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1 00:00:00,133 --> 00:00:05,203 Mr. Gibbs: Good afternoon. 2 00:00:05,200 --> 00:00:08,430 Shortly, the Senate is going to consider Senator Shelby's 3 00:00:08,433 --> 00:00:12,263 amendment to weaken the President's and Senator Dodd's 4 00:00:12,266 --> 00:00:15,836 proposal for strong consumer protection in the financial 5 00:00:15,834 --> 00:00:16,934 regulatory bill. 6 00:00:16,934 --> 00:00:18,834 I think you've all seen the President's statement, 7 00:00:18,834 --> 00:00:23,834 and here to talk about that is Deputy Treasury Secretary Neal Wolin. Neal. 8 00:00:23,834 --> 00:00:25,864 Deputy Secretary Wolin: Thank you, Robert. Good afternoon, everyone. 9 00:00:25,867 --> 00:00:27,837 The financial crisis has demonstrated beyond any 10 00:00:27,834 --> 00:00:30,664 question that our current approach to consumer financial 11 00:00:30,667 --> 00:00:32,297 protection has failed. 12 00:00:32,300 --> 00:00:34,900 In the run-up to this crisis, millions of Americans were sold 13 00:00:34,900 --> 00:00:37,430 mortgages and other financial products that they couldn't 14 00:00:37,433 --> 00:00:39,863 understand and could not afford. 15 00:00:39,867 --> 00:00:42,397 Unfair and deceptive acts and practices in the consumer 16 00:00:42,400 --> 00:00:45,870 finance market have left Americans facing foreclosure 17 00:00:45,867 --> 00:00:47,637 and debts they cannot bear. 18 00:00:47,633 --> 00:00:51,803 It left responsible community banks to compete with non-banks 19 00:00:51,800 --> 00:00:56,200 and other non-bank institutions in an unlevel playing field, 20 00:00:56,200 --> 00:01:00,400 often irresponsible and often unregulated competitors. 21 00:01:00,400 --> 00:01:02,200 Through the market for mortgage-backed securities, 22 00:01:02,200 --> 00:01:05,700 bad practices in the consumer financial market put our entire 23 00:01:05,700 --> 00:01:07,100 system at risk. 24 00:01:07,100 --> 00:01:07,970 And why is that? 25 00:01:07,967 --> 00:01:10,397 Because the current system puts bank regulators in charge of 26 00:01:10,400 --> 00:01:12,070 protecting consumers. 27 00:01:12,066 --> 00:01:15,396 It didn't work, and there's no likelihood that it could work. 28 00:01:15,400 --> 00:01:18,070 There's no focus, no accountability. 29 00:01:18,066 --> 00:01:21,496 Today seven different regulators have some responsibility for 30 00:01:21,500 --> 00:01:25,200 consumer financial protection, but none is focused on consumer 31 00:01:25,200 --> 00:01:27,370 protection as their priority. 32 00:01:27,367 --> 00:01:30,197 And to the extent that there is any focus on consumer 33 00:01:30,200 --> 00:01:33,430 protection, the focus is overwhelmingly on banks, 34 00:01:33,433 --> 00:01:37,903 not on many, many other thousands of non-bank financial 35 00:01:37,900 --> 00:01:41,500 operations -- payday lenders, check cashers, auto lenders, 36 00:01:41,500 --> 00:01:44,170 money transmitters, mortgage brokers, et cetera. 37 00:01:44,166 --> 00:01:48,066 This unaccountable fragmented system allows for bad practices 38 00:01:48,066 --> 00:01:51,936 to take place in the shadows of the marketplace and we have to 39 00:01:51,934 --> 00:01:53,264 put an end to this. 40 00:01:53,266 --> 00:01:55,666 The President has been very clear about what real reform 41 00:01:55,667 --> 00:01:57,267 means in this area. 42 00:01:57,266 --> 00:01:59,866 It means independence. It means accountability. 43 00:01:59,867 --> 00:02:01,967 It means the ability to write rules across the consumer 44 00:02:01,967 --> 00:02:04,997 financial marketplace, and it makes ensuring that banks and 45 00:02:05,000 --> 00:02:09,700 non-banks alike are held to the same consistent standard. 46 00:02:09,700 --> 00:02:11,870 The Dodd legislation pending in the Senate 47 00:02:11,867 --> 00:02:13,437 right now does all of that. 48 00:02:13,433 --> 00:02:16,063 The Republican alternative does none of it. 49 00:02:16,066 --> 00:02:18,396 The Dodd bill creates a fully independent, 50 00:02:18,400 --> 00:02:20,130 fully accountable bureau. 51 00:02:20,133 --> 00:02:22,603 The Republican alternative just picks an existing consumer 52 00:02:22,600 --> 00:02:25,530 office from one banking regulator and drops it into 53 00:02:25,533 --> 00:02:28,303 another bank regulator that would be totally subordinate 54 00:02:28,300 --> 00:02:29,170 to bank regulators. 55 00:02:29,166 --> 00:02:32,636 As I said earlier, that hasn't worked; it will not work. 56 00:02:32,633 --> 00:02:35,403 The bureau in the Dodd bill has an independent ability to set 57 00:02:35,400 --> 00:02:38,230 clear rules of the road across the marketplace. 58 00:02:38,233 --> 00:02:40,833 The Republican alternative leaves the bank regulators in 59 00:02:40,834 --> 00:02:43,464 charge of the consumer laws -- the same regulators who have 60 00:02:43,467 --> 00:02:47,037 shown none or little interest in implementing these laws properly 61 00:02:47,033 --> 00:02:49,433 over the last series of years. 62 00:02:49,433 --> 00:02:51,833 The Dodd bill creates for the first time effective federal 63 00:02:51,834 --> 00:02:55,664 authority to adopt rules banning unfair or deceptive practices 64 00:02:55,667 --> 00:02:57,437 wherever they may occur. 65 00:02:57,433 --> 00:03:01,263 The Republican alternative keeps in place huge legal obstacles 66 00:03:01,266 --> 00:03:04,396 that make it nearly impossible to ban unfair or deceptive 67 00:03:04,400 --> 00:03:08,730 practices by non-banks like mortgage brokers, 68 00:03:08,734 --> 00:03:11,164 payday lenders, auto lenders, et cetera, 69 00:03:11,166 --> 00:03:13,796 perpetuating an unfair advantage that these banks have over 70 00:03:13,800 --> 00:03:15,700 community banks, for example. 71 00:03:15,700 --> 00:03:18,000 The Dodd bill creates a bureau that can ensure consistent 72 00:03:18,000 --> 00:03:21,300 enforcement of rules across all of this marketplace. 73 00:03:21,300 --> 00:03:23,270 It can directly enforce against bigger banks, 74 00:03:23,266 --> 00:03:25,866 against mortgage companies, against payday lenders, 75 00:03:25,867 --> 00:03:27,997 against auto lenders, and other firms. 76 00:03:28,000 --> 00:03:30,470 The Republican alternative gives the so-called consumer 77 00:03:30,467 --> 00:03:33,797 office to virtually no enforcement authority. 78 00:03:33,800 --> 00:03:36,130 I think in the end, and to sum it up, 79 00:03:36,133 --> 00:03:38,933 the Shelby amendment is actually worse than the status quo. 80 00:03:38,934 --> 00:03:41,434 It keeps all of the flaws of today's system. 81 00:03:41,433 --> 00:03:43,533 It keeps banks regulators completely in charge of 82 00:03:43,533 --> 00:03:45,333 protecting American families. 83 00:03:45,333 --> 00:03:47,633 It keeps a huge loophole for payday lenders, 84 00:03:47,633 --> 00:03:50,833 for auto lenders, for mortgage brokers, for check cashers, 85 00:03:50,834 --> 00:03:52,804 and for all the other lenders and financial businesses that 86 00:03:52,800 --> 00:03:57,200 compete with banks but don't happen to be called banks. 87 00:03:57,200 --> 00:03:59,670 And it actually undermines existing rules. 88 00:03:59,667 --> 00:04:01,167 Let me just say this. 89 00:04:01,166 --> 00:04:04,266 The Republican argument for leaving the bank regulators in 90 00:04:04,266 --> 00:04:07,636 charge of protecting consumers is that there is some conflict 91 00:04:07,633 --> 00:04:12,063 between consumer protection and the health of financial institutions. 92 00:04:12,066 --> 00:04:14,736 We reject that argument out of hand. 93 00:04:14,734 --> 00:04:17,764 There is no real conflict between safety and soundness 94 00:04:17,767 --> 00:04:21,067 of banks and other financial institutions on the one hand, 95 00:04:21,066 --> 00:04:25,466 and transparency and fairness for consumers on the other. 96 00:04:25,467 --> 00:04:28,737 Strong protections are actually good for the banking system. 97 00:04:28,734 --> 00:04:31,564 I think we've just learned that when you don't have strong 98 00:04:31,567 --> 00:04:33,637 consumer protections, the banking system is 99 00:04:33,633 --> 00:04:35,803 very much at risk. 100 00:04:35,800 --> 00:04:40,300 We saw yesterday that the Republicans have decided to join 101 00:04:40,300 --> 00:04:43,630 with the Democrats in the Senate in a constructive way on some issues. 102 00:04:43,633 --> 00:04:47,203 But on consumer protection, which really is the issue that 103 00:04:47,200 --> 00:04:51,670 arguably sits at the heart of what everyday Americans care 104 00:04:51,667 --> 00:04:54,767 about and how they are dealt with by the financial system, 105 00:04:54,767 --> 00:04:58,867 the Republicans have continued to oppose serious efforts at reform. 106 00:04:58,867 --> 00:05:02,337 I think two years after this financial crisis began, 107 00:05:02,333 --> 00:05:05,663 a crisis that was exacerbated by a lack of transparency, 108 00:05:05,667 --> 00:05:08,967 it's time for us to ensure that we have comprehensive reform 109 00:05:08,967 --> 00:05:11,637 that includes these fundamental improvements in consumer 110 00:05:11,633 --> 00:05:15,203 protection that the President has put forward and that the 111 00:05:15,200 --> 00:05:17,270 Dodd bill in the Senate contains. 112 00:05:17,266 --> 00:05:19,336 Thank you. 113 00:05:19,333 --> 00:05:20,663 Mr. Gibbs: Jonathan. 114 00:05:20,667 --> 00:05:23,597 The Press: Can I ask you about the Sanders amendment and what 115 00:05:23,600 --> 00:05:27,630 you guys are doing to try to change it or possibly 116 00:05:27,633 --> 00:05:29,903 kill it on Fed audit? 117 00:05:29,900 --> 00:05:31,270 Deputy Secretary Wolin: Well, let me say, John, at the start, 118 00:05:31,266 --> 00:05:33,996 we oppose the Sanders amendment in its current form. 119 00:05:34,000 --> 00:05:36,230 We think that, as Senator Sanders does, 120 00:05:36,233 --> 00:05:38,903 that transparency of the Fed is critically important, 121 00:05:38,900 --> 00:05:42,730 but we also believe that it's important that the Federal 122 00:05:42,734 --> 00:05:44,204 Reserve Board have independence. 123 00:05:44,200 --> 00:05:47,370 We think that independence has served this country very well 124 00:05:47,367 --> 00:05:49,767 over a long period of time. 125 00:05:49,767 --> 00:05:53,767 We think that countries that have had either the reality or 126 00:05:53,767 --> 00:05:57,537 the perception of political influence in their central banks 127 00:05:57,533 --> 00:05:59,963 have had real problems -- problems with respect to 128 00:05:59,967 --> 00:06:03,467 inflation, with respect to the cost and availability of credit, 129 00:06:03,467 --> 00:06:07,497 including to consumers and to small businesses. 130 00:06:07,500 --> 00:06:10,370 It hasn't worked out well where the question about whether the 131 00:06:10,367 --> 00:06:13,137 congress or the executive branch of various countries have 132 00:06:13,133 --> 00:06:16,003 interfered with or had the perception of interfering with 133 00:06:16,000 --> 00:06:16,870 their central bank. 134 00:06:16,867 --> 00:06:19,337 So we will continue to work with Senator Sanders, 135 00:06:19,333 --> 00:06:22,303 Senator Dodd and others to make sure that we have appropriate 136 00:06:22,300 --> 00:06:24,600 transparency of the Fed. 137 00:06:24,600 --> 00:06:27,900 We think that is important, but also that we make sure that we 138 00:06:27,900 --> 00:06:31,500 do not encroach on the independence of the central bank. 139 00:06:31,500 --> 00:06:33,130 The Press: Would you veto -- would the President veto this 140 00:06:33,133 --> 00:06:35,033 bill if the Sanders amendment is in there? 141 00:06:35,033 --> 00:06:36,563 Deputy Secretary Wolin: As I said, John, we are continuing to work 142 00:06:36,567 --> 00:06:39,467 with Senator Sanders, Senator Dodd and others to make sure 143 00:06:39,467 --> 00:06:42,197 we can accomplish these twin objectives. 144 00:06:42,200 --> 00:06:46,830 We think that we'll move forward in those discussions before we 145 00:06:46,834 --> 00:06:49,634 get to any discussion about vetoes. 146 00:06:49,633 --> 00:06:50,603 Mr. Gibbs: Julianna. 147 00:06:50,600 --> 00:06:54,030 The Press: Would the President veto the bill if the Shelby 148 00:06:54,033 --> 00:06:55,903 amendment was in it? 149 00:06:55,900 --> 00:06:59,500 And also where -- is there any room for the President when it 150 00:06:59,500 --> 00:07:01,070 comes to the CFPA? 151 00:07:01,066 --> 00:07:03,996 Are there elements that he would accept, for example, 152 00:07:04,000 --> 00:07:08,600 it being housed in the FDIC as Shelby has proposed? 