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Here's what I think is the relevant section from Robert's Rules of Order, which is the basis for the House Rules.
For points of inquiry or information, answer the question, redirect it to the member who had the floor, or invite the membership to answer that question only. "Can anyone respond to Mr./Ms. Z's question regarding (such-and- such)?" Do not permit debate or extraneous information to enter into the response. Try to limit, or at least to moderate, requests for further clarifications, to prevent the issue from being muddled. For a point of order, rule on it immediately, possibly seeking the counsel of others. If you are completely unsure, it is in order to put the member's point before the Society. The latter recourse is undebatable; restate the point, and ask for those in favor of the interpretation as expressed in the point of order, and for those opposed. A simple majority carries.
Issa (I - is a ass) raised a point of order, based on the Five Minute Rule (see below). Waxman said he was asking the Jerk Johnson for clarification - a Point of Inquiry - which apparently take precedence over the five minute rule, at the chair's discretion. From Rule 14 below: ". Until all such requests have been satisfied, the chairman shall, so far as practicable, recognize alternately" - Waxman was relying on the "so far as practicable" provision and the priority of a point of inquiry/clarification.
SO INDEED HE WAS FOLLOWING PROCEDURE CORRECTLY AND WITHIN HIS DISCRETION
Committee Rules and Jurisdiction
The Committee on Oversight and Government Reform is the main investigative committee in the U.S. House of Representatives. It has authority to investigate the subjects within the Committee’s legislative jurisdiction as well as “any matter” within the jurisdiction of the other standing House Committees.
Rule 14 -- Five-Minute Rule (a) A Committee member may question a witness only when recognized by the chairman for that purpose. In accordance with House Rule XI, clause 2(j)(2), each Committee member may request up to five minutes to question a witness until each member who so desires has had such opportunity. Until all such requests have been satisfied, the chairman shall, so far as practicable, recognize alternately based on seniority of those majority and minority members present at the time the hearing was called to order and others based on their arrival at the hearing. After that, additional time may be extended at the direction of the chairman.
From Rules of the House
Sec. 6 . The Chairman's Role
The powers and duties of the full committee chairmen are derived from custom and from the rules of the House. The chairman of a committee:
<box> Presides over committee meetings. Manual Sec. 317. <box> Administers oaths to witnesses in hearings in the committee or delegates that authority. Manual Sec. 805; 2 USC Sec. 191. In one instance, the chairman of an investigating committee administered the oath to himself and testified. 3 Hinds Sec. 1821. <box> May punish breaches of order and decorum by censure and exclusion from hearings. Manual Sec. 803.
More from the House rules: (2)(A) Subject to subdivisions (B) and (C), each committee shall apply the five-minute rule in the interrogation of witnesses in any hearing until such time as each member of the committee who so desires has had an opportunity to question each witness.
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