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| 00:00:01 |
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DAYTON, TEXAS, STEVEN, ON THE DEMOCRATS -- |
| 00:00:06 |
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WE'LL LEAVE THIS PORTION OF THE "WASHINGTON JOURNAL" TO TAKE YOU BACK TO THE COMMITTEE HEARING. LIVE... |
| 00:00:14 |
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WE HAVE THE OPENING STATEMENT, WE HAVE THE COMMISSIONER? THIS IS THE PANEL OF THE FEDERAL REGULATORS,... |
| 00:01:18 |
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CHAIRMAN FRANK, RANKING MEMBER BAUCUS, CONGRESSMAN MOORE, MEMBERS OF THE COMMITTEE, I APPRECIATE THE... |
| 00:05:21 |
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MR. COMPTROLLER? |
| 00:05:22 |
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MR. MOORE, MR. BAUCUS, MEMBERS OF THE COMMITTEE, THANK YOU FOR THE OPPORTUNITY TO DISCUSSION THE DRAFT... |
| 00:11:05 |
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THANK YOU VERY, MR. DUGAN. GOVERNOR TURILLO, PLEASE. |
| 00:11:08 |
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THANK YOU. WE HAVE THREE PANEL, LOTS OF WITNESSES TODAY, SO LET ME BE BRIEF. SYSTEMIC CRISES TYPICAL... |
| 00:13:15 |
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THANK YOU. MR. BOWMAN, YOU'RE RECOGNIZED FOR FIVE MINUTES, SIR. |
| 00:13:18 |
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GOOD AFTERNOON. THANK YOU FOR THE OPPORTUNITY TO PRESENT THE VIEWS OF THE OFFICE OF THRIFT SUPERVISION... |
| 00:17:33 |
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THANK YOU, MR. BOWMAN. THE CHAIR NEXT RECOGNIZE MRS. SULLIVAN FOR FIVE MINUTES. |
| 00:17:38 |
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THANK YOU, MR. MOORE, RANKING MEMBER BACHUS AND MEMBERS OF THE COMMITTEE FOR THE OPPORTUNITY TO TESTIFY... |
| 00:21:36 |
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THANK YOU, COMMISSION SULLIVAN. THE CHAIR FIRST RECOGNIZING HIMSELF FOR FIVE MINUTES OF QUESTION... |
| 00:23:08 |
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YES, WELL, I THINK IT'S PROBABLY UNREALISTIC TO THINK THAT A LIST LIKE THAT IS GOING TO KEPT SECRET.... |
| 00:23:46 |
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ANYBODY ELSE LIKE TO ADDRESS THAT QUESTION? YES, SIR? |
| 00:23:52 |
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THERE'S A FUNDAMENTAL CONUNDRUM BETWEEN WANTING TO BE ABLE TO IMPOSE HIGHER REQUIREMENTS ON COMPANIES... |
| 00:24:25 |
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GOVERNOR TARULLO, DID YOU HAVE A AT THE SAME TIME, SIR? |
| 00:24:27 |
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I THINK, MR. CHAIRMAN THAT CONTROLLER DUGAN HAS SUMMED IT UP. SURELY, WE CAN KEEP THE LIST PRIVATE... |
| 00:25:13 |
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THANK YOU, SIR. ANY COMMENTS? |
| 00:25:14 |
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I DENT ANYTHING TO ADD TO THAT, CONGRESSMAN. |
| 00:25:15 |
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ALL RIGHT. OKAY. NEXT QUESTION, VERY QUICKLY AND I -- WELL, ANOTHER ISSUE I WOULD LIKE TO DISCUSS... |
| 00:26:02 |
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FIRST AND FOREMOST IT'S VERY IMPORTANT TO MAKE CLEAR THAT THE ASSESSMENT BASE WOULD ONLY APPLY TO... |
| 00:26:56 |
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THANK YOU, CHAIRMAN BAIR. MY TIME HAS EXPIRED. CHAIR NEXT RECOGNIZES MR. GARRETT, SIR? |
| 00:27:04 |
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I THANK THE CHAIR AND MEMBERS OF THE PANEL. FIRST OF ALL, I ASSUME EVERYONE HERE WAS LISTENING TO... |
| 00:28:01 |
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YES, WE BELIEVE THE SYSTEMIC RISK COUNCIL SHOULD BE ABLE TO DECIDE IF THERE ARE INSTITUTIONS THAT... |
| 00:28:09 |