153 00:07:08,600 --> 00:07:10,130 Deputy Secretary Wolin: I think the President has expressed his support 154 00:07:10,133 --> 00:07:15,503 for the Dodd approach; it very closely mirrors his own. 155 00:07:15,500 --> 00:07:18,400 I think -- we don't expect that the Shelby amendment will pass. 156 00:07:18,400 --> 00:07:22,430 We think that there are enough senators who, 157 00:07:22,433 --> 00:07:24,163 like the President, are committed to making sure that 158 00:07:24,166 --> 00:07:28,396 this incredibly important piece of reform is appropriately addressed. 159 00:07:28,400 --> 00:07:32,630 And so I think the question of veto is something that's premature. 160 00:07:32,633 --> 00:07:36,663 The Press: What are the elements to it that the Dodd -- if the CFPA, 161 00:07:36,667 --> 00:07:40,597 as Dodd has proposed, is amended, are there elements 162 00:07:40,600 --> 00:07:43,100 that Shelby has proposed that the President would accept? 163 00:07:43,100 --> 00:07:44,700 Deputy Secretary Wolin: Well, we'll see what others put forward. 164 00:07:44,700 --> 00:07:47,470 As I just tried to outline, I think the elements of the Shelby 165 00:07:47,467 --> 00:07:49,597 approach, the Republican alternative in the Senate, 166 00:07:49,600 --> 00:07:55,200 are things that really gut the strength of this piece of this 167 00:07:55,200 --> 00:07:57,600 important legislation with respect to independence, 168 00:07:57,600 --> 00:08:00,170 with respect to accountability, effective rule-writing, 169 00:08:00,166 --> 00:08:04,336 and then obviously the need for enforcement across this marketplace. 170 00:08:04,333 --> 00:08:05,203 Yes, sir. 171 00:08:05,200 --> 00:08:08,800 The Press: Mr. Wolin, you said something very interesting. 172 00:08:08,800 --> 00:08:09,700 You said -- 173 00:08:09,700 --> 00:08:10,800 Mr. Gibbs: Just one thing. 174 00:08:10,800 --> 00:08:15,200 (laughter) 175 00:08:15,200 --> 00:08:18,500 The Press: You said, "We do not think the Shelby amendment will 176 00:08:18,500 --> 00:08:22,830 pass," and yet all day today I've been getting e-mails like 177 00:08:22,834 --> 00:08:25,204 from Americans United for Change, 178 00:08:25,200 --> 00:08:28,730 all these grassroot Democratic organizations, 179 00:08:28,734 --> 00:08:34,834 and you're out here today making a big deal about a Shelby 180 00:08:34,834 --> 00:08:36,864 amendment that you don't think will pass. 181 00:08:36,867 --> 00:08:38,937 I'm wondering, why is that? 182 00:08:38,934 --> 00:08:40,034 Deputy Secretary Wolin: Well, I think it's because of the 183 00:08:40,033 --> 00:08:42,803 centrality of the consumer provisions in this legislation. 184 00:08:42,800 --> 00:08:44,670 The President has been very clear from the beginning that 185 00:08:44,667 --> 00:08:46,467 this is something that's enormously important; 186 00:08:46,467 --> 00:08:49,197 that's really at the core of what caused the problems we got 187 00:08:49,200 --> 00:08:50,130 ourselves into. 188 00:08:50,133 --> 00:08:53,533 And the solutions are really at the core of making -- providing 189 00:08:53,533 --> 00:08:56,933 rules of the road going forward that will work and be protective 190 00:08:56,934 --> 00:08:59,304 not just of consumers but ultimately, 191 00:08:59,300 --> 00:09:02,300 as I mentioned earlier, of the broader financial system. 192 00:09:02,300 --> 00:09:09,370 So we want to make sure that we say clearly and loudly that the 193 00:09:09,367 --> 00:09:12,667 Republican amendment will not work on all of the various 194 00:09:12,667 --> 00:09:14,667 dimensions that I described. 195 00:09:14,667 --> 00:09:16,367 And while it's pending in front of the Senate, 196 00:09:16,367 --> 00:09:19,167 we think it's important for us to express our view. 197 00:09:19,166 --> 00:09:20,066 Mr. Gibbs: Jake. 198 00:09:20,066 --> 00:09:22,196 The Press: Just a couple follow-ups. 199 00:09:22,200 --> 00:09:26,970 The President said that this -- he will not let amendments like 200 00:09:26,967 --> 00:09:31,437 this one, written by Wall Street lobbyists, pass for reform. 201 00:09:31,433 --> 00:09:35,963 Specifically, if it's part of the bill, will he veto it? 202 00:09:35,967 --> 00:09:38,067 Deputy Secretary Wolin: I think, Jake, the same answer I gave before. 203 00:09:38,066 --> 00:09:38,936 The Press: You didn't give an answer. 204 00:09:38,934 --> 00:09:41,134 Is it a veto threat or not? 205 00:09:41,133 --> 00:09:43,933 Deputy Secretary Wolin: I think it's premature to talk about veto threats, Jake. 206 00:09:43,934 --> 00:09:46,804 As I say, we don't expect this amendment to succeed, 207 00:09:46,800 --> 00:09:49,200 and if it comes to that we'll deal with it when that happens. 208 00:09:49,200 --> 00:09:49,700 The Press: Okay. 209 00:09:49,700 --> 00:09:51,630 And then in terms of the Sanders amendment, 210 00:09:51,633 --> 00:09:53,963 Sanders says that -- and the amendment says that nothing 211 00:09:53,967 --> 00:09:57,837 shall be construed as interfering with monetary policy. 212 00:09:57,834 --> 00:10:02,334 What they want to know is, who received the $2 trillion in Wall 213 00:10:02,333 --> 00:10:03,903 Street bailout funds? 214 00:10:03,900 --> 00:10:07,730 Does the administration oppose letting the American people know 215 00:10:07,734 --> 00:10:11,604 and see who received every dime of the $2 trillion 216 00:10:11,600 --> 00:10:12,970 in bailout funds? 217 00:10:12,967 --> 00:10:13,667 Deputy Secretary Wolin: It doesn't. 218 00:10:13,667 --> 00:10:15,997 And, again, we are for transparency. 219 00:10:16,000 --> 00:10:17,870 We think that's an incredibly important principle and one 220 00:10:17,867 --> 00:10:22,337 that, frankly, is well embedded in the Dodd approach and in the 221 00:10:22,333 --> 00:10:24,233 approach that the President has put forward. 222 00:10:24,233 --> 00:10:26,063 What we want to make sure at the same time, though, 223 00:10:26,066 --> 00:10:29,266 is that the provision doesn't, in sort of an unintended way or 224 00:10:29,266 --> 00:10:34,236 whatever, get in the -- into the area of monetary policy that 225 00:10:34,233 --> 00:10:36,733 encroaches on the central bank's independence or has the 226 00:10:36,734 --> 00:10:37,564 perception of that. 227 00:10:37,567 --> 00:10:39,897 Where that has happened in various places, 228 00:10:39,900 --> 00:10:42,600 it's not been a pretty picture. 229 00:10:42,600 --> 00:10:44,700 The Press: Sanders said that that charge, 230 00:10:44,700 --> 00:10:46,270 that it would interfere with monetary policy, 231 00:10:46,266 --> 00:10:47,696 he called it bogus. 232 00:10:47,700 --> 00:10:50,130 Deputy Secretary Wolin: Well, I think having a multiplicity of voices, 233 00:10:50,133 --> 00:10:53,063 Jake, being able to comment on the conduct of monetary 234 00:10:53,066 --> 00:10:56,266 policy already creates a bit of an issue. 235 00:10:56,266 --> 00:10:59,696 The legislation does take down some barriers that have existed 236 00:10:59,700 --> 00:11:03,970 for some time now with respect to the GAO not getting into the 237 00:11:03,967 --> 00:11:05,297 middle of monetary policy. 238 00:11:05,300 --> 00:11:07,530 That's the kind of thing that we're concerned about. 239 00:11:07,533 --> 00:11:08,363 Mr. Gibbs: Jeff. 240 00:11:08,367 --> 00:11:11,037 The Press: Does the President support Senator Blanche 241 00:11:11,033 --> 00:11:15,433 Lincoln's provision that would effectively force banks to spin 242 00:11:15,433 --> 00:11:18,303 off their swaps desks, or does he think that the Volcker rule 243 00:11:18,300 --> 00:11:21,170 is enough in that particular area? 244 00:11:21,166 --> 00:11:21,966 Deputy Secretary Wolin: Well, you know, 245 00:11:21,967 --> 00:11:23,667 we've worked with Chairman Lincoln and Chairman Dodd on a 246 00:11:23,667 --> 00:11:28,667 very strong package of reforms in the derivatives area -- 247 00:11:28,667 --> 00:11:31,737 strong regulation of derivatives dealers, central clearing, 248 00:11:31,734 --> 00:11:34,504 transparency through exchange trading, and so forth. 249 00:11:34,500 --> 00:11:38,030 We have not taken a position on this precise element. 250 00:11:38,033 --> 00:11:40,803 But as the Secretary -- as Secretary Geithner has said, 251 00:11:40,800 --> 00:11:43,200 we do want to make sure that there aren't -- there isn't the 252 00:11:43,200 --> 00:11:46,900 unintended consequence of taking activities and pushing them off 253 00:11:46,900 --> 00:11:48,400 into the shadows. 254 00:11:48,400 --> 00:11:51,330 That was an important part of what got us into this set of 255 00:11:51,333 --> 00:11:54,163 troubles and we want to make sure that we learn that lesson 256 00:11:54,166 --> 00:11:55,496 and don't repeat it. 257 00:11:55,500 --> 00:11:59,100 I think the last thing I would say is, in that regard, 258 00:11:59,100 --> 00:12:01,370 Sheila Bair has obviously written a strong letter 259 00:12:01,367 --> 00:12:02,967 raising some concerns. 260 00:12:02,967 --> 00:12:06,497 We are very committed to strong derivatives provisions. 261 00:12:06,500 --> 00:12:09,200 We've been working with Senator Lincoln and with Senator Dodd 262 00:12:09,200 --> 00:12:12,000 all along the way and we will continue to do so to make sure 263 00:12:12,000 --> 00:12:14,830 that that framework stays robust. 264 00:12:14,834 --> 00:12:16,064 The Press: Why are you not taking a position on that 265 00:12:16,066 --> 00:12:17,236 particular proposal? 266 00:12:17,233 --> 00:12:18,233 Deputy Secretary Wolin: Well, you know, 267 00:12:18,233 --> 00:12:21,203 there are lots of different pieces of this and they -- it's 268 00:12:21,200 --> 00:12:23,870 hard to sort of extract one in isolation. 269 00:12:23,867 --> 00:12:24,867 The Press: But this is a big one. 270 00:12:24,867 --> 00:12:28,067 I mean, does the President support the idea of banks having 271 00:12:28,066 --> 00:12:30,496 to spin off their swaps desks or not? 272 00:12:30,500 --> 00:12:32,200 Deputy Secretary Wolin: I don't think is a binary question. 273 00:12:32,200 --> 00:12:34,830 I think we want to make sure that we accomplish the goals 274 00:12:34,834 --> 00:12:37,234 that we set forward, which is to make sure that the dealers in 275 00:12:37,233 --> 00:12:41,263 these instruments are well regulated, well capitalized, 276 00:12:41,266 --> 00:12:46,136 well looked after, but also that there is transparency through 277 00:12:46,133 --> 00:12:48,133 exchange trading and so forth. 278 00:12:48,133 --> 00:12:49,833 We also, though, want to make sure, 279 00:12:49,834 --> 00:12:52,134 as we've said now a number of times, 280 00:12:52,133 --> 00:12:55,433 that we don't through what we're doing here create a 281 00:12:55,433 --> 00:12:56,563 problem somewhere else. 282 00:12:56,567 --> 00:12:58,197 And so as the various pieces come together, 283 00:12:58,200 --> 00:13:01,230 that's something that we will continue to be attentive to. 284 00:13:01,233 --> 00:13:02,233 Mr. Gibbs: Let me go to Chip and then -- 285 00:13:02,233 --> 00:13:05,003 The Press: The President said that this bill with this 286 00:13:05,000 --> 00:13:07,330 amendment was written by Wall Street lobbyists. 287 00:13:07,333 --> 00:13:10,003 What evidence is there that they actually wrote this? 288 00:13:10,000 --> 00:13:12,230 The Republicans say that it's the small business trade 289 00:13:12,233 --> 00:13:14,903 associations that are pushing hardest for this amendment. 290 00:13:14,900 --> 00:13:16,400 Deputy Secretary Wolin: Well, no, Chip, 291 00:13:16,400 --> 00:13:19,470 I would say that there's been an enormous amount of lobbying 292 00:13:19,467 --> 00:13:21,297 activity on these provisions. 293 00:13:21,300 --> 00:13:24,270 I refer you to some of the things I said to the Chamber of 294 00:13:24,266 --> 00:13:25,936 Commerce a few weeks back. 295 00:13:25,934 --> 00:13:31,104 There's been I think a broad set of assertions made by big banks 296 00:13:31,100 --> 00:13:33,930 in particular, the Chamber of Commerce in addition, 297 00:13:33,934 --> 00:13:37,964 with respect to things in the consumer provisions of the 298 00:13:37,967 --> 00:13:40,267 President's proposal and the Dodd language. 299 00:13:40,266 --> 00:13:43,236 I think lobbyists have been chipping away, frankly, 300 00:13:43,233 --> 00:13:44,033 all the way through. 301 00:13:44,033 --> 00:13:47,563 And this alternative, I think, reflects a lot of the themes 302 00:13:47,567 --> 00:13:50,267 that you've seen from them, from their trade associations, 303 00:13:50,266 --> 00:13:51,996 from the chamber and so forth. 304 00:13:52,000 --> 00:13:52,900 Mr. Gibbs: George. 305 00:13:52,900 --> 00:13:53,670 The Press: Thank you. 306 00:13:53,667 --> 00:13:56,867 How big a threat to the bill is the Republican demand for the 307 00:13:56,867 --> 00:14:00,767 strict preemption of state consumer laws? 308 00:14:00,767 --> 00:14:03,167 And how confident are you of getting Senator Carper 309 00:14:03,166 --> 00:14:05,136 to share your view? 310 00:14:05,133 --> 00:14:07,303 Deputy Secretary Wolin: Well, we'll continue to work through that issue 311 00:14:07,300 --> 00:14:08,330 with Senator Carper and others. 