 milliondden, people will not have insurance. only macro, all you guys are on your parents' insurance policy, good night. sudden, they go back to charging women more for insurance than men. lord, a sudden, my pre-existing conditions i guess to not matter. "bless me father, for i have sinned."
[laughter] [cheers and applause] vice president biden: folks, look. peoplere so many young in this audience. --ant you to know two things america has developed some incredible women and men who never, ever stop fighting for the country, like paul volcker. you have been a treasure, and i really mean it. take a look at what they said and what happened. objectively whether or not it is worth listening to them. imagine how fundamental things have changed and whether they are still relevant, whether there is time left. but folks, this is no time to turn back. 29ot elected when i was a
-year old kid. my dadetting up come as would say, as a lucky person who put two feet on the floor when i got up, and knew about things that matter. i think it still matters a lot. folks, take a look at where we and everywhere else in the world. i was listed as the young optimist when i got elected. i will conclude by saying without fear or contradiction, i am truly more optimistic about america's chances today than at any time i have been since i have served, and i served for 44 years as a united states senator and vice president. we just have to get some people out of the way. [laughter] vice president biden: thank you all, very, very much.
[cheers and applause] [captions copyright national cable satellite corp. 2016] [captioning performed by the national captioning institute, which is responsible for its caption content and accuracy. visit ncicap.org] >> this week, the senate work on a house-passed a bill that provides additional spending for medical research and treatment
programs. vice president biden presided over the senate during a procedural vote. before that occurred, senator mitch mcconnell acknowledge the vice president's work on the cancer moonshot initiative. he also asked that the cancer provisions of the bill be named after vice president's late son, beau, who died last month. senate minority leader harry reid also gave remarks. ee the vice president presiding. we welcome him here today. we look forward to welcoming you back later in the week. i know members will have plenty to say about his life and his legacy later in the week, but today the senate would like to specifically acknowledge his efforts to help americans struggling with cancer. he's known the cruel toll this
disease can take. but he hadn't let it defeat him. he's chosen to fight back. he's taken a leading role and the senate will soon pass the 21st century cures act as a testament to his tremendous effort. i think it's fitting to dedicate this bill's critical cancer initiative in honor of someone who would be proud of the presiding officer today, and that's his son. and in just a moment that's exactly what the senate will do. renaming the n.i.h.'s cancer initiatives in this bill after beau biden. mr. reid: mr. president, will the senator yield? mr. mcconnell: if i can say to my friend, the democratic leader, i have one more. thank you. so, therefore, mr. president, i ask unanimous consent the senate proceed to the consideration of h. con. res. 174 which is at the desk.
the vice president: the clerk will report. the clerk: house concurrent resolution 174 directing the clerk of the house of representatives to make a correction in the enrollment of h.r. 34. the vice president: is there objection to proceeding to the measure? without objection. mr. mcconnell: i call up an amendment which would rename a title of the bill. i would say to the clerk i would like for her to read the entire thing. the vice president: the clerk will report the amendment. the clerk: the senator from kentucky mr. mcconnell for himself and mr. reid proposes an amendment numbered 5137. beginning on page 1, line 7, strike following correction and all that follows and insert the following: following corrections. one, amend the long title so as to read an act to accelerate the discovery, development, and delivery of 21st century cures and for other purposes. two, amend the section heading for section 1001 so as to read, beau biden, cancer moonshot and n.i.h. innovn