Financial Industry Regulations, Business Interests

Oct 29, 2009

House Committee Financial Services

The House Financial Services Committee heard testimony on a bill to eliminate systemic risk and provide for prudential banking overhaul. The proposed legislation would give federal officials power to regulate, seize and dismantle large financial firms whose failure would pose a risk to the economy. Financial services industry and labor advocates .. Read More
The House Financial Services Committee heard testimony on a bill to eliminate systemic risk and provide for prudential banking overhaul. The proposed legislation would give federal officials power to regulate, seize and dismantle large financial firms whose failure would pose a risk to the economy. Financial services industry and labor advocates spoke about the proposals and some of the details of the legislation.

1 hours, 39 minutes | 216 Views

View Entire Event (3 Programs)

SHARE

  • SEND VIDEO
  • POST VIDEO TO FACEBOOK
  • BOOKMARK VIDEO

EMBED THIS VIDEO

Copy the code below and paste it into your website:

MORE OPTIONS

Change Size

TRANSCRIPT

TIME SPEAKER TEXT
00:00:13 Frank, BarneyU.S. Representative -- LIKE THE OLD DAYS, WHEN YOU HAD PAIRING ON EACH SIDE.
00:00:20 Trumka, Richard L.President THANK YOU, MR. CHAIRMAN. THANK YOU TO THE RANKING MEMBER, BAUCUS. I'M THE PRESIDENT OF THE AFL-CIO...
00:06:16 Frank, BarneyU.S. Representative NEXT IS RICHARD BAKER.
00:06:23 Baker, Richard H.President and CEO THANK YOU, MR. CHAIRMAN. THE PRIMARY ADVOCATE FOR SOUND BUSINESS PRACTICES AND HEDGE FUNDS. FUNDS...
00:11:15 Frank, BarneyU.S. Representative NEXT, PROFESSOR PHILLIP SWAG SWAGLE AT GEORGETOWN.
00:11:17 Swagel, Phillip L.Professor THANK YOU FOR THE OPPORTUNITY TO TESTIFY. I'M A VISITING PROFESSOR AT GEORGETOWN UNIVERSITY. I WAS...
00:14:45 Frank, BarneyU.S. Representative NEXT, MR. SCOTT THOMA THE SENIOR VICE PRESIDENT AT THE FINANCIAL SERVICES ROUNDTABLE.
00:14:52 Talbott, ScottSenior Vice President CHAIRMAN FRANK, MEMBERS OF THE COMMITTEE, THANK YOU FOR THE OPPORTUNITY TO ALLOW US TO APPEAR BEFORE...
00:20:21 Frank, BarneyU.S. Representative THE NEXT ONE IS, EXECUTIVE VICE PRESIDENT OF THE METROPOLITAN LIFE INSURANCE COMPANY.
00:20:27 Kandarian, SteveExecutive Vice President MEMBERS OF THE COMMITTEE, THANK YOU FOR INVITING ME TO TESTIFY TODAY. WE HAVE ASKED METLIFE FOR PERSPECTIVES...
00:25:25 Frank, BarneyU.S. Representative NOW, WE'LL HEAR FROM MR. MICHAEL MICHAEL MICHAEL MICHAEL MANAGI.
00:25:32 Menzies, R. Michael Stewart Sr.President and CEO CHAIRMAN, FRANK, RANKING MEMBER BAUCUS AND MEMBERS OF COMMITTEE, IT'S AN HONOR TO BE WITH YOU AGAIN....
00:30:32 Wallison, Peter J.Fellow THANK YOU VERY MUCH. THANK YOU RANKING MEMBER BAUCUS FOR HOLDING THIS HEARING. THE DISCUSSION DRAFT...
00:34:35 Frank, BarneyU.S. Representative THE NEXT WITNESS IS AMERICANS FOR FINANCIAL REFORM.
00:34:43 D'Arista, JaneAttorney THANK YOU. I WANT TO SAY THAT I'M REPRESENTING A VERY LARGE GROUP OF ORGANIZATIONS. THAT ARE CONSUMER...
00:39:38 Frank, BarneyU.S. Representative MR. EDWARDS DILLYING.
00:39:40 Yingling, Edward L.President and CEO CHAIRMAN, FRANK, CONGRESSMAN BAUCUS, MEMBERS OF THE COMMITTEE, THANK YOU FOR INVITING ME TO TESTIFY....