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SECRETARY GEITHNER SAID SOMETHING WHICH I DON'T UNDERSTAND ABOUT THE AUTO COMPANIES. FIRST HE SAID... |
| 00:28:35 |
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WELL, I THINK THAT WITH THE HOPE THIS ONLY APPLIES TO FINANCIAL INTERMEDIATE YEARS, I DON'T COMMENT... |
| 00:28:53 |
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WHEN I READ THIS, AND I READ ABOUT THREE QUARTERS AND WENT TO THE LAST PAGE TO SEE HOW IT ALL ENDED,... |
| 00:29:56 |
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CONGRESSMAN, I WAS OUT OF TOWN YESTERDAY, I'VE BEEN SPEED READING THIS MYSELF. THAT DID CATCH MY ATTENTION,... |
| 00:30:09 |
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THAT THAT'S A NEAT LITTLE COMMENT. WHO ELSE HAD TO BE SPEED READING THIS THING. I APPRECIATE THE... |
| 00:30:20 |
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WE APPRECIATE. THE COMMITTEE DIDN'T CONSULT WITH US ON THE RESOLUTION AUTHORITY. I DON'T MEAN THAT... |
| 00:30:33 |
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THAT'S WHY I'M URPDING THE NEXT POMPLGTS WORST CASE SCENARIO, I'LL GET BACK TO MS. BAIR. I READ IT... |
| 00:31:30 |
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I DON'T THINK THAT'S THE INTENT OF THE DISCUSSION DRAFT. AGAIN, THE LANGUAGE CAN BE FURTHER REFINED,... |
| 00:31:37 |
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I'M GOING BY THE LANGUAGE. INTENT IS ONE THING BUT THE WAY REGULATORS EFFECTIVELY CARRY THICK THINGS... |
| 00:32:11 |
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THE GENTLEMAN'S TIME HAS EXPIRED. THE WITNESSES WILL HAVE AN OPPORTUNITY TO PRESENT ANY SPONTSS THEY... |
| 00:32:18 |
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CAN I JUST A YES OR NO REAL QUICK, MAYBE? |
| 00:32:22 |
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IF SOMEBODY HAS A QUICK YES OR NO. THERE. |
| 00:32:26 |
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IS DUE PROCESS AGAINST WHICH THIS HAS BEEN PADDED AND WE'LL GIVE YOU A MORE THOROUGH ANSWER IN WRITING... |
| 00:32:32 |
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THANK YOU. CHAIR NEXT RECOGNIZES THE GENTLELADY FROM NEW YORK, MISS McCARTHY. |
| 00:32:38 |
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THANK YOU, MR. CHAIRMAN. IT'S INTERESTING LISTENING TO THE TESTIMONY AND I GUESS YOU KNOW KNOW, WHEN... |
| 00:33:49 |
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WELL, I DON'T THINK THINK THE STATE SHORTED THRIFTS WILL BE SIGNIFICANT. THERE ARE 472 OF THEM, SMALLER... |
| 00:33:58 |
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Reporter: WE REGULAR 5200 INSTITUTIONS ALREADY, SO I DON'T THINK THAT WOULD BE A SIGNIFICANT RESOURCE... |
| 00:35:31 |
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I AGREE WITH YOU ON THAT. I WOULD LIKE TO THROW IT OUT TO THE REST OF THE PANEL. BEING THAT OBVIOUSLY... |
| 00:36:03 |
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AS I INDICATED IN MY LONGER WRITTEN STATEMENT, WE HAVE THOUGHT FOR SOME TIME THERE IS AN AN UNEVENNESS... |
| 00:36:42 |
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THANK YOU. SO I THINK ALL OF US WOULD AGREE THERE WILL BE PLACES WE CAN MAKE SUGGESTIONS AND RECOMMENDATIONS,... |
| 00:37:33 |
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IN MY OPENING STATEMENT, I MADE A COUPLE OF REMARKS REGARDING THE PROPOSED MERGER AND SOME OF THE... |
| 00:38:35 |
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I'M SORRY, THE GENTLELADY'S TIME HAS EXPIRED. |
| 00:38:38 |
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SORRY. |
| 00:38:39 |
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I WOULD ASK IF YOU HAVE ADDITIONAL COMMENTS, WE WOULD LIKE TO HAVE THOSE IN WRITING FOR THE RECORD,... |
| 00:38:51 |
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I HAVE A COUPLE OF QUESTIONS. ON PAGE 5, YOU STATE DEALING WITH HEIGHTENED CREDENTIAL STANDARDS AND... |