312 00:14:08,333 --> 00:14:11,033 We think it's important that the national banks, 313 00:14:11,033 --> 00:14:14,763 with respect to matters that really interfere with their 314 00:14:14,767 --> 00:14:19,137 ability to do their business, ought to realize some preemption. 315 00:14:19,133 --> 00:14:21,333 But we also think that it's important for there to be strong 316 00:14:21,333 --> 00:14:25,333 consumer protections; that there be a strong set of federal rules 317 00:14:25,333 --> 00:14:28,033 with respect to consumer protection that would affect 318 00:14:28,033 --> 00:14:29,633 banks and non-banks. 319 00:14:29,633 --> 00:14:35,633 And we think that if states want to protect their citizens 320 00:14:35,633 --> 00:14:40,533 against the kinds of consumer practices that have really 321 00:14:40,533 --> 00:14:43,103 caused an important piece of this crisis, 322 00:14:43,100 --> 00:14:44,900 they ought to be free to do so. 323 00:14:44,900 --> 00:14:46,630 Mr. Gibbs: David, and then we'll go back a little bit. 324 00:14:46,633 --> 00:14:49,233 The Press: Thanks, another amendment question. 325 00:14:49,233 --> 00:14:51,963 What about the Brown-Kaufman amendment to cap the size of 326 00:14:51,967 --> 00:14:54,537 banks and put on hard leverage placements? 327 00:14:54,533 --> 00:14:57,063 Is the administration supporting that or not? 328 00:14:57,066 --> 00:14:59,196 Deputy Secretary Wolin: Well, we share Senator Brown and Senator Kaufman's 329 00:14:59,200 --> 00:15:01,730 -- frankly other senators' concerns about the riskiness 330 00:15:01,734 --> 00:15:02,934 of certain institutions. 331 00:15:02,934 --> 00:15:06,364 I guess I would say that from our perspective, 332 00:15:06,367 --> 00:15:10,597 what's really key about this is that the institutions be less 333 00:15:10,600 --> 00:15:13,370 risky, that they not pose threats to the broader system. 334 00:15:13,367 --> 00:15:16,797 Size is one attribute with respect to risk, 335 00:15:16,800 --> 00:15:19,130 but there are other attributes. 336 00:15:19,133 --> 00:15:23,263 The Dodd bill, as it stands, has important provisions that limit 337 00:15:23,266 --> 00:15:26,336 the size of financial institutions, 338 00:15:26,333 --> 00:15:28,963 that give regulators the capacity to break them apart 339 00:15:28,967 --> 00:15:33,767 when they see things that create risk to the entire system, 340 00:15:33,767 --> 00:15:37,297 but also contain a number of other provisions with respect 341 00:15:37,300 --> 00:15:40,470 to capital and leverage and so forth that are all in the 342 00:15:40,467 --> 00:15:44,197 aggregate meant to make sure that no institution can pose an 343 00:15:44,200 --> 00:15:46,970 outsize risk to the broader financial system. 344 00:15:46,967 --> 00:15:49,797 And that, I think, is the approach that we have been 345 00:15:49,800 --> 00:15:51,430 working on and we'll continue work with them on this. 346 00:15:51,433 --> 00:15:53,833 The Press: Does that mean you're not supporting that amendment, per se? 347 00:15:53,834 --> 00:15:56,404 Deputy Secretary Wolin: Well, I think it's not -- we've been 348 00:15:56,400 --> 00:15:59,100 talking to them about the size constraints that we have in the 349 00:15:59,100 --> 00:16:02,330 bill that is pending now in the Senate and some of these other 350 00:16:02,333 --> 00:16:05,263 issues that I just discussed. 351 00:16:05,266 --> 00:16:08,796 And we will continue along that vein. 352 00:16:08,800 --> 00:16:11,270 But I think from our perspective, 353 00:16:11,266 --> 00:16:14,496 just size -- I mean there are a number of institutions that 354 00:16:14,500 --> 00:16:17,370 weren't so big that caused an awful lot of damage to the 355 00:16:17,367 --> 00:16:18,267 financial system. 356 00:16:18,266 --> 00:16:22,636 So Bear Stearns, the financial products division of AIG -- 357 00:16:22,633 --> 00:16:24,803 neither of them very big, Long-Term Capital Management -- 358 00:16:24,800 --> 00:16:29,600 size is not, I think, the single attribute that we feel 359 00:16:29,600 --> 00:16:30,830 should be focused on. 360 00:16:30,834 --> 00:16:31,864 Mr. Gibbs: Thank you. 361 00:16:31,867 --> 00:16:33,267 The Press: Overall, are you optimistic or pessimistic you'll 362 00:16:33,266 --> 00:16:34,996 get overall legislation? 363 00:16:35,000 --> 00:16:36,170 Deputy Secretary Wolin: I'm optimistic, absolutely. 364 00:16:36,166 --> 00:16:37,596 I think there's a developing momentum, 365 00:16:37,600 --> 00:16:40,930 and I think we're going to continue to move forward as we have. 366 00:16:40,934 --> 00:16:44,004 Yesterday was a good day in terms of the resolution 367 00:16:44,000 --> 00:16:45,600 authority piece. 368 00:16:45,600 --> 00:16:48,270 I think we will continue to move forward as that momentum 369 00:16:48,266 --> 00:16:49,566 continues to develop. 370 00:16:49,567 --> 00:16:51,637 The Press: Neal, before you go, could you just say what your -- 371 00:16:51,633 --> 00:16:53,703 I know Fannie and Freddie aren't in this, 372 00:16:53,700 --> 00:16:55,630 but what are your plans for Fannie and Freddie? 373 00:16:55,633 --> 00:16:57,503 Deputy Secretary Wolin: The Secretary has said a number of 374 00:16:57,500 --> 00:16:59,500 times now that this is an important issue, 375 00:16:59,500 --> 00:17:02,500 one that we will turn to and work our way through 376 00:17:02,500 --> 00:17:04,270 over the next year. 377 00:17:04,266 --> 00:17:07,266 We have outlined -- he has outlined publicly in testimony 378 00:17:07,266 --> 00:17:09,866 on the Hill a series of principles that will guide 379 00:17:09,867 --> 00:17:12,837 our work in this area. 380 00:17:12,834 --> 00:17:14,734 I think that it's awfully important to make sure that the 381 00:17:14,734 --> 00:17:17,804 housing markets are stabilized, first and foremost, 382 00:17:17,800 --> 00:17:20,300 that we get financial reform as it's currently pending in 383 00:17:20,300 --> 00:17:21,630 the Senate next. 384 00:17:21,633 --> 00:17:25,333 And then obviously this is a very important critical set of 385 00:17:25,333 --> 00:17:30,003 issues that we will turn to with focus and seriousness and work 386 00:17:30,000 --> 00:17:37,330 through over the period ahead. 387 00:17:37,333 --> 00:17:38,263 Mr. Gibbs: Yes, ma'am. 388 00:17:38,266 --> 00:17:40,196 The Press: A couple questions on the Times Square case. 389 00:17:40,200 --> 00:17:42,730 In the President's Afghanistan-Pakistan meeting 390 00:17:42,734 --> 00:17:46,004 earlier today, how much did Shahzad's possible contacts in 391 00:17:46,000 --> 00:17:47,970 Pakistan come up? 392 00:17:47,967 --> 00:17:50,537 Mr. Gibbs: Without getting into specifics, 393 00:17:50,533 --> 00:17:55,863 I will just simply say that John Brennan and others used the 394 00:17:55,867 --> 00:18:02,737 opportunity to discuss where we were with the President and 395 00:18:02,734 --> 00:18:03,904 those in the room. 396 00:18:03,900 --> 00:18:06,700 The Press: Has the Pakistani Taliban come up at all in the 397 00:18:06,700 --> 00:18:10,300 President's meetings today and the past on Pakistan? 398 00:18:10,300 --> 00:18:12,800 And has the administration's information shown that this is a 399 00:18:12,800 --> 00:18:15,500 group that might be capable of an attack on the U.S.? 400 00:18:15,500 --> 00:18:18,670 Mr. Gibbs: I will just say that in the hour and 15 minutes the 401 00:18:18,667 --> 00:18:22,337 President spent in that room it was a comprehensive discussion 402 00:18:22,333 --> 00:18:26,603 of all of our issues dealing with Afghanistan and Pakistan. 403 00:18:26,600 --> 00:18:29,930 The President heard from Ambassador Eikenberry in getting 404 00:18:29,934 --> 00:18:32,064 an update on governance. 405 00:18:32,066 --> 00:18:35,096 We spent more than -- probably about 20 or 25 minutes hearing 406 00:18:35,100 --> 00:18:40,370 from General McChrystal about the shaping that is going on 407 00:18:40,367 --> 00:18:43,567 right now as it relates to Kandahar. 408 00:18:43,567 --> 00:18:47,467 So just suffice to say it was a comprehensive meeting on a whole 409 00:18:47,467 --> 00:18:48,937 host of those issues. 410 00:18:48,934 --> 00:18:51,364 The Press: And then one of the big holes in this case right now 411 00:18:51,367 --> 00:18:54,867 is still the idea, was Shahzad a lone wolf in this or was he 412 00:18:54,867 --> 00:18:56,137 connected to a foreign plot? 413 00:18:56,133 --> 00:18:58,603 And the last real statement we had from the administration was 414 00:18:58,600 --> 00:19:01,330 Secretary Napolitano over the weekend saying that we thought 415 00:19:01,333 --> 00:19:02,233 he was a one-off. 416 00:19:02,233 --> 00:19:03,363 Is that still the administration's position? 417 00:19:03,367 --> 00:19:05,197 Mr. Gibbs: Well, I think the administration's position 418 00:19:05,200 --> 00:19:10,500 on the investigation is it a -- this is a rapidly developing 419 00:19:10,500 --> 00:19:16,830 ongoing investigation, and if there are developments that need 420 00:19:16,834 --> 00:19:18,834 to be made public they'll likely be done so through the 421 00:19:18,834 --> 00:19:19,764 Department of Justice. 422 00:19:19,767 --> 00:19:21,537 The Press: But have you moved away from the idea of him being a one-off? 423 00:19:21,533 --> 00:19:24,803 Mr. Gibbs: I'm not going to get into parsing where we are on -- 424 00:19:24,800 --> 00:19:27,370 and the Department of Justice is on an active investigation. 425 00:19:27,367 --> 00:19:28,167 Yes, sir. 426 00:19:28,166 --> 00:19:30,866 The Press: Robert, is the administration pleased or satisfied with 427 00:19:30,867 --> 00:19:35,067 Pakistan's cooperation on this investigation so far? 428 00:19:35,066 --> 00:19:37,036 Mr. Gibbs: Yes. 429 00:19:37,033 --> 00:19:39,733 The Press: Second question. The President said -- 430 00:19:39,734 --> 00:19:43,104 Mr. Gibbs: Let me just -- can we just -- let me make sure -- I 431 00:19:43,100 --> 00:19:46,130 want to -- one of the things I think if you look back over the 432 00:19:46,133 --> 00:19:52,303 course of 15 or 16 months of our administration, 433 00:19:52,300 --> 00:19:56,670 we have dramatically increased our partnership with Pakistan -- 434 00:19:56,667 --> 00:20:03,737 intense security cooperation, supporting Pakistan's largest 435 00:20:03,734 --> 00:20:07,134 offensive against terrorism within borders -- within its 436 00:20:07,133 --> 00:20:13,063 borders in years, an offensive that was -- is focused not just 437 00:20:13,066 --> 00:20:17,736 on al Qaeda, but on the Pakistani Taliban as well. 438 00:20:17,734 --> 00:20:20,304 The Press: Switching topics, the President said a couple weeks 439 00:20:20,300 --> 00:20:23,100 ago to business leaders that once financial regulation was 440 00:20:23,100 --> 00:20:26,930 passed, that the administration would be shifting to climate change. 441 00:20:26,934 --> 00:20:29,564 Then the Arizona law and immigration came up. 442 00:20:29,567 --> 00:20:32,937 Last night he spoke about immigration at the Cinco de Mayo 443 00:20:32,934 --> 00:20:36,664 party and said he wanted to begin work on immigration this year. 444 00:20:36,667 --> 00:20:40,997 Is the next big push after fin reg still going to be climate change? 445 00:20:41,000 --> 00:20:42,970 Mr. Gibbs: Well, look, I think there are a whole host of things 446 00:20:42,967 --> 00:20:44,667 that the administration will work on. 447 00:20:44,667 --> 00:20:46,897 I think we're going to continue to make progress on creating an 448 00:20:46,900 --> 00:20:49,930 environment for job creation, right? 449 00:20:49,934 --> 00:20:53,104 We've -- I think the House is likely to take up the home 450 00:20:53,100 --> 00:20:56,300 retrofitting, the Home Star legislation today, 451 00:20:56,300 --> 00:20:58,970 and we believe we'll pass that. 452 00:20:58,967 --> 00:21:01,237 So there are a whole host of those issues -- the small 453 00:21:01,233 --> 00:21:03,763 business lending initiative also that has to be worked on. 454 00:21:03,767 --> 00:21:07,337 I don't doubt that the Senate will soon move to, 455 00:21:07,333 --> 00:21:12,563 as has been discussed, comprehensive energy legislation. 456 00:21:12,567 --> 00:21:16,137 I think what the President has said over the past several weeks 457 00:21:16,133 --> 00:21:19,403 on immigration is, as he said last night, 458 00:21:19,400 --> 00:21:21,730 we have to begin work on this. 459 00:21:21,734 --> 00:21:24,234 But as I said here yesterday and as the President has said 460 00:21:24,233 --> 00:21:28,803 before, this is not going to pass without Republican support. 