00:39:47 Yingling, Edward L.President and CEO IT'S BEEN OVER A YEAR SINCE I FIRST TESTIFIED BEFORE THIS COMMITTEE IN FAVOR OF BROAD, INSURANCE REFORM....
00:44:22 Frank, BarneyU.S. Representative I THANK YOU. WE NOW HAVE MR. TIM RYAN.
00:44:31 Ryan, TimothyPresident and CEO I WANT TO THANK THE COMMITTEE FOR THIS OPPORTUNITY TO APPEAR TODAY. WE BELIEVE THE THAT SYSTEMIC ...
00:49:52 Frank, BarneyU.S. Representative THANK YOU. I APPRECIATE YOUR STAYING. I KNOW YOU HAD SOME SCHEDULING. ONE THING YOU POINT OUT WHICH...
00:54:31 D'Arista, JaneAttorney IDENTIFY THE PUBLIC --
00:54:35 Frank, BarneyU.S. Representative WHAT'S THAT?
00:54:37 D'Arista, JaneAttorney BY GOTTORY INSTITUTIONS, YES. BECAUSE THEY ARE A CONFLICT WITH THEIR CLIENTS. BUT IT IS A VERY LARGE...
00:54:48 Frank, BarneyU.S. Representative I UNDERSTAND IT'S A LARGE
00:54:49 D'Arista, JaneAttorney ALL RIGHT. THE PROBLEM THEN --
00:54:52 Ryan, TimothyPresident and CEO YOU DO US NO SERVICE --
00:54:54 D'Arista, JaneAttorney LEVERAGE WILL HELP. AND IF YOU WERE TO EXTEND THE IDEA OF THE NATIONAL BANK ACCOUNT TO LIMIT LENDING...
00:55:08 Frank, BarneyU.S. Representative LET ME ASK YOU TO DO THAT IN WRITING, AND BECAUSE I DO THINK THE ISSUE OF PROPRIETARY TRADING IS ONE...
00:55:15 D'Arista, JaneAttorney CERTAINLY. I WOULD BE HAPPY TO DO THAT.
00:55:18 Frank, BarneyU.S. Representative WELL, MR. RYAN, I'M OVER MY TIME. I TALKED ABOUT YOU, SO I'LL GIVE YOU A FEW SECONDS.
00:55:22 Ryan, TimothyPresident and CEO THANK YOU. JUST ON UNCERTAINTY, THERE IS SOME UNCERTAINTY WE DON'T LIKE. IT'S SOME UNCERTAINTY THAT...
00:55:32 Frank, BarneyU.S. Representative NO, BUT HERE'S -- HERE'S WHAT WE HAVE BEEN TOLD. WHEN WE GET INTO -- TALKING ABOUT THOSE THAT WOULD...
00:55:58 Ryan, TimothyPresident and CEO MAY I JUST SAY WHAT I FEAR? WHAT I FEAR IS THAT THAT UNCERTAINTY WILL CAUSE SIGNIFICANT DISRUPTIONS...
00:56:09 Frank, BarneyU.S. Representative WELL, ISN'T IT LIKELY TO CAUSE, AND I APOLOGIZE -- ISN'T IT LIKELY TO CAUSE A TRANSFER FROM ONE INSTITUTION...
00:56:35 Ryan, TimothyPresident and CEO WE'LL TRY TO COME BACK TO YOU
00:56:37 Frank, BarneyU.S. Representative I APPRECIATE IT.
00:56:38 Ryan, TimothyPresident and CEO THANK YOU.
00:56:39 Frank, BarneyU.S. Representative LET ME JUST SAY, I WANT TO PUT INTO THE RECORD AN ARTICLE ON FEASIBILITY BY ANDREW LOWE AT M.I.T.,...
00:57:05 Bachus, SpencerU.S. Representative THANK YOU, MR. CHAIRMAN. MR. CHAIRMAN, WHAT I WOULD LIKE TO ASK EACH OF THE PANELISTS AND MAYBE JUST...
00:57:27 Unidentified Speaker NO. NO, SIR, NOT ENOUGH.
00:57:31 Unidentified Speaker NO.
00:57:32 Unidentified Speaker NO.
00:57:33 Unidentified Speaker NO.
00:57:35 Unidentified Speaker CERTAINLY NOT ALL OF US, MR. CHAIR.
00:57:36 Unidentified Speaker NO.
00:57:37 Unidentified Speaker NO.
00:57:38 Bachus, SpencerU.S. Representative ALL RIGHT. WE HADN'T EITHER. SO -- I APPRECIATE THAT. CHAIRMAN MENTIONS CREDITORS. I GUESS YOU CAN'T...
00:58:11 Unidentified Speaker YES.
00:58:13 Bachus, SpencerU.S. Representative SECRETARY GEITHNER, CHAIRMAN FRANK, HAVE REPEATEDLY SAID THAT THE RESOLUTION AUTHORITY DOES NOT PROVIDE...
00:58:21 Swagel, Phillip L.Professor I DO DISAGREE.
00:58:23 Bachus, SpencerU.S. Representative AND WOULD YOU PULL THAT MIC A LITTLE CLOSER?
00:58:26 Swagel, Phillip L.Professor I DO DISAGREE.