| 00:39:28 |
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WELL, I THINK IT COULD BE ADJUSTED. I TAKE THE COMMENTS OF GOVERNOR TARULLO TO HEART. I THINK THERE'S... |
| 00:39:40 |
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I'VE GOT A QUESTION THAT GOES |
| 00:39:41 |
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OKAY. |
| 00:39:44 |
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I DIDN'T MEAN TO CUT YOU OFF BUT YOUR POINT QUITE CLEAR HERE AND I RESPECT THAT. HAVE YOU BEEN FOLLOWING... |
| 00:39:54 |
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YES, I HAVE. |
| 00:39:57 |
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YOU REALIZE THAT WHAT THIS NEW PIECE OF LEGISLATION ATTEMPTS TO DO IS EXACTLY WHAT THE CFPA WOULD... |
| 00:40:17 |
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IT DARCHT SLICE OF -- THIS IS MORE ON THE SAFETY AND SOUNDNESS, PRUDENTIAL SIDE OF THINGS, TRYING... |
| 00:40:27 |
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OSTENSIBLY. IF YOU READ THE ACT, IT'S SO BROAD. I CAN SEE A HUGE FIGHT GOING ON OVER WHO IS GOING... |
| 00:41:52 |
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AND I WOULD POINT TO THE AREA WE REGULATE, THE DOMINION WE OVER INSURANCE HAS VERY HIGH STANDARDS AND... |
| 00:42:15 |
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SOME WITNESSES HERE WANT TO PULL THE ENTIRE INSURANCE INDUSTRY INDUSTRY. |
| 00:42:24 |
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WE ARE VERY SKEPTICAL OF ANY GRAB SUCH SHORT WHEN' HAVE A PROVEN SYSTEM THAT WORKS. |
| 00:42:27 |
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THAT'S MY QUESTION. THE ONLY PEOPLE AROUND HERE THAT DON'T SEEM TO BE GETTING ANY RECOGNITION OR RESPECT... |
| 00:43:30 |
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SO CONGRESSMAN, BEFORE I WAS ON THE BOARD, I WAS ACTUALLY QUIT C CRICACAL IN MY FORMER CAPACITY AS... |
| 00:44:37 |
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THANK YOU, SIR. MR. MANZULLO, THE CHAIR RECOGNIZES THE GENTLEMAN FROM FROM TEXAS, MR. GREENE FOR FIVE... |
| 00:44:45 |
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THANK YOU, MR. CHAIRMAN, I THANK YOU AND THE RANKING MEMBER FOR HOSTING THE HEARING. MR. BOWMAN, I... |
| 00:45:10 |
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I BELIEVE AS OF TOMORROW IT WILL BE 1,040, APPROXIMATELY. |
| 00:45:14 |
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AND IS IT YOUR OPINION THAT UNDER THE CURRENT PROPOSAL THESE EMPLOYEES WILL NOT RECEIVE A FAIR AND... |
| 00:45:26 |
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OUR BRIEF REVIEW OF THE LEGISLATION WE RECEIVED THE OTHER EVENING, WOULD SUGGEST THAT TWO-THIRDS OF... |
| 00:45:50 |
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FOR ADDITIONAL EDIFICATION, WHEN YOU SAY OTHERS, ARE WE TALKING CLERKS, WE ARE TALKING ABOUT -- TELL... |
| 00:45:57 |
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ECONOMISTS, WE'RE TALKING ABOUT LEGAL, I.T. SPECIALIST, COMPLIANCE SPECIALISTS WHO ARE NOT EXAMINER,... |
| 00:46:12 |
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HAVE YOU EXAM AND ANY INFORMATION OR DOCUMENT THAT WOULD HELP SOMEONE SUCH AS MYSELF WHO IS CONCERNED,... |
| 00:46:27 |
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WE WOULD -- THERE'S TWO PLACES TO START, I WOULD THINK, WE WOULD GET YOU COPIES. ONE IS THE MERGE... |
| 00:47:01 |
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I WILL BE CANDID WITH YOU, THAT MAY BE DIFFICULT AT THIS POINT BUT I WOULD LIKE TO HEAR MORE ABOUT... |
| 00:47:08 |
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THANK YOU. |
| 00:47:09 |
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THANK YOU. I WILL COME TO YOU, MR. DUGAN. LET ME ASK ONE QUICK QUESTION, I HAVE TO MAKE SURE I GET... |
| 00:48:22 |