461 00:21:28,800 --> 00:21:32,600 This is not going to pass without the people that have 462 00:21:32,600 --> 00:21:35,970 been involved in this effort in the years past pledging and 463 00:21:35,967 --> 00:21:38,237 showing their support right now. 464 00:21:38,233 --> 00:21:44,403 So while we begin this effort to shape bipartisan comprehensive 465 00:21:44,400 --> 00:21:48,300 immigration reform legislation, its passage is going to be 466 00:21:48,300 --> 00:21:53,770 dependent upon whether or not we can find Republicans that are -- 467 00:21:53,767 --> 00:21:57,167 that have shared this viewpoint in the past are ready, 468 00:21:57,166 --> 00:22:00,236 willing and able to work on this legislation in the present. 469 00:22:00,233 --> 00:22:02,533 The Press: But is it right to draw any connection between what you're 470 00:22:02,533 --> 00:22:05,703 saying and what the President said about immigration and -- 471 00:22:05,700 --> 00:22:07,100 Mr. Gibbs: Well, I hope it's fairly analogous. 472 00:22:07,100 --> 00:22:08,070 (laughter) 473 00:22:08,066 --> 00:22:10,966 And so in that sense I would draw a largely direct connection. 474 00:22:10,967 --> 00:22:14,537 The Press: The end of my question is, "and climate change?" 475 00:22:14,533 --> 00:22:18,133 Is that a signal that climate change in fact will be a bigger 476 00:22:18,133 --> 00:22:20,563 priority -- because it's clearly something -- 477 00:22:20,567 --> 00:22:21,967 Mr. Gibbs: I will say this -- 478 00:22:21,967 --> 00:22:23,937 The Press: -- that's derailed Lindsey Graham's support for it. 479 00:22:23,934 --> 00:22:24,534 Is that -- 480 00:22:24,533 --> 00:22:25,263 Mr. Gibbs: Well, I will say this. 481 00:22:25,266 --> 00:22:29,796 I think that while each is a priority, 482 00:22:29,800 --> 00:22:33,200 I don't think I'm -- this is an earth-shattering comment to 483 00:22:33,200 --> 00:22:38,030 believe that the energy legislation is farther ahead of 484 00:22:38,033 --> 00:22:39,603 immigration legislation. 485 00:22:39,600 --> 00:22:44,230 I think that is -- that's simply a look at where we are in the 486 00:22:44,233 --> 00:22:47,003 construction -- legislative construction process. 487 00:22:47,000 --> 00:22:49,100 The Press: But that sense, whether it's true or not, 488 00:22:49,100 --> 00:22:53,770 of a priority is something that has affected Lindsey Graham's support. 489 00:22:53,767 --> 00:22:55,797 So is that something that you're addressing right now? 490 00:22:55,800 --> 00:22:58,530 Mr. Gibbs: Well, I would say this about Senator Graham's support. 491 00:22:58,533 --> 00:23:01,303 We have worked with Senator Graham I think pretty well in 492 00:23:01,300 --> 00:23:02,270 this administration. 493 00:23:02,266 --> 00:23:07,936 He's been here a number of times to discuss a whole host of issues. 494 00:23:07,934 --> 00:23:11,864 All we've done on Senator Graham -- with Senator Graham on energy 495 00:23:11,867 --> 00:23:16,567 and immigration reform is each and every thing he asked to do, right? 496 00:23:16,567 --> 00:23:18,297 He came to the Oval Office, met with the President, 497 00:23:18,300 --> 00:23:21,630 and asked that the President, with Senator Schumer, 498 00:23:21,633 --> 00:23:24,963 support an outline that they were working for comprehensive 499 00:23:24,967 --> 00:23:27,737 immigration reform and asked that we seek additional 500 00:23:27,734 --> 00:23:31,664 Republican support through calling five senators. 501 00:23:31,667 --> 00:23:33,767 We did each of those things. 502 00:23:33,767 --> 00:23:37,767 I think we've done -- if I'm not mistaken, 503 00:23:37,767 --> 00:23:39,997 I think there was an energy meeting and an immigration 504 00:23:40,000 --> 00:23:43,070 meeting -- one on a Monday, one on a Tuesday. 505 00:23:43,066 --> 00:23:49,966 So I can't speak for where Senator Graham is today. 506 00:23:49,967 --> 00:23:53,067 I can simply speak for what he asked the President to do and 507 00:23:53,066 --> 00:23:57,766 what the President did to keep his word and his commitment. 508 00:23:57,767 --> 00:24:02,367 I don't -- again, I think we've made it -- I think there's a lot 509 00:24:02,367 --> 00:24:04,667 of progress that has been made on energy legislation and I 510 00:24:04,667 --> 00:24:07,597 don't think anybody -- Democrat, Republican, or independent, 511 00:24:07,600 --> 00:24:11,170 in Joe Lieberman's case -- want to see that work and that 512 00:24:11,166 --> 00:24:12,866 commitment walked away from. 513 00:24:12,867 --> 00:24:13,597 Jake. 514 00:24:13,600 --> 00:24:14,630 The Press: Just a follow-up on that, 515 00:24:14,633 --> 00:24:17,703 the President has said that he wants it to be a bipartisan bill 516 00:24:17,700 --> 00:24:18,970 -- immigration reform. 517 00:24:18,967 --> 00:24:20,067 Mr. Gibbs: Well, let me just be clear. 518 00:24:20,066 --> 00:24:23,796 Again, in order to get through, it's going to have to be. 519 00:24:23,800 --> 00:24:24,400 The Press: Right. 520 00:24:24,400 --> 00:24:25,970 Mr. Gibbs: There's -- that's a math problem, 521 00:24:25,967 --> 00:24:28,167 not a perception problem. 522 00:24:28,166 --> 00:24:30,366 The Press: Democrats have been shopping around an immigration 523 00:24:30,367 --> 00:24:33,937 reform proposal in the absence of Lindsey Graham being partners 524 00:24:33,934 --> 00:24:35,334 with Schumer on this. 525 00:24:35,333 --> 00:24:38,203 They haven't been able to find a Republican yet the last time I 526 00:24:38,200 --> 00:24:40,070 checked to join them. 527 00:24:40,066 --> 00:24:41,096 Mr. Gibbs: Therein lies the problem. 528 00:24:41,100 --> 00:24:44,830 The Press: How important is it to the President that the bill 529 00:24:44,834 --> 00:24:48,534 itself be one that can attract Republicans even if there are no 530 00:24:48,533 --> 00:24:49,933 Republican sponsors? 531 00:24:49,934 --> 00:24:53,734 Mr. Gibbs: Again, it -- 532 00:24:53,734 --> 00:24:54,464 The Press: Do you see what I'm driving at? 533 00:24:54,467 --> 00:24:57,867 I mean, because there are some Republicans who say that the 534 00:24:57,867 --> 00:24:59,597 Democratic leadership in the Senate is just looking to use 535 00:24:59,600 --> 00:25:03,330 this as an issue to gin up and galvanize Democratic 536 00:25:03,333 --> 00:25:04,363 voters for the fall. 537 00:25:04,367 --> 00:25:05,497 I'm not saying that that's what the President is trying to do. 538 00:25:05,500 --> 00:25:06,370 Mr. Gibbs: Yes, that's -- I mean, 539 00:25:06,367 --> 00:25:08,837 I think the President's involvement on this issue 540 00:25:08,834 --> 00:25:10,534 has been consistent throughout the years. 541 00:25:10,533 --> 00:25:15,203 I would say -- whether or not you could get people to vote for 542 00:25:15,200 --> 00:25:18,130 something but not be a direct sponsor, 543 00:25:18,133 --> 00:25:20,603 I don't -- that might be a tougher -- 544 00:25:20,600 --> 00:25:22,330 The Press: Well, how do you make that equation though? 545 00:25:22,333 --> 00:25:25,163 I mean, do you look at the 2007 legislation as a template? 546 00:25:25,166 --> 00:25:25,936 Do you -- 547 00:25:25,934 --> 00:25:28,404 Mr. Gibbs: Look, I think there are certainly aspects of the 548 00:25:28,400 --> 00:25:30,570 legislation that was done throughout the period of 549 00:25:30,567 --> 00:25:32,837 '05 through '07. 550 00:25:32,834 --> 00:25:36,834 I'd have to look specifically at -- I've not evaluated 551 00:25:36,834 --> 00:25:40,864 specifically what is in one and isn't in the other sort of thing. 552 00:25:40,867 --> 00:25:43,367 But, again, I would simply reiterate, Jake, 553 00:25:43,367 --> 00:25:51,797 that it's not just a luxury in needing Republican support and 554 00:25:51,800 --> 00:25:54,100 sponsors -- it's a necessity. 555 00:25:54,100 --> 00:25:58,200 And unless or until we get to that point, 556 00:25:58,200 --> 00:26:02,730 it's going to be hard to enact overall comprehensive reform. 557 00:26:02,734 --> 00:26:04,234 The Press: Just to follow up on a couple other things, 558 00:26:04,233 --> 00:26:07,903 Neal Wolin talked about Fannie and Freddie reform being 559 00:26:07,900 --> 00:26:09,800 something that the President wants to do. 560 00:26:09,800 --> 00:26:10,830 Is there a timeline for that? 561 00:26:10,834 --> 00:26:12,334 Is there any pressing need? 562 00:26:12,333 --> 00:26:15,003 Obviously there was some news from Freddie yesterday that 563 00:26:15,000 --> 00:26:18,100 couldn't have been heartening to the President. 564 00:26:18,100 --> 00:26:22,730 Mr. Gibbs: But I think something we -- that was largely believed 565 00:26:22,734 --> 00:26:23,634 to be expected. 566 00:26:23,633 --> 00:26:28,303 I wouldn't add much, since he's the Deputy Secretary of the 567 00:26:28,300 --> 00:26:33,170 Treasury, to what Neal said and what Secretary Geithner have 568 00:26:33,166 --> 00:26:35,266 over the past few months outlined. 569 00:26:35,266 --> 00:26:40,536 The President reiterated to the economic team on either Monday 570 00:26:40,533 --> 00:26:44,333 or Tuesday -- I forget exactly which day we were in the Oval -- 571 00:26:44,333 --> 00:26:50,563 that this was something that had to be pursued as part of the 572 00:26:50,567 --> 00:26:56,267 full panoply of financial reform, even as we ensure, 573 00:26:56,266 --> 00:26:58,696 as Neal said, stability in the housing market. 574 00:26:58,700 --> 00:27:02,200 The Press: And lastly, Senators Lieberman and Scott Brown, 575 00:27:02,200 --> 00:27:04,900 as well as Congressmen Altmire and Dent, 576 00:27:04,900 --> 00:27:09,270 introduced a law today that would allow the State Department 577 00:27:09,266 --> 00:27:13,066 to designate anyone who the State Department believes is 578 00:27:13,066 --> 00:27:15,636 providing material support or resources to a foreign terrorist 579 00:27:15,633 --> 00:27:18,863 organization, to strip that person of their citizenship if 580 00:27:18,867 --> 00:27:20,597 they are a U.S. citizen. 581 00:27:20,600 --> 00:27:22,430 Does the administration have a position on this bill? 582 00:27:22,433 --> 00:27:24,163 Mr. Gibbs: I have not heard anybody inside the 583 00:27:24,166 --> 00:27:27,436 administration that's been supportive of that idea. 584 00:27:27,433 --> 00:27:28,863 The Press: Does that mean the administration opposes it? 585 00:27:28,867 --> 00:27:32,567 Mr. Gibbs: I have not heard anybody that supports it at all. 586 00:27:32,567 --> 00:27:33,837 The Press: Do you want the press release? 587 00:27:33,834 --> 00:27:36,064 Mr. Gibbs: No, I got Google, too. 588 00:27:36,066 --> 00:27:36,796 The Press: Okay. 589 00:27:36,800 --> 00:27:37,770 Mr. Gibbs: Go ahead. 590 00:27:37,767 --> 00:27:39,997 The Press: After the last Afghan -- AfPak meeting, 591 00:27:40,000 --> 00:27:43,970 there was a sense from the White House of optimism that a lot of 592 00:27:43,967 --> 00:27:45,497 progress was being made on the ground. 593 00:27:45,500 --> 00:27:49,130 What was the tone today in terms of what's going on in Afghanistan? 594 00:27:49,133 --> 00:27:54,363 Mr. Gibbs: Well, look, I think the phrase that General 595 00:27:54,367 --> 00:28:01,337 McChrystal specifically used was that progress has been slow but steady. 596 00:28:01,333 --> 00:28:09,203 I anticipate that that is likely what we'll see for the remainder 597 00:28:09,200 --> 00:28:10,300 of the year. 598 00:28:10,300 --> 00:28:15,200 A couple of -- as we do in all of these meetings, 599 00:28:15,200 --> 00:28:22,570 they went through where we are in building an Afghan national 600 00:28:22,567 --> 00:28:26,337 security force, both -- which is comprised of an Afghan national 601 00:28:26,333 --> 00:28:32,003 army and an Afghan national police -- both of which were 602 00:28:32,000 --> 00:28:36,330 ever so slightly ahead of the goals, 603 00:28:36,333 --> 00:28:41,663 and that the force flow of our additional troops moving into 604 00:28:41,667 --> 00:28:47,967 Afghanistan was on pace, which is obviously something that has 605 00:28:47,967 --> 00:28:50,337 been of great concern to the President. 606 00:28:50,333 --> 00:28:53,833 The Press: And in terms of -- in the wake of the attempted 607 00:28:53,834 --> 00:28:57,264 bombing at Times Square, has intelligence picked up any 608 00:28:57,266 --> 00:29:01,996 additional increased activity from various terrorist groups? 609 00:29:02,000 --> 00:29:03,600 Are they seeing anything more? 610 00:29:03,600 --> 00:29:06,470 Mr. Gibbs: I'm not going get into what intelligence officials 611 00:29:06,467 --> 00:29:07,767 are picking up. 612 00:29:07,767 --> 00:29:10,467 The Press: British elections -- will the White House be paying 613 00:29:10,467 --> 00:29:11,797 close attention to that tonight? 614 00:29:11,800 --> 00:29:13,930 And any thought given to how that could impact the special 615 00:29:13,934 --> 00:29:16,004 relationship that -- 616 00:29:16,000 --> 00:29:19,400 Mr. Gibbs: I don't think the outcome will impact any measure 617 00:29:19,400 --> 00:29:22,670 of the special relationship. 618 00:29:22,667 --> 00:29:24,067 Is that just in my head or do you all hear that? 619 00:29:24,066 --> 00:29:25,096 The Press: It's just in your head. 620 00:29:25,100 --> 00:29:26,630 (laughter) 621 00:29:26,633 --> 00:29:27,963 Mr. Gibbs: Happens to me all the time, Chip. 622 00:29:27,967 --> 00:29:29,337 The Press: Instructions from outer space. 623 00:29:29,333 --> 00:29:31,403 Mr. Gibbs: Right when I just can't quite get the station locked in. 624 00:29:31,400 --> 00:29:33,700 (laughter) 625 00:29:33,700 --> 00:29:38,530 I don't think that will impact at all that special relationship. 626 00:29:38,533 --> 00:29:44,433 I think we will certainly be watching what happens and I 627 00:29:44,433 --> 00:29:49,633 anticipate that the President will at an appropriate time 628 00:29:49,633 --> 00:29:54,003 reach out to -- 629 00:29:54,000 --> 00:29:54,800 The Press: The winner. 630 00:29:54,800 --> 00:29:55,900 (laughter) 631 00:29:55,900 --> 00:29:58,700 Mr. Gibbs: Yes, it's -- reach out to the British government, 632 00:29:58,700 --> 00:29:59,700 how about that? 633 00:29:59,700 --> 00:30:03,500 Let's -- I think we're all sort of watching the -- what might be 634 00:30:03,500 --> 00:30:05,730 an interesting result. 635 00:30:05,734 --> 00:30:07,504 The Press: You said that General McChrystal said progress 636 00:30:07,500 --> 00:30:08,900 is slow but steady. 637 00:30:08,900 --> 00:30:11,300 Is the President satisfied with the pace of progress? 638 00:30:11,300 --> 00:30:12,530 Mr. Gibbs: Thus far, yes. 639 00:30:12,533 --> 00:30:15,503 The Press: He did not express any frustration or impatience at 640 00:30:15,500 --> 00:30:18,600 how things are going? 641 00:30:18,600 --> 00:30:24,270 Mr. Gibbs: I think that the President was under no illusions 642 00:30:24,266 --> 00:30:28,536 that what we have been involved in for many, 643 00:30:28,533 --> 00:30:32,463 many years in Afghanistan is going to take some time. 644 00:30:32,467 --> 00:30:38,267 There are a whole host of issues -- not just military -- but 645 00:30:38,266 --> 00:30:42,696 issues surrounding governance that we're working through, 646 00:30:42,700 --> 00:30:45,670 so I think slow and steady is largely to be what's expected. 647 00:30:45,667 --> 00:30:51,237 The Press: Does he believe that they are still on pace to keep 648 00:30:51,233 --> 00:30:54,133 -- to start bringing troops out as he has scheduled? 649 00:30:54,133 --> 00:30:58,663 Mr. Gibbs: Yes -- nothing that was discussed that would change 650 00:30:58,667 --> 00:31:01,067 what the President outlined in December. 651 00:31:01,066 --> 00:31:03,896 The Press: There was a fairly alarming piece by Ahmed Rashid 652 00:31:03,900 --> 00:31:06,100 -- I don't know if you saw it, an op-ed piece in the Post a 653 00:31:06,100 --> 00:31:09,000 couple of days ago where he said that North Waziristan now, 654 00:31:09,000 --> 00:31:13,200 of all the provinces in western Pakistan, 655 00:31:13,200 --> 00:31:16,100 that's the one that's the least touched by Pakistani forces and 656 00:31:16,100 --> 00:31:19,770 U.S. forces and that it is now such a hotbed of terrorist 657 00:31:19,767 --> 00:31:22,567 activity and terrorist training that it is worse 658 00:31:22,567 --> 00:31:26,197 than Afghanistan was before 9/11. 659 00:31:26,200 --> 00:31:28,500 And Ahmed Rashid is a very respected writer, author -- 660 00:31:28,500 --> 00:31:29,170 Mr. Gibbs: I think -- 661 00:31:29,166 --> 00:31:31,396 The Press: Was that discussed in the meeting today? 662 00:31:31,400 --> 00:31:33,270 And is that something that people in this administration 663 00:31:33,266 --> 00:31:33,836 agree with? 664 00:31:33,834 --> 00:31:34,734 Is it that bad? 665 00:31:34,734 --> 00:31:39,564 Mr. Gibbs: Yes, it was not -- the specific region was not, 666 00:31:39,567 --> 00:31:44,337 as I recall, brought up in great detail today. 667 00:31:44,333 --> 00:31:51,963 Suffice to say that many regions in Pakistan have been the focus 668 00:31:51,967 --> 00:31:55,267 of our cooperative work with Pakistan, 669 00:31:55,266 --> 00:31:58,536 the government of Pakistan for the length of our 670 00:31:58,533 --> 00:32:02,103 administration, understanding that we have a threat that 671 00:32:02,100 --> 00:32:06,670 continues from that region of the world. 672 00:32:06,667 --> 00:32:07,867 The Press: I know this is probably pointless but I'll do 673 00:32:07,867 --> 00:32:09,067 it anyway -- Supreme Court. 674 00:32:09,066 --> 00:32:10,436 Mr. Gibbs: Supreme Court -- all right, I was waiting. 675 00:32:10,433 --> 00:32:11,703 How many questions did that take? 676 00:32:11,700 --> 00:32:14,170 The Press: Yes, well, anything? 677 00:32:14,166 --> 00:32:15,936 (laughter) 678 00:32:15,934 --> 00:32:19,734 Mr. Gibbs: You go about 16 blocks and you hang a right, and you -- 679 00:32:19,734 --> 00:32:21,064 The Press: You mean you can't go in the front? 680 00:32:21,066 --> 00:32:23,396 Mr. Gibbs: I know. I know. 681 00:32:23,400 --> 00:32:25,500 The Press: Is tomorrow a possibility? 682 00:32:25,500 --> 00:32:27,270 Mr. Gibbs: Every day is a possibility. 683 00:32:27,266 --> 00:32:28,896 The Press: Today is a possibility? 684 00:32:28,900 --> 00:32:29,930 The Press: We have to change your frequency. 685 00:32:29,934 --> 00:32:31,034 (laughter) 686 00:32:31,033 --> 00:32:32,733 Mr. Gibbs: I would say -- that was good. 687 00:32:32,734 --> 00:32:38,404 I would say less today given the time that's elapsed. 688 00:32:38,400 --> 00:32:39,800 The Press: The weekend? 689 00:32:39,800 --> 00:32:40,530 The Press: Let's just say Monday. 690 00:32:40,533 --> 00:32:41,363 The Press: The weekend? 691 00:32:41,367 --> 00:32:42,167 The Press: You're not ruling it out? 692 00:32:42,166 --> 00:32:43,536 Mr. Gibbs: Every day is a possibility. 693 00:32:43,533 --> 00:32:44,933 I hear the static coming back. 694 00:32:44,934 --> 00:32:47,304 The Press: You won't rule out this week? 695 00:32:47,300 --> 00:32:51,300 Mr. Gibbs: I'm not going to rule out -- I'm not going to rule out anything. 696 00:32:51,300 --> 00:32:52,970 The Press: It could be happening right now, for all we know. 697 00:32:52,967 --> 00:32:54,237 Mr. Gibbs: You didn't know? 698 00:32:54,233 --> 00:32:56,263 That would be quite the diversion, wouldn't it? 699 00:32:56,266 --> 00:32:58,036 The Press: Is Vice President Biden's attendance mandatory at 700 00:32:58,033 --> 00:32:58,933 the announcement? 701 00:32:58,934 --> 00:33:02,834 Mr. Gibbs: No. 702 00:33:02,834 --> 00:33:04,634 The Press: Would the administration consider -- 703 00:33:04,633 --> 00:33:06,903 Mr. Gibbs: It would still be a big deal. 704 00:33:06,900 --> 00:33:09,270 (laughter) 705 00:33:09,266 --> 00:33:10,396 The Press: What kind of deal? 706 00:33:10,400 --> 00:33:10,800 (laughter) 707 00:33:10,800 --> 00:33:11,730 The Press: A very big deal. 708 00:33:11,734 --> 00:33:13,564 Mr. Gibbs: How loud is the static? 709 00:33:13,567 --> 00:33:14,667 That's -- go ahead. 710 00:33:14,667 --> 00:33:16,797 The Press: Why would be a big deal? 711 00:33:16,800 --> 00:33:19,400 Mr. Gibbs: Nice try. Go ahead. 712 00:33:19,400 --> 00:33:20,400 The Press: Would the administration consider 713 00:33:20,400 --> 00:33:25,500 reinstating what was at the time an emergency provision to stop 714 00:33:25,500 --> 00:33:28,570 for secondary screening people from 14 countries? 715 00:33:28,567 --> 00:33:32,737 I know that you sent a note in the briefing that addressed why 716 00:33:32,734 --> 00:33:35,504 you think these new measures are superior. 717 00:33:35,500 --> 00:33:37,870 Mr. Gibbs: More comprehensive and, quite frankly, 718 00:33:37,867 --> 00:33:44,837 superior given the best information that we have from 719 00:33:44,834 --> 00:33:47,664 counterterrorism officials. 720 00:33:47,667 --> 00:33:52,297 As I talked about yesterday, we've got a degraded command and 721 00:33:52,300 --> 00:33:56,100 control structure -- upper command and control structure in 722 00:33:56,100 --> 00:34:07,270 al Qaeda that has moved them to less sophisticated planning 723 00:34:07,266 --> 00:34:10,096 around different events. 724 00:34:10,100 --> 00:34:13,700 They don't -- they fit a whole host of different profiles that 725 00:34:13,700 --> 00:34:19,930 geography alone may not alert you to. 726 00:34:19,934 --> 00:34:26,934 So the development of what was announced post the 14 specific 727 00:34:26,934 --> 00:34:32,504 countries takes into account the evolving geographic nature 728 00:34:32,500 --> 00:34:33,770 of the threat. 729 00:34:33,767 --> 00:34:36,237 The Press: In the case of Shahzad are you confident that 730 00:34:36,233 --> 00:34:39,063 these new measures would have stopped him for secondary screening? 731 00:34:39,066 --> 00:34:40,596 Mr. Gibbs: Yes. 732 00:34:40,600 --> 00:34:44,230 The Press: When is the administration going to name a new TSA administrator? 733 00:34:44,233 --> 00:34:46,363 Mr. Gibbs: I don't have anything on that. 734 00:34:46,367 --> 00:34:48,137 The Press: Would you consider it a priority? 735 00:34:48,133 --> 00:34:52,033 We haven't had a permanent TSA administrator since January of 2009. 736 00:34:52,033 --> 00:34:55,103 Mr. Gibbs: Absolutely -- it is. 737 00:34:55,100 --> 00:35:03,000 And our improvements in airline safety have -- and in screening 738 00:35:03,000 --> 00:35:08,830 are important to our overall increase in domestic defense 739 00:35:08,834 --> 00:35:10,434 against a possible terror attack. 740 00:35:10,433 --> 00:35:12,863 The Press: Does it take on great urgency given the events 741 00:35:12,867 --> 00:35:13,567 of the last week -- 742 00:35:13,567 --> 00:35:16,467 Mr. Gibbs: Again, I think -- I think every day it's an 743 00:35:16,467 --> 00:35:17,797 important position. 744 00:35:17,800 --> 00:35:18,770 Jonathan. 745 00:35:18,767 --> 00:35:20,697 The Press: New job numbers coming out tomorrow. 746 00:35:20,700 --> 00:35:22,630 I'm sure -- I expect the President will have 747 00:35:22,633 --> 00:35:24,033 something to say about that. 748 00:35:24,033 --> 00:35:25,603 Going to Buffalo on Thursday. 749 00:35:25,600 --> 00:35:26,700 Mr. Gibbs: Yes. 750 00:35:26,700 --> 00:35:29,030 The Press: Do you feel like -- does the President feel like his 751 00:35:29,033 --> 00:35:33,703 message on jobs and on economic focus is getting through, 752 00:35:33,700 --> 00:35:37,200 or that it's just being swamped by oil spills and terrorism and 753 00:35:37,200 --> 00:35:38,770 everything else that keeps cropping up? 754 00:35:38,767 --> 00:35:43,767 Mr. Gibbs: Well, we did a little of this yesterday. 755 00:35:43,767 --> 00:35:48,037 First and foremost, I think the American people -- as you heard 756 00:35:48,033 --> 00:35:56,163 Neal say -- most of the American people's intersection with this 757 00:35:56,166 --> 00:36:01,896 financial crisis has been through aspects that would be 758 00:36:01,900 --> 00:36:07,630 better regulated with a consumer -- something that looks after 759 00:36:07,633 --> 00:36:13,433 the consumer -- the protection of consumers financially. 760 00:36:13,433 --> 00:36:18,663 So I don't think that -- I think what's going on on the floor now 761 00:36:18,667 --> 00:36:23,597 is very emblematic of an economic agenda. 762 00:36:23,600 --> 00:36:27,270 I don't think those are -- I don't think that's different 763 00:36:27,266 --> 00:36:28,266 than something else. 764 00:36:28,266 --> 00:36:32,066 As I said earlier, the House is likely to take up and pass an 765 00:36:32,066 --> 00:36:35,396 aspect of the President's proposal even as both houses 766 00:36:35,400 --> 00:36:38,170 work on a small business lending issue. 767 00:36:38,166 --> 00:36:41,936 As you mentioned, we're getting new jobs numbers tomorrow, 768 00:36:41,934 --> 00:36:46,804 and we'll be able to evaluate where we are on the road to 769 00:36:46,800 --> 00:36:49,370 further economic recovery. 770 00:36:49,367 --> 00:36:57,567 At the same time, Jonathan, you can't -- the President has to be 771 00:36:57,567 --> 00:37:00,297 able to walk, chew gum, juggle and ride a unicycle 772 00:37:00,300 --> 00:37:01,800 all at the same time. 773 00:37:01,800 --> 00:37:05,630 You don't have the luxury of just doing -- or focusing on one 774 00:37:05,633 --> 00:37:10,003 thing, and that's what the President has had to do, 775 00:37:10,000 --> 00:37:13,070 quite frankly, throughout the whole of his administration. 776 00:37:13,066 --> 00:37:14,636 The Press: Robert, can I just follow up? 777 00:37:14,633 --> 00:37:16,563 Apparently the Dow is dropping 1,000; 778 00:37:16,567 --> 00:37:18,997 the European markets have stopped lending. 779 00:37:19,000 --> 00:37:20,870 Do you have any response? 