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YES, YES, YENCHTS YOUR OPINION IS YES, WE COULD WITH THE CURRENT PROPOSAL. ALL RIGHT, MR. DUGAN. |
| 00:48:28 |
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YES, I THINK WE COULD TOO, BUT IT'S HARD TO GO BACKWARDS IN TIME. IF YOU PUT ALL THE PROPOSALS IN ... |
| 00:48:34 |
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SIR? |
| 00:48:36 |
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I THINK THAT'S CORRECT, CONGRESSMAN. I DON'T THINK IT WOULD HAVE COST THE TAXPAYERS A PENNY IN THE... |
| 00:48:45 |
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IN THE END, NOT A IN PLACE. |
| 00:48:46 |
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YES. I MEAN THE QUESTION WOULD BE WOULD THEREABOUT ANY TEMPORARY LIQUIDITY SUPPORT PROVIDED IN THE... |
| 00:49:05 |
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YES BUT THE DEVIL IS IN THE DETAILS. |
| 00:49:08 |
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WE WILL OFF THE ASSETS THAT PROTECT POLICY HOLDER LIABILITY, SO IF THE UNWINDING -- SMILE TAKE THAT... |
| 00:49:15 |
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AS LONG AS WE PROTECT POLICY HOLDERS. |
| 00:49:18 |
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HAVE TO MOVE ON. FINAL COMMENT AND THEN, MR. DUGAN, IS THIS. ONCE THAT LIST IS CODIFIED, MY ASSUMPTION... |
| 00:49:48 |
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I WANT TO QUICKLY SAY ON THE TRANSFER PERSONNEL AND FAIRNESS ISSUES WE ABSOLUTELY WANT TO WORK WITH... |
| 00:50:00 |
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THANK YOU. THANK YOU, MR. CHAIRMAN. |
| 00:50:03 |
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IF ANY OTHER WITNESSES CARE TO RESPOND TO MR. GREEN'S QUESTIONS YOU'RE WELCOME TO DO THAT FOR THE... |
| 00:50:12 |
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LET ME JUST FOLLOW UP. WE HAD DISCUSSION EARLY THIS MORNING ABOUT THE REPAYMENT FROM THE AIG LOAN,... |
| 00:51:04 |
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WELL, AGAIN, I THINK THERE ARE AREAS WHERE THIS PROPOSAL COULD BE STRENGTHENED, BUT IT PROHIBITS ANY... |
| 00:52:38 |
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MANY OF US, I THINK, ADVOCATE FOR THAT BANKRUPTCY PRODOES TO PROCEED AND WE DISCUSSIONS ABOUT THE... |
| 00:52:57 |
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CONGRESSMAN, I THINK THIS QUESTION YOU JUST ASKED BRINGS UP THE IMPORTANT POINT THAT WE NEED TO HAVE... |
| 00:54:24 |
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I WANT TO ASK COMMISSIONER SULLIVAN, DO YOU HAVE ANY CONCERNS ABOUT TREASURY, THE TREASURY DEPARTMENT... |
| 00:54:37 |
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INDEED. WITH RESPECT TO ANY PREELMTION OF WHAT WE DO TODAY, YES. SO, IF CAPITAL REQUIREMENTS ARE ... |
| 00:55:13 |
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MR. CHAIR, I WANT TO ASK CONSENT TO SUBMIT TWO LETTERS FOR THE RECORD ONE FROM CMSAA AND ONE FROM... |
| 00:55:21 |
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CERTAINLY. THEY WILL BE RECEIVED FOR THE RECORD. THE CHAIR NEXT RECOGNIZES THE GENTLEMAN FROM NORTH... |
| 00:55:29 |
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THANK YOU. MISS BAYER, YOU WERE ASKED EARLIER WHETHER, IF THERE WAS A RESOLUTION UNDER THESE POWERS... |
| 00:56:46 |
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CONGRESSMAN, I THINK IT CERTAINLY ATTEMPTS TO AND, AGAIN, MY APOLOGIES I'VE NOT HAD A CHANCE TO READ... |
| 00:57:15 |
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FINE. THANK YOU. THERE HAVE BEEN SEVERAL -- THERE'S BEEN A SUBSTANTIAL DISCUSSION ABOUT WHETHER BANKS... |
| 00:58:26 |
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HE SAID INSURED DEPOSITORY INSTITUTIONS -- I DON'T THINK HE SAID NOBODY SHOULD DO IT. I THINK HIS... |
| 00:59:49 |
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SAY THAT LAST BIT? |