780 00:37:20,867 --> 00:37:22,397 Mr. Gibbs: I -- first I've -- 781 00:37:22,400 --> 00:37:23,370 The Press: It's news to you? 782 00:37:23,367 --> 00:37:26,537 Mr. Gibbs: First I've -- I don't -- my producer did not hand me a -- 783 00:37:26,533 --> 00:37:28,203 The Press: Well, mine did, and -- 784 00:37:28,200 --> 00:37:29,970 Mr. Gibbs: I will -- no, I understand, I will -- 785 00:37:29,967 --> 00:37:32,467 The Press: Can you talk more generally about the crisis in Greece? 786 00:37:32,467 --> 00:37:34,997 Mr. Gibbs: Yes. 787 00:37:35,000 --> 00:37:42,770 All I want to say is obviously the President has heard 788 00:37:42,767 --> 00:37:47,197 regularly from his economic team -- from Secretary Geithner, 789 00:37:47,200 --> 00:37:51,730 from Director Summers; been in frequent communications, 790 00:37:51,734 --> 00:37:54,834 as they have been, with European counterparts. 791 00:37:54,834 --> 00:37:58,264 The Treasury is monitoring the situation closely. 792 00:37:58,266 --> 00:38:04,496 The reforms that are needed to be enacted in Greece are 793 00:38:04,500 --> 00:38:06,430 important and will take some time. 794 00:38:06,433 --> 00:38:08,763 And we will continue to monitor that. 795 00:38:08,767 --> 00:38:12,897 I will see if there's anything specific as it relates to that 796 00:38:12,900 --> 00:38:14,370 when I get back. 797 00:38:14,367 --> 00:38:15,267 The Press: On that? 798 00:38:15,266 --> 00:38:15,936 Mr. Gibbs: Yes, sir. 799 00:38:15,934 --> 00:38:17,964 The Press: If I could, the leaders of the House Republican 800 00:38:17,967 --> 00:38:20,667 Conference have objected to U.S. 801 00:38:20,667 --> 00:38:24,567 participation in the IMF loan for Greece. 802 00:38:24,567 --> 00:38:26,497 I presume the President supports it. 803 00:38:26,500 --> 00:38:27,770 Tell me why he feels it's needed. 804 00:38:27,767 --> 00:38:31,097 Mr. Gibbs: Yes, let me get something more specific on that for you. 805 00:38:31,100 --> 00:38:35,970 I don't -- I have not seen the House conferences -- 806 00:38:35,967 --> 00:38:38,197 The Press: They sent a letter to Geithner basically 807 00:38:38,200 --> 00:38:41,470 characterizing it as a taxpayer bailout of Greece, 808 00:38:41,467 --> 00:38:44,737 though the U.S., of course, doesn't provide all the funds 809 00:38:44,734 --> 00:38:46,034 for the IMF loan. 810 00:38:46,033 --> 00:38:48,963 Mr. Gibbs: Let me find something else out for you guys on that. 811 00:38:48,967 --> 00:38:49,537 The Press: Robert? 812 00:38:49,533 --> 00:38:49,733 Mr. Gibbs: Yes, sir. 813 00:38:49,734 --> 00:38:53,304 The Press: Can we now say that the President's interviews with 814 00:38:53,300 --> 00:38:56,070 candidates for the High Court are over? 815 00:38:56,066 --> 00:38:57,736 Mr. Gibbs: I've not been told that, no. 816 00:38:57,734 --> 00:38:58,104 The Press: You haven't? 817 00:38:58,100 --> 00:38:59,130 Mr. Gibbs: No. 818 00:38:59,133 --> 00:39:00,063 The Press: All right. 819 00:39:00,066 --> 00:39:03,696 On his remarks yesterday in the Rose Garden, 820 00:39:03,700 --> 00:39:08,800 does he object as strongly to the modified Arizona immigration 821 00:39:08,800 --> 00:39:10,700 law as he did to the original one? 822 00:39:10,700 --> 00:39:15,230 It sounded yesterday like he was talking about the original law 823 00:39:15,233 --> 00:39:18,903 and changes, modifications have been made in it. 824 00:39:18,900 --> 00:39:21,770 Mr. Gibbs: I can check with those folks here and at Justice, 825 00:39:21,767 --> 00:39:26,837 but I know of no change in our belief as originally 826 00:39:26,834 --> 00:39:27,804 stated by the President. 827 00:39:27,800 --> 00:39:30,670 The Press: Well, my understanding is under the modified law, 828 00:39:30,667 --> 00:39:33,937 police just can't go up to somebody they suspect 829 00:39:33,934 --> 00:39:38,334 of being an illegal immigrant, but they can only ask about it 830 00:39:38,333 --> 00:39:41,133 if they've stopped that individual for a different -- 831 00:39:41,133 --> 00:39:43,333 for a legal purpose. 832 00:39:43,333 --> 00:39:44,033 Mr. Gibbs: I can check. 833 00:39:44,033 --> 00:39:46,703 The Press: Sneaking a stoplight or something like that? 834 00:39:46,700 --> 00:39:48,870 Mr. Gibbs: I don't know whether -- I don't know the degree to 835 00:39:48,867 --> 00:39:50,997 which that changes things, to be 100 percent honest with you, 836 00:39:51,000 --> 00:39:51,670 but I'll check. 837 00:39:51,667 --> 00:39:52,337 The Press: Okay. 838 00:39:52,333 --> 00:39:52,903 Mr. Gibbs: Julianna. 839 00:39:52,900 --> 00:39:55,470 The Press: Is the President having separate briefings on the 840 00:39:55,467 --> 00:39:56,497 Greek debt crisis? 841 00:39:56,500 --> 00:39:59,430 Or is it part of the daily economic briefing? 842 00:39:59,433 --> 00:40:01,863 Mr. Gibbs: Generally has been -- I will double-check on this, 843 00:40:01,867 --> 00:40:07,097 but generally the updates that he has gotten have been a part 844 00:40:07,100 --> 00:40:09,570 of the economic daily briefing. 845 00:40:09,567 --> 00:40:16,737 Obviously there have been a couple of calls -- one on Sunday 846 00:40:16,734 --> 00:40:22,234 to the Greeks, and one, I believe it was the last week 847 00:40:22,233 --> 00:40:25,763 with Chancellor Merkel, that obviously involved 848 00:40:25,767 --> 00:40:26,837 some separate meetings. 849 00:40:26,834 --> 00:40:28,604 The Press: Did he talk directly to Greek leaders? 850 00:40:28,600 --> 00:40:30,030 The Press: Wait, what was the Sunday call? 851 00:40:30,033 --> 00:40:32,503 Mr. Gibbs: That -- yes, I believe there was a -- I'll send 852 00:40:32,500 --> 00:40:34,000 you the readout. 853 00:40:34,000 --> 00:40:36,770 The Press: Do you know if he was updated this morning in his daily -- 854 00:40:36,767 --> 00:40:39,567 Mr. Gibbs: You know, I didn't go to the 10:00 a.m. meeting, 855 00:40:39,567 --> 00:40:42,267 but I will -- I presume that it came up. 856 00:40:42,266 --> 00:40:44,536 It had come up in earlier staff meetings. 857 00:40:44,533 --> 00:40:46,703 The Press: And then also just more broadly when it comes to 858 00:40:46,700 --> 00:40:51,230 regulatory reform, the President publicly and advisors even in 859 00:40:51,233 --> 00:40:56,133 private meetings have told the big banks to call off their 860 00:40:56,133 --> 00:40:59,503 lobbyists, wanting them to stop watering down provisions 861 00:40:59,500 --> 00:41:01,000 of the legislation. 862 00:41:01,000 --> 00:41:04,530 Is there any sense that that message has gotten through at all? 863 00:41:04,533 --> 00:41:07,633 Or do you see the big banks cooperating any more? 864 00:41:07,633 --> 00:41:10,233 Mr. Gibbs: I think there have been some banks that have stated 865 00:41:10,233 --> 00:41:12,103 their support for financial reform. 866 00:41:12,100 --> 00:41:15,970 There are others that continue to -- through both their 867 00:41:15,967 --> 00:41:20,467 personal actions and the actions of their exceedingly large group 868 00:41:20,467 --> 00:41:23,167 of well-paid lobbyists that continue, 869 00:41:23,166 --> 00:41:25,836 as you heard Neal talk about, continue to try to water down 870 00:41:25,834 --> 00:41:28,164 reform on behalf of the American people. 871 00:41:28,166 --> 00:41:32,636 The President has been very clear about the principles that 872 00:41:32,633 --> 00:41:37,303 he sees that are tremendously important in ensuring strong 873 00:41:37,300 --> 00:41:40,470 rules of the road going forward to make sure nothing happens 874 00:41:40,467 --> 00:41:41,837 like this again. 875 00:41:41,834 --> 00:41:44,804 The Press: Would you like to say who those other banks are that have been -- 876 00:41:44,800 --> 00:41:48,170 Mr. Gibbs: I think many of them know who they are. 877 00:41:48,166 --> 00:41:48,896 Yes, sir. 878 00:41:48,900 --> 00:41:50,330 The Press: Does the President agree with Chancellor Merkel 879 00:41:50,333 --> 00:41:54,433 that dealing with the -- the future of Europe really is at 880 00:41:54,433 --> 00:41:57,803 stake in dealing with the Greek crisis that -- 881 00:41:57,800 --> 00:42:00,830 Mr. Gibbs: I have not heard the President talk about that specifically. 882 00:42:00,834 --> 00:42:05,434 As I said here earlier, several weeks ago in the beginning of 883 00:42:05,433 --> 00:42:16,003 this, this was an important thing for the Europeans to work through. 884 00:42:16,000 --> 00:42:16,830 Yes, sir. 885 00:42:16,834 --> 00:42:17,834 The Press: Just a little further on this. 886 00:42:17,834 --> 00:42:21,064 Vice President Biden spoke to the European parliament this 887 00:42:21,066 --> 00:42:24,096 morning but spent very little time on the economic crisis. 888 00:42:24,100 --> 00:42:28,230 Why has the White House seemed to be so reluctant to speak out 889 00:42:28,233 --> 00:42:30,603 more forcefully about what Europe should be doing about 890 00:42:30,600 --> 00:42:33,370 Greece and with Portugal and Spain and Ireland 891 00:42:33,367 --> 00:42:34,167 waiting in the wings? 892 00:42:34,166 --> 00:42:39,136 Mr. Gibbs: Well, again, I would point you to -- we've done 893 00:42:39,133 --> 00:42:45,533 everything that those in Europe have sought Secretary Geithner 894 00:42:45,533 --> 00:42:49,363 and others, including the President, to do on this. 895 00:42:49,367 --> 00:42:53,467 The Press: Just another subject, today's AfPak meeting, 896 00:42:53,467 --> 00:42:56,337 how much time was spent on President Karzai's visit next 897 00:42:56,333 --> 00:42:58,933 week and who weighed in on that? 898 00:42:58,934 --> 00:43:03,404 Mr. Gibbs: We talked a little bit about that. 899 00:43:03,400 --> 00:43:08,670 Let's see -- look, a whole host of -- as many of you would 900 00:43:08,667 --> 00:43:15,267 expect, Secretary of State Clinton, General Jones, 901 00:43:15,266 --> 00:43:22,036 General Lute, Ambassador Eikenberry -- I'm trying to go 902 00:43:22,033 --> 00:43:27,433 through the room now -- Ambassador Holbrooke -- I would 903 00:43:27,433 --> 00:43:32,133 say those are some that talked about the -- President Karzai's 904 00:43:32,133 --> 00:43:34,803 upcoming visit. 905 00:43:34,800 --> 00:43:36,570 The Press: Robert, could you address the administration's 906 00:43:36,567 --> 00:43:41,167 view of the extent to which the United States is vulnerable to a 907 00:43:41,166 --> 00:43:46,836 debt contagion spinning out from the European Union? 908 00:43:46,834 --> 00:43:49,064 Mr. Gibbs: Let me get somebody from Treasury who will have a 909 00:43:49,066 --> 00:43:51,666 more technical answer. 910 00:43:51,667 --> 00:43:55,837 The viewpoint that I have heard in many of these meetings is 911 00:43:55,834 --> 00:44:02,804 that anything that we believe has the ability to affect the 912 00:44:02,800 --> 00:44:08,500 global economic recovery is and should be a concern to this country. 913 00:44:08,500 --> 00:44:11,370 That's why, as I said a minute ago, 914 00:44:11,367 --> 00:44:18,937 the President and officials here have done all that's been asked 915 00:44:18,934 --> 00:44:22,434 of them in responding. 916 00:44:22,433 --> 00:44:25,603 The Press: And on the AfPak meeting as well, 917 00:44:25,600 --> 00:44:29,400 was there any discussion at all of Iraq and its efforts, 918 00:44:29,400 --> 00:44:31,900 ongoing efforts to put a government together that would 919 00:44:31,900 --> 00:44:34,830 allow the United States forces to draw down? 920 00:44:34,834 --> 00:44:41,434 Mr. Gibbs: Not specifically this morning in the meeting. 921 00:44:41,433 --> 00:44:44,963 Let me get back and see if there's a -- if there was an 922 00:44:44,967 --> 00:44:49,097 Iraq meeting over the past few days. 923 00:44:49,100 --> 00:44:49,900 The Press: Robert, can I ask you, 924 00:44:49,900 --> 00:44:51,970 on the oil spill and the economic impact of it, 925 00:44:51,967 --> 00:44:53,997 I realize it's not going to be reflected in the jobs numbers 926 00:44:54,000 --> 00:44:58,570 tomorrow but is there a concern that in the subsequent months 927 00:44:58,567 --> 00:45:01,067 that you're going to have a quantifiable impact from the 928 00:45:01,066 --> 00:45:05,196 loss of business there? 929 00:45:05,200 --> 00:45:09,830 Mr. Gibbs: The discussions that I saw on Sunday, 930 00:45:09,834 --> 00:45:12,934 the briefing with Thad Allen, with the President, 931 00:45:12,934 --> 00:45:16,864 at that point -- and again, I caution that -- I understand 932 00:45:16,867 --> 00:45:22,367 it's Thursday and that was Sunday -- was that they believed 933 00:45:22,367 --> 00:45:29,297 that they had a manageable plan for how to deal with the 934 00:45:29,300 --> 00:45:34,600 potential impact on shipping lanes in particular. 935 00:45:34,600 --> 00:45:38,030 Obviously I think you all understand that the SBA 936 00:45:38,033 --> 00:45:41,263 administrator I think today outlined -- well, 937 00:45:41,266 --> 00:45:45,296 I know today -- outlined a program for providing assistance 938 00:45:45,300 --> 00:45:51,130 to those that -- largely fishermen that as a result of 939 00:45:51,133 --> 00:45:54,163 the spill and the closures that have been involved that have -- 940 00:45:54,166 --> 00:45:57,196 that it will greatly impact their business at an important 941 00:45:57,200 --> 00:46:00,500 time for their livelihood. 942 00:46:00,500 --> 00:46:06,500 I have not heard or seen a larger report on, as you said, 943 00:46:06,500 --> 00:46:10,800 what that may mean weeks and months down the road. 944 00:46:10,800 --> 00:46:11,370 Ann. 945 00:46:11,367 --> 00:46:13,467 The Press: In the last few seconds while you've been talking, 946 00:46:13,467 --> 00:46:18,297 the Dow really dipped down below 10,000 for a second. 947 00:46:18,300 --> 00:46:21,870 Is the President -- is there anything he can tell Americans 948 00:46:21,867 --> 00:46:28,397 to not worry that the overall economy isn't going to be shaken 949 00:46:28,400 --> 00:46:30,070 by the situation in Greece or -- 950 00:46:30,066 --> 00:46:33,266 Mr. Gibbs: Again, let me -- give me the -- let me go find out -- 951 00:46:33,266 --> 00:46:37,166 you guys have -- I'm going to start bringing my computer. 952 00:46:37,166 --> 00:46:38,236 The Press: You've got -- right there. 953 00:46:38,233 --> 00:46:40,463 Mr. Gibbs: No, no, no, these little things just say "The White House" 954 00:46:40,467 --> 00:46:42,767 and you click on them and they go to a blank 955 00:46:42,767 --> 00:46:44,467 screen and then it goes back to "The White House." 956 00:46:44,467 --> 00:46:45,597 (laughter) 957 00:46:45,600 --> 00:46:47,870 This is -- no, this isn't -- 958 00:46:47,867 --> 00:46:48,597 The Press: How much did it cost? 959 00:46:48,600 --> 00:46:50,530 Mr. Gibbs: -- this doesn't do a thing. 960 00:46:50,533 --> 00:46:52,063 The Press: You need Bloomberg, you need a Bloomberg -- 961 00:46:52,066 --> 00:46:52,836 Mr. Gibbs: Do what? 962 00:46:52,834 --> 00:46:53,634 The Press: It's rather dramatic. 963 00:46:53,633 --> 00:46:55,063 Mr. Gibbs: No, no, no, I'm not doubting it is, 964 00:46:55,066 --> 00:46:58,596 you just have to understand that I -- while they appear to be 965 00:46:58,600 --> 00:47:00,630 television screens, they're largely unhelpful. 966 00:47:00,633 --> 00:47:01,703 The Press: You think the President will address this? 967 00:47:01,700 --> 00:47:03,530 Mr. Gibbs: I don't know, let me go find out. 968 00:47:03,533 --> 00:47:04,733 The Press: I just have two questions, 969 00:47:04,734 --> 00:47:08,304 one to follow up on Scott's question about AfPak and Karzai coming. 970 00:47:08,300 --> 00:47:09,500 The last time the President met with him, 971 00:47:09,500 --> 00:47:11,170 he kind of read him the riot act. 972 00:47:11,166 --> 00:47:13,666 What's the -- going to be the tone of this meeting or is it 973 00:47:13,667 --> 00:47:15,297 any different than last time? 974 00:47:15,300 --> 00:47:23,600 Mr. Gibbs: Well, no, look, I think that I would broadly 975 00:47:23,600 --> 00:47:27,370 define the role that each of these two individuals is going 976 00:47:27,367 --> 00:47:34,137 to be play is we are -- we have a partnership with Afghanistan. 977 00:47:34,133 --> 00:47:39,533 We have -- the President has tripled our forces in that 978 00:47:39,533 --> 00:47:46,163 country to deal with al Qaeda and its extremist allies. 979 00:47:46,166 --> 00:47:50,366 President Karzai in his inaugural and then later at the 980 00:47:50,367 --> 00:47:55,037 London conference outlined a series of reforms that he 981 00:47:55,033 --> 00:47:58,603 believe and that we believe are necessary. 982 00:47:58,600 --> 00:48:05,900 We will laud him for the actions that he takes that are positive 983 00:48:05,900 --> 00:48:09,370 steps in implementing the reforms that he's outlined, 984 00:48:09,367 --> 00:48:14,537 and we will work with them to ensure they make progress on 985 00:48:14,533 --> 00:48:17,003 those that are harder to do. 986 00:48:17,000 --> 00:48:19,100 The Press: It doesn't sound like anything has changed since the last -- 987 00:48:19,100 --> 00:48:21,570 in your estimation since the last time they met. 988 00:48:21,567 --> 00:48:24,267 Mr. Gibbs: No, I don't -- I think there have been very 989 00:48:24,266 --> 00:48:28,866 positive developments in the elections commission, 990 00:48:28,867 --> 00:48:31,637 particularly in the one or two days right after the visit, 991 00:48:31,633 --> 00:48:38,563 that demonstrate that reform progress has and is being made. 992 00:48:38,567 --> 00:48:40,637 The Press: Just on immigration, you were saying before, 993 00:48:40,633 --> 00:48:42,833 and obviously it's true as a practical matter, 994 00:48:42,834 --> 00:48:45,634 this thing can't go forward without Republican support that 995 00:48:45,633 --> 00:48:47,103 you don't have right now. 996 00:48:47,100 --> 00:48:49,130 A lot of immigration activists are asking, 997 00:48:49,133 --> 00:48:51,203 why not treat this like financial reform? 998 00:48:51,200 --> 00:48:54,200 You guys went ahead -- you went through two or three I 999 00:48:54,200 --> 00:48:55,270 think cloture votes. 1000 00:48:55,266 --> 00:48:57,636 I mean, in other words, it didn't stop you when you didn't 1001 00:48:57,633 --> 00:48:59,363 have Republicans aboard for financial reform. 1002 00:48:59,367 --> 00:49:00,467 You went ahead anyway. 1003 00:49:00,467 --> 00:49:02,237 Why isn't immigration reform similar? 1004 00:49:02,233 --> 00:49:05,463 Mr. Gibbs: Because there's not enough support to move forward, Mara. 1005 00:49:05,467 --> 00:49:10,637 There's just -- I mean, go back and look at the votes in 2006 1006 00:49:10,633 --> 00:49:17,503 and 2007, and go look at who voted in what way, 1007 00:49:17,500 --> 00:49:21,730 and go ask those guys and gals where they are on this bill. 1008 00:49:21,734 --> 00:49:25,204 I don't think you'll have to make many calls to figure out 1009 00:49:25,200 --> 00:49:29,570 that the people on the Republican side that supported 1010 00:49:29,567 --> 00:49:35,297 this proposal three or four years ago -- if they're 1011 00:49:35,300 --> 00:49:39,870 supporting it, it's muted support. 1012 00:49:39,867 --> 00:49:43,397 The Press: When immigration supporters say why isn't this like financial 1013 00:49:43,400 --> 00:49:46,830 reform, the answer is because you actually like secret 1014 00:49:46,834 --> 00:49:49,364 Republican support for financial reform and you 1015 00:49:49,367 --> 00:49:50,767 just had to go through the -- 1016 00:49:50,767 --> 00:49:54,767 Mr. Gibbs: I got to tell you I don't understand -- I don't 1017 00:49:54,767 --> 00:49:56,067 really understand the analogy. 1018 00:49:56,066 --> 00:49:57,236 The Press: Well, because you called the Republicans' bluff on 1019 00:49:57,233 --> 00:49:59,033 that, you didn't wait to get them onboard before you brought 1020 00:49:59,033 --> 00:49:59,963 it to the -- 1021 00:49:59,967 --> 00:50:02,237 Mr. Gibbs: Well, again, I just -- I think that in order to get 1022 00:50:02,233 --> 00:50:06,763 something -- I think it has been clear through four and five 1023 00:50:06,767 --> 00:50:10,167 years of votes, Mara, that you're going to have a hefty 1024 00:50:10,166 --> 00:50:14,096 number of Republicans, because we all know there are some that 1025 00:50:14,100 --> 00:50:17,230 aren't going to support this on our side. 1026 00:50:17,233 --> 00:50:19,963 But the truth of this is there's not the support that there was 1027 00:50:19,967 --> 00:50:22,667 in 2007 on the Republican side. 1028 00:50:22,667 --> 00:50:27,897 That's a math -- well, maybe it's a political thing, 1029 00:50:27,900 --> 00:50:30,570 but it's definitely a math thing. 1030 00:50:30,567 --> 00:50:33,497 The Press: Robert, in his speech at the University of Michigan, 1031 00:50:33,500 --> 00:50:36,230 the President talked about the need to tone down the rhetoric, 1032 00:50:36,233 --> 00:50:39,763 something we've obviously heard him mention several times before. 1033 00:50:39,767 --> 00:50:42,197 How do you square that with his statement today on the 1034 00:50:42,200 --> 00:50:44,630 Republican alternative, which, as Chip mentioned, 1035 00:50:44,633 --> 00:50:47,463 accused Republicans of having lobbyists write their bill? 1036 00:50:47,467 --> 00:50:49,597 I mean, that's pretty harsh rhetoric itself, isn't it? 1037 00:50:49,600 --> 00:50:53,230 Mr. Gibbs: I would -- I'll send you the clip from the 1038 00:50:53,233 --> 00:50:55,503 Republicans calling the lobbyists up to Capitol Hill 1039 00:50:55,500 --> 00:50:59,430 in order to kill the financial reform bill. 1040 00:50:59,433 --> 00:51:05,163 I don't -- if that was something that was embarrassing, 1041 00:51:05,166 --> 00:51:08,436 I think that might have been embarrassing on their part a 1042 00:51:08,433 --> 00:51:09,363 long time ago. 1043 00:51:09,367 --> 00:51:18,667 I don't think you'll have to do much to find hefty examples of 1044 00:51:18,667 --> 00:51:22,567 many individuals either asking for political contributions 1045 00:51:22,567 --> 00:51:25,337 based on the legislation that the President and Senator Dodd 1046 00:51:25,333 --> 00:51:29,503 have proposed, or in calling legions of lobbyists to offices 1047 00:51:29,500 --> 00:51:33,000 on Capitol Hill in order to kill financial reform. 1048 00:51:33,000 --> 00:51:36,600 I think the votes are going to line up with those that want to 1049 00:51:36,600 --> 00:51:39,370 see progress on behalf of the people of this country, 1050 00:51:39,367 --> 00:51:45,337 and those who want to see reform installed on behalf of Wall 1051 00:51:45,333 --> 00:51:47,133 Street and the big banks. 1052 00:51:47,133 --> 00:51:49,063 The Press: On the Times Square attack for a moment, 1053 00:51:49,066 --> 00:51:52,366 if there are suspects identified in Pakistan, 1054 00:51:52,367 --> 00:51:57,837 would those people be brought to New York and tried? 1055 00:51:57,834 --> 00:52:01,664 Mr. Gibbs: I would need to get some clarity on that. 1056 00:52:01,667 --> 00:52:06,137 I think -- I don't know the individual circumstances that 1057 00:52:06,133 --> 00:52:07,503 might determine such a thing. 1058 00:52:07,500 --> 00:52:09,400 The Press: And can you say at the moment if there have been 1059 00:52:09,400 --> 00:52:13,470 any direct links tied between people in Pakistan and this incident? 1060 00:52:13,467 --> 00:52:14,437 Mr. Gibbs: Not anything I'm going to get into at this point. 1061 00:52:14,433 --> 00:52:15,463 The Press: And could I just ask one other quick question? 1062 00:52:15,467 --> 00:52:16,667 Mr. Gibbs: Sure. 1063 00:52:16,667 --> 00:52:18,897 The Press: Is the President looking at going to Israel any 1064 00:52:18,900 --> 00:52:21,970 time this year? 1065 00:52:21,967 --> 00:52:23,567 Mr. Gibbs: I don't have the foreign travel with me, 1066 00:52:23,567 --> 00:52:25,037 but I could certainly check. 1067 00:52:25,033 --> 00:52:25,563 Margaret. 1068 00:52:25,567 --> 00:52:26,167 The Press: Thank you. 1069 00:52:26,166 --> 00:52:29,836 Back on the AfPak meeting, is President Karzai's meeting 1070 00:52:29,834 --> 00:52:32,304 definitely going to happen next week, 1071 00:52:32,300 --> 00:52:34,170 or is this still remotely in doubt? 1072 00:52:34,166 --> 00:52:35,036 And did any of the -- 1073 00:52:35,033 --> 00:52:35,863 Mr. Gibbs: No, no, it's happening. 1074 00:52:35,867 --> 00:52:37,097 His visit is scheduled for next week. 1075 00:52:37,100 --> 00:52:37,800 The Press: Okay. And are any of the -- 1076 00:52:37,800 --> 00:52:38,930 The Press: What day? 1077 00:52:38,934 --> 00:52:41,934 Mr. Gibbs: I think -- he's here a host of days. 1078 00:52:41,934 --> 00:52:44,864 I think the President meets on Wednesday, if I'm not mistaken. 1079 00:52:44,867 --> 00:52:45,497 The Press: The 12th. 1080 00:52:45,500 --> 00:52:46,170 Mr. Gibbs: Yes. 1081 00:52:46,166 --> 00:52:49,366 The Press: So were any of the advisors in today's meeting 1082 00:52:49,367 --> 00:52:51,737 advocating against that meeting going forward? 1083 00:52:51,734 --> 00:52:52,334 Mr. Gibbs: No. 1084 00:52:52,333 --> 00:52:54,533 The Press: And finally, the last time President Karzai was here 1085 00:52:54,533 --> 00:53:00,103 he came out with the President but there was not an opportunity 1086 00:53:00,100 --> 00:53:01,230 to ask him questions. 1087 00:53:01,233 --> 00:53:04,563 Do you know whether they intend to do joint questions and answers? 1088 00:53:04,567 --> 00:53:09,567 Mr. Gibbs: It is on a list to talk to folks about today, 1089 00:53:09,567 --> 00:53:10,637 but I don't have an answer on it. 1090 00:53:10,633 --> 00:53:13,103 The Press: Many of us might be interested in asking him a question, 1091 00:53:13,100 --> 00:53:14,370 for what it's worth. 