| 00:59:50 |
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WE WANT GREATER SEPARATION BETWEEN THE INSURED DEPOSITORIES AND OTHER TYPES OF HIGH RISK ACTIVITIES... |
| 01:00:05 |
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MR. DUGAN? |
| 01:00:07 |
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THE ONE THING THAT I WOULD ADD IS THAT I THINK THERE'S A NOTION THAT YOU CAN STOP FINANCIAL COMPANIES... |
| 01:00:19 |
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RIGHT. |
| 01:00:21 |
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THEY WILL GET SYSTEMATICALLY DIFFERENT AND BIG. THAT'S WHAT HAPPENED LAST YEAR. WE HAD COMPANIES THAT... |
| 01:00:44 |
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GENTLEMAN'S TIME HAS EXPIRED. THE CHAIR WILL DISTINGUISH MR. BAUCUS. |
| 01:00:51 |
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THANK YOU, MR. CHAIRMAN. ONE THING, THE STATE REGULATORS UNDER THE FIIEC, YOU ARE ALL VOTING MEMBERS... |
| 01:02:56 |
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SO FAR AS I'M AWARE, MR. BAUCUS, WE HAD NO ROLE IN DRAFTING THE TEXT, WE DIDN'T DO THE DRAFTING. ... |
| 01:03:18 |
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WERE YOU CONSULTED THROUGHOUT THE PROCESS? WERE YOU CONSULTED DURING THE WRITING OF IT? |
| 01:03:24 |
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WELL, I THINK THERE WAS -- THERE WAS CERTAINLY SOME CONSULTATIONS IN THE SENSE THAT WE WERE ASKED... |
| 01:03:50 |
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NOW, UNDER THIS, YOU WOULD PICK UP THE POWER TO FORCE COMPANIES INTO BANKRUPTCY OR REQUIRE THEM TO... |
| 01:04:07 |
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THERE'S POSITIONS IN THE BILL THAT WOULD REQUIRE THAT, YES. |
| 01:04:11 |
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IT GIVES THE ABILITY TO OVERRULE YOUR COLLEAGUES AT OTHER FEDERAL BANKING AGENCIES. ARE YOU AWARE... |
| 01:04:16 |
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YES. YES. I THINK THAT'S WHAT MR. DUGAN WAS ALLUDING TO IN HIS OPENING STATEMENT. AND AS I SAID,... |
| 01:05:17 |
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AND THE EVENTS IN THE LAST TWO YEARS PROBABLY CONTRIBUTED TO THE OVEREXTENSION OF CREDIT? |
| 01:05:29 |
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THIS IS MY ACADEMIC SELF SPEAKING. I CAN IDENTIFY A LOT OF POLICIES THAT CONTRIBUTED TO THIS INCLUDING... |
| 01:05:39 |
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CHAIRMAN BAYER, YOU KNOW, REPUBLICANS HAVE PRETTY MUCH UNIFORMLY REJECTED THE IDEA OF A CONTINUING... |
| 01:06:20 |
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RIGHT. WELL WE DO THINK THERE'S SOME AREAS WHERE IT COULD BE STRENGTHENED AND ARE HAPPY TO KEEP WORKING... |
| 01:07:36 |
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LOAN MONEY TO A FAILING CORPORATION? |
| 01:07:38 |
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THE GENTLEMAN'S TIME HAS EXPIRED. I WOULD ASK THE GENTLEMAN AND CHAIRMAN TO HAVE ANY ADDITIONAL WRITING... |
| 01:07:55 |
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MANY OF YOU APPEARED A DOZEN TIMES, IF NOT MORE THAN THAT IN THE COURSE OF THE LAST YEAR BEFORE THIS... |
| 01:09:23 |
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I THINK THE THINGS THAT WE CONSIDER THE MOST IMPORTANT ARE IN THIS BILL. WE WOULD LIKE TO SEE A STRONGER... |
| 01:09:50 |
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I AGREE WITH THE POINT WHEN SECRETARY GEITHNER DIDN'T THINK THE GMAC FINANCE WOULD BE PART OF THIS.... |
| 01:10:54 |
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I THINK THAT'S RIGHT. I THINK OUR STAFF WAS CONCERNED ABOUT THIS IN WHOLE OR IN PART DIRECTLY OR INDIRECTLY.... |
| 01:11:22 |
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SO GENERAL ELECTRIC, MAJOR MANUFACTURER, MAJOR COMPANY BUT ALSO HAS A MAJOR FINANCING ARM, I THINK... |