1092 00:53:14,367 --> 00:53:16,197 Mr. Gibbs: For what it's worth, I will check. 1093 00:53:16,200 --> 00:53:16,870 Yes. 1094 00:53:16,867 --> 00:53:18,937 The Press: Thanks, Robert. 1095 00:53:18,934 --> 00:53:22,204 In Jonathan Alter's new book, the President is quoted as using 1096 00:53:22,200 --> 00:53:26,230 a vulgar term to describe the Tea Party movement. 1097 00:53:26,233 --> 00:53:29,103 Is the quote accurate, and does the President -- 1098 00:53:29,100 --> 00:53:32,270 Mr. Gibbs: I have -- I barely have enough time to read my 1099 00:53:32,266 --> 00:53:36,436 briefing books, and what I have -- I have -- no offense to 1100 00:53:36,433 --> 00:53:38,563 Jonathan, but I have not read his book. 1101 00:53:38,567 --> 00:53:39,237 April. 1102 00:53:39,233 --> 00:53:42,733 The Press: But you'd only have to read one word to answer his question. 1103 00:53:42,734 --> 00:53:43,604 (laughter) 1104 00:53:43,600 --> 00:53:47,430 Mr. Gibbs: Chip, you go buy me Jonathan's book so that he gets the royalty -- 1105 00:53:47,433 --> 00:53:48,403 The Press: Deal, deal. 1106 00:53:48,400 --> 00:53:49,700 Mr. Gibbs: -- and I will be glad to read the word. 1107 00:53:49,700 --> 00:53:50,170 April. 1108 00:53:50,166 --> 00:53:53,136 The Press: So is the answer then that you don't know? 1109 00:53:53,133 --> 00:53:54,833 Mr. Gibbs: The answer is I haven't read the book. 1110 00:53:54,834 --> 00:53:55,634 April. 1111 00:53:55,633 --> 00:53:58,663 The Press: Robert, on one issue -- on two issues, 1112 00:53:58,667 --> 00:54:02,967 one on the Gulf of Mexico situation. 1113 00:54:02,967 --> 00:54:04,967 Has anyone in this White House -- I'm going back to a question 1114 00:54:04,967 --> 00:54:08,637 that I originally asked you when you had that briefing with all 1115 00:54:08,633 --> 00:54:11,733 the principals on it -- has anyone in the administration 1116 00:54:11,734 --> 00:54:16,934 worked with any of the oil companies in trying to work on 1117 00:54:16,934 --> 00:54:18,064 the prices that are expected to rise? 1118 00:54:18,066 --> 00:54:21,096 Also, has anyone within the administration talked to the 1119 00:54:21,100 --> 00:54:24,100 fisheries, talked to many of the people who have produce or are 1120 00:54:24,100 --> 00:54:28,270 dealing with produce down there and marine life that we eat on 1121 00:54:28,266 --> 00:54:28,966 the table? 1122 00:54:28,967 --> 00:54:30,637 I mean, has anyone dealt with that, 1123 00:54:30,633 --> 00:54:34,633 tried to keep the price down as this economy is still -- 1124 00:54:34,633 --> 00:54:38,133 Mr. Gibbs: I will check on -- this was a little bit of where 1125 00:54:38,133 --> 00:54:42,403 Mark was heading, in a sense, on sort of the comprehensive 1126 00:54:42,400 --> 00:54:46,900 environmental -- or economic impact. 1127 00:54:46,900 --> 00:54:49,070 I mean, obviously the President met with local fishermen. 1128 00:54:49,066 --> 00:54:55,796 SBA is down there offering loans -- low-interest loans to small 1129 00:54:55,800 --> 00:54:58,400 businesses that are affected by the spill. 1130 00:54:58,400 --> 00:55:06,400 I will say that the way I understood it and the way it was 1131 00:55:06,400 --> 00:55:12,600 described to me, this is a -- this is an exploratory well. 1132 00:55:12,600 --> 00:55:15,870 The BP Deepwater Horizon well was an exploratory rather than a 1133 00:55:15,867 --> 00:55:22,537 production well, so the oil to be extracted from this was not 1134 00:55:22,533 --> 00:55:28,233 planned on -- that was not planned to go online immediately. 1135 00:55:28,233 --> 00:55:33,403 So I would say that it's not a -- it's not as if a series or 1136 00:55:33,400 --> 00:55:39,530 amount of oil is being taken out of the planned production of BP. 1137 00:55:39,533 --> 00:55:41,403 The Press: But during that press conference -- and you were the 1138 00:55:41,400 --> 00:55:44,770 one who said this -- that the President was advised that there 1139 00:55:44,767 --> 00:55:47,797 would be oil that could possibly be in the way of shipping. 1140 00:55:47,800 --> 00:55:49,300 It would stand in the way of shipping. 1141 00:55:49,300 --> 00:55:50,630 Mr. Gibbs: And I talked about that with Mark. 1142 00:55:50,633 --> 00:55:55,003 The Sunday briefing that we got from Admiral Allen, 1143 00:55:55,000 --> 00:55:59,030 which I think that you guys probably saw the video, 1144 00:55:59,033 --> 00:56:02,333 there was a projection screen with mapping that had, 1145 00:56:02,333 --> 00:56:06,963 at that point, where the oil spill had spread to, 1146 00:56:06,967 --> 00:56:11,267 and went through a whole host of -- there's many shipping lanes 1147 00:56:11,266 --> 00:56:15,596 in that area -- to get into the port of New Orleans and 1148 00:56:15,600 --> 00:56:18,530 ultimately up the Mississippi. 1149 00:56:18,533 --> 00:56:24,233 I will check again on the economics of shipping and seafood. 1150 00:56:24,233 --> 00:56:25,363 The Press: And lastly, on the issue of Haiti, 1151 00:56:25,367 --> 00:56:28,267 everyone is dealing with emergent issues right now. 1152 00:56:28,266 --> 00:56:30,436 We haven't heard this White House talk that much about Haiti. 1153 00:56:30,433 --> 00:56:34,003 We understand recently that the President signed into law a debt 1154 00:56:34,000 --> 00:56:36,000 forgiveness for Haiti. 1155 00:56:36,000 --> 00:56:39,200 But is the President at all thinking still about going to 1156 00:56:39,200 --> 00:56:43,030 Haiti, and is the President getting any kind of still a 1157 00:56:43,033 --> 00:56:47,633 daily update on progress reports in Haiti and also the fact that 1158 00:56:47,633 --> 00:56:49,663 military units are leaving Haiti? 1159 00:56:49,667 --> 00:56:53,197 Mr. Gibbs: I don't know that the President gets a daily update on that. 1160 00:56:53,200 --> 00:56:56,600 Obviously the First Lady was there not too recently. 1161 00:56:56,600 --> 00:57:01,430 We have -- obviously the footprint involved for the 1162 00:57:01,433 --> 00:57:04,403 President of the United States to go, we believe, 1163 00:57:04,400 --> 00:57:10,100 would hinder the -- have always believed that would hinder 1164 00:57:10,100 --> 00:57:12,670 efforts at relief and recovery. 1165 00:57:12,667 --> 00:57:15,467 So there are not to my knowledge any plans to do so. 1166 00:57:15,467 --> 00:57:16,297 Tom. 1167 00:57:16,300 --> 00:57:16,970 The Press: Thanks, Robert. 1168 00:57:16,967 --> 00:57:17,997 I have two quick questions. 1169 00:57:18,000 --> 00:57:20,370 But first, are you able to get an answer on Fred's question 1170 00:57:20,367 --> 00:57:22,637 about the tea-bagger quote, if the President is aware that 1171 00:57:22,633 --> 00:57:23,963 people are offended and -- 1172 00:57:23,967 --> 00:57:25,897 Mr. Gibbs: Again, I've not seen the book. 1173 00:57:25,900 --> 00:57:28,370 I can't imagine I'm going to ask the President that. 1174 00:57:28,367 --> 00:57:31,337 But I will entertain it. 1175 00:57:31,333 --> 00:57:34,163 The Press: (inaudible) 1176 00:57:34,166 --> 00:57:35,696 Mr. Gibbs: I will check. 1177 00:57:35,700 --> 00:57:37,270 The Press: And my first question is, 1178 00:57:37,266 --> 00:57:39,296 there's been a lot of talk lately about the lack of 1179 00:57:39,300 --> 00:57:44,470 presidential news conferences, notwithstanding the nuclear summit. 1180 00:57:44,467 --> 00:57:45,537 Mr. Gibbs: Notwithstanding the last one? 1181 00:57:45,533 --> 00:57:46,433 The Press: Right. 1182 00:57:46,433 --> 00:57:49,163 Well, it's been suggested that rather than having formal news 1183 00:57:49,166 --> 00:57:52,836 conferences, that the President maybe pick a day at random 1184 00:57:52,834 --> 00:57:55,864 during the month to come down here and brief us the way you do. 1185 00:57:55,867 --> 00:57:58,967 What would you think about a plan like that? 1186 00:57:58,967 --> 00:58:00,797 (laughter) 1187 00:58:00,800 --> 00:58:03,500 Mr. Gibbs: There are about 10,000 answers beaming through my head, 1188 00:58:03,500 --> 00:58:07,600 none of which I think would be -- I will -- again, 1189 00:58:07,600 --> 00:58:11,000 I appreciate the notion that, except for the last time that 1190 00:58:11,000 --> 00:58:17,170 the President did that -- I think the President -- I think 1191 00:58:17,166 --> 00:58:21,696 the President has got a pretty remarkably busy schedule that 1192 00:58:21,700 --> 00:58:22,800 he's working through right now. 1193 00:58:22,800 --> 00:58:23,600 You had one more? 1194 00:58:23,600 --> 00:58:24,800 The Press: Yes, one more. 1195 00:58:24,800 --> 00:58:30,500 The Neil Cavuto thing -- notwithstanding, again, 1196 00:58:30,500 --> 00:58:32,470 the fact that what Michael Brown said was only slightly less 1197 00:58:32,467 --> 00:58:34,067 crazy than what you said he said -- 1198 00:58:34,066 --> 00:58:36,736 Mr. Gibbs: Yes, I will say this -- can I say this to Neil? 1199 00:58:36,734 --> 00:58:41,764 I was -- I apparently had the wrong FOX show. 1200 00:58:41,767 --> 00:58:45,167 There were two references on "FOX & Friends" to the 1201 00:58:45,166 --> 00:58:46,836 deliberate nature of the spill being set. 1202 00:58:46,834 --> 00:58:47,804 Sometimes -- 1203 00:58:47,800 --> 00:58:48,970 The Press: That wasn't Brown, it was somebody else? 1204 00:58:48,967 --> 00:58:49,667 Mr. Gibbs: Yes. 1205 00:58:49,667 --> 00:58:53,037 Sometimes I get it all mixed up. 1206 00:58:53,033 --> 00:58:53,803 The Press: Thanks, Robert. 1207 00:58:53,800 --> 00:58:54,670 Mr. Gibbs: Thanks, guys. 1208 00:58:54,667 --> 00:58:56,597 Sam, I'll go with you -- you've had your hand up. 1209 00:58:56,600 --> 00:58:57,700 The Press: Thank you. 1210 00:58:57,700 --> 00:58:58,930 It's a 10-part question. 1211 00:58:58,934 --> 00:59:01,304 (laughter) 1212 00:59:01,300 --> 00:59:01,930 Two questions. 1213 00:59:01,934 --> 00:59:04,034 One is, you talked to Jake about -- that you hadn't heard anyone 1214 00:59:04,033 --> 00:59:06,763 inside the administration that's supportive of Senator 1215 00:59:06,767 --> 00:59:09,067 Lieberman's proposal to strip citizenship. 1216 00:59:09,066 --> 00:59:10,096 Why aren't they supportive? 1217 00:59:10,100 --> 00:59:11,330 Can you get into this a little bit? 1218 00:59:11,333 --> 00:59:14,063 Mr. Gibbs: I don't think that -- I have not heard large 1219 00:59:14,066 --> 00:59:20,996 enumerations on why, except that I don't think anybody would find 1220 00:59:21,000 --> 00:59:23,730 that to be such an effective way. 1221 00:59:23,734 --> 00:59:26,864 I will try to get a better explanation as to why no one 1222 00:59:26,867 --> 00:59:28,097 supports it. 1223 00:59:28,100 --> 00:59:32,570 Like I said, I've noticed Democrats and Republicans alike 1224 00:59:32,567 --> 00:59:36,267 express concern about the legislation. 1225 00:59:36,266 --> 00:59:37,136 The Press: And then the second one is, 1226 00:59:37,133 --> 00:59:39,833 Chuck Schumer has an interesting proposal to the state of Arizona 1227 00:59:39,834 --> 00:59:43,834 to put their immigration law on hold for a year so that a 1228 00:59:43,834 --> 00:59:45,704 federal law can be enacted. 1229 00:59:45,700 --> 00:59:47,430 What do you think of the idea? 1230 00:59:47,433 --> 00:59:48,903 Mr. Gibbs: Well, I will say this, 1231 00:59:48,900 --> 00:59:52,500 that I think you've heard the President say, 1232 00:59:52,500 --> 00:59:56,300 and I have said certainly in this room, 1233 00:59:56,300 --> 01:00:05,100 that without a comprehensive federal law, 1234 01:00:05,100 --> 01:00:11,100 Arizona and 49 other states could well enact a myriad of 1235 01:00:11,100 --> 01:00:15,000 different proposals for an issue that can and should be dealt 1236 01:00:15,000 --> 01:00:17,170 with at the federal level. 1237 01:00:17,166 --> 01:00:20,696 That's why the President has begun the work that he has and 1238 01:00:20,700 --> 01:00:25,070 hopes that we have Republican support to address this in a 1239 01:00:25,066 --> 01:00:26,196 comprehensive way. 1240 01:00:26,200 --> 01:00:29,500 It's something that -- it is something that, 1241 01:00:29,500 --> 01:00:31,600 if we don't address this at the federal level, 1242 01:00:31,600 --> 01:00:38,870 is simply going to create a 50-state patchwork of 1243 01:00:38,867 --> 01:00:39,867 immigration laws. 1244 01:00:39,867 --> 01:00:41,267 The Press: But he wasn't -- you don't want to call for a 1245 01:00:41,266 --> 01:00:42,766 momentary delay in implementation? 1246 01:00:42,767 --> 01:00:45,667 Mr. Gibbs: I have -- I saw a story on what Senator Schumer 1247 01:00:45,667 --> 01:00:48,397 had -- I think I saw a copy of the letter. 1248 01:00:48,400 --> 01:00:51,970 I have not talked with immigration officials on that yet. 1249 01:00:51,967 --> 01:00:52,567 Thanks, guys. 1250 01:00:52,567 --> 01:00:53,137 The Press: Thank you.