| 01:11:36 |
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I DON'T COMMENT -- |
| 01:11:40 |
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YES. THAT'S THE ASSUMPTION. |
| 01:11:43 |
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IF THEY WERE TO GET INTO TROUBLE COULD HAVE A DOMINO EFFECT -- |
| 01:11:47 |
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THAT'S RIGHT. |
| 01:11:52 |
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STARTING WITH INDY MAC AND FANNIE MAE AND FREDDIE MAC AND AIG AND LEHMAN. IT WAS A DOMINOS. IT WAS... |
| 01:12:52 |
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IT'S A GOOD QUESTION AND I'M NOT SURE. I'M NOT A BANKRUPTCY LAWYER AND THERE IS A VERY IMPORTANT ... |
| 01:13:36 |
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THANK YOU. |
| 01:13:38 |
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VOTES HAVE BEEN CALLED. WE'LL HAVE QUESTIONS, ONE MORE SET OF QUESTIONS. |
| 01:13:47 |
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AGAIN, WITH THE 253 PAGE BILL THAT CAME OUT LESS THAN 48 HOURS AGO AND ANOTHER SEVERAL THOUSAND PAGE... |
| 01:14:56 |
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I DON'T THINK THAT'S AN ACCURATE CHARACTERIZATION. I THINK THE BILL CAREFULLY CONSTRAINS WHAT WE CAN... |
| 01:16:11 |
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LET ME FOLLOW UP THEN. WITH THE REPUBLICAN ALTERNATIVE THAT SEVERAL OF MY COLLEAGUES ARE OFFERING,... |
| 01:17:05 |
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I THINK THE BANKRUPTCY PROCESS IS WHAT WE'VE HAD AND IT LED TO ALL OF THESE BAILOUTS. |
| 01:17:13 |
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BUT WE HAVEN'T HAD PERHAPS MODIFICATION OF THAT THAT WOULD ANTICIPATE -- |
| 01:17:17 |
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I THINK, CONGRESSWOMAN, WE DON'T DIFFER PROFOUNDLY ON WHERE WE WANT TO END UP. WE BELIEVE THE CLAIMS... |
| 01:17:31 |
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I THINK THAT MAY BE ACCURATE THAT WE MAY NOT DIFFER IN WHERE WE WANT TO END UP OTHER THAN AUTHORITY,... |
| 01:19:01 |
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I HAVE SEEN YOUR LETTER AND WE'RE IN THE PROCESS OF CONSULTING WITH OUR FEDERAL REGULATORS? |
| 01:19:09 |
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WHEN CAN I ANTICIPATE A REPLY. |
| 01:19:14 |
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WE'LL DO IT AS SOON AS POSSIBLE. |
| 01:19:16 |
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MR. FOSTER FOR TWO MINUTES AND THEN GO FOR VOTES. VOTES HAVE BEEN CALLED. MR. FOSTER RECOGNIZED FOR... |
| 01:19:28 |
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MINE IS ON RISK RETENTION. IT'S MY READING OF IT THAT YOU HAVE VERY WIDE AUTHORITY TO SET IT AT 10%... |
| 01:20:22 |
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THANK YOU, CONGRESSMAN. OBVIOUSLY IT WILL DEPEND ON HOW YOU WRITE THE BILL IN THE END BUT I THINK... |
| 01:20:58 |
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YOU CONTEMPLATE USING IT IN CONCERT WITH MONETARY POLICY. SO, TO COOL OFF A REAL ESTATE BUBBLE. |
| 01:21:06 |
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I THINK THAT PROVISION, AS I READ IT, IS INTENDED TO BE A SAFETY AND SOUNDNESS RATHER THAN MACRO ECONOMIC... |
| 01:21:36 |
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IT WOULD HAVE AN EFFECT -- |
| 01:21:38 |
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IT WOULD HAVE AN EFFECT AND ONE WOULD NEED TO THINK ABOUT IT. |
| 01:21:41 |
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THE GENTLEMAN'S TIME IS EXPIRED. I WANT TO THANK THE SECOND PANEL FOR YOUR TESTIMONY AND YOUR APPEARANCE... |
NOTE: The transcript for this program was compiled from uncorrected Closed Captioning.
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