00:58:28 Swagel, Phillip L.Professor OKAY. THERE IT IS. I DO DISAGREE, AND I LISTENED CAREFULLY TO THE SECRETARY'S TESTIMONY, AND I UNDERSTAND...
00:58:57 Bachus, SpencerU.S. Representative THANK YOU. MR. WALLACE AND CHAIRMAN -- SECRETARY GEITHNER SAID THAT THE CHAIRMAN'S DISCUSSION DRAFT...
00:59:14 Wallison, Peter J.Fellow I WAS VERY PUZZLED TO HEAR THE SECRETARY SAY THAT, BECAUSE THERE IS LANGUAGE IN HERE THAT DOES PERMIT...
01:00:30 Bachus, SpencerU.S. Representative MAYBE THEY HAVEN'T HAD SUFFICIENT TIME TO READ THE BILL.
01:00:32 Wallison, Peter J.Fellow MAYBE NOT. MAYBE NOT.
01:00:40 Bachus, SpencerU.S. Representative YOU KNOW, SEVERAL -- MR. KENDARIAN, AND I'VE SAID THIS BEFORE, A BETTER APPROACH WOULD BE TO REGULATE...
01:01:25 Trumka, Richard L.President WOULD YOU PLEASE REPEAT THE FIRST PART OF THE QUESTION?
01:01:30 Bachus, SpencerU.S. Representative YES.
01:01:32 Bachus, SpencerU.S. Representative DO YOU HAVE A PROBLEM -- LET ME JUST SAY THE LAST PART -- DO YOU HAVE A PROBLEM WITH TOO BIG TO FAIL...
01:01:41 Trumka, Richard L.President WELL, WE HAVE A PROBLEM WITH TOO BIG TO FAIL. WE WOULD LIKE TO PREVENT PEOPLE FROM BECOMING TOO BIG...
01:02:01 Bachus, SpencerU.S. Representative DO YOU BELIEVE THAT THE ITS, YOU KNOW, WITHIN -- IT'S AN ACTIVITY THAT CREATES A RISK, AND IT'S AN...
01:02:16 Baker, Richard H.President and CEO ACTIVITIES SHOULD BE THE FOCUS, NOT NECESSARILY ASSETS UNDER MANAGEMENT.
01:02:21 Bachus, SpencerU.S. Representative ALL RIGHT, THANK YOU.
01:02:22 Swagel, Phillip L.Professor I WOULD AGREE WITH THAT.
01:02:23 Talbott, ScottSenior Vice President AGREED. IT'S NOT SIZE, IT'S THE THE RISKINESS OF THE ACTIVITIES.
01:02:31 Bachus, SpencerU.S. Representative JUST GOING DOWN THE LINE.
01:02:32 Kandarian, SteveExecutive Vice President THOSE ARE MY COMMENTS, SO CERTAINLY I WOULD SUPPORT --
01:02:35 Menzies, R. Michael Stewart Sr.President and CEO I DISAGREE. OUR ACTIVITIES ARE UNBELIEVABLY REGULATED RIGHT THIS MINUTE. IT'S THE SIZE OF THE INSTITUTIONS....
01:02:43 Bachus, SpencerU.S. Representative WHAT ABOUT SUBPRIME LENDING? DO YOU THINK IT WAS REGULATED, OR -- CAN I GET THE REST OF THEM?
01:02:51 Watt, MelvinU.S. Representative I'M TRYING TO GET THE REST OF YOU TO ANSWER, BUT YOU CAN'T --
01:02:54 Bachus, SpencerU.S. Representative YOU'RE RIGHT.
01:02:56 Watt, MelvinU.S. Representative YOU CAN'T -- ASK ANOTHER QUESTION AND THEN EXPECT THE REST OF THEM TO ANSWER.
01:02:59 Bachus, SpencerU.S. Representative YOU'RE RIGHT. MR. WALLACE?
01:03:02 Wallison, Peter J.Fellow WELL, AS I HAVE TESTIFIED TO THIS COMMITTEE BEFORE, I DON'T THINK ANY INSTITUTION CAN CREATE SYSTEMIC...
01:03:13 D'Arista, JaneAttorney NO, I THINK SIZE IS IMPORTANT. YES, ACTIVITIES MUST BE REGULATED. I'VE ADVOCATED THAT FOR MANY YEARS....
01:03:26 Bachus, SpencerU.S. Representative ALL RIGHT.
01:03:28 Yingling, Edward L.President and CEO I THINK WE NEED MORE SUBTLE APPROACHES THAN JUST HAVING AN ARBITRARY LIST, SOMEWHAT ARBITRARY LIST....
01:03:35 Bachus, SpencerU.S. Representative YOU MEAN OF INSTITUTIONS OR ACTIVITIES?
01:03:37 Yingling, Edward L.President and CEO OF INSTITUTIONS.
01:03:43 Bachus, SpencerU.S. Representative OKAY. MR. SHRINE?
01:03:46 Ryan, TimothyPresident and CEO I AGREE WITH EDS COMMENTS.
01:03:48 Watt, MelvinU.S. Representative THE GENTLEMAN'S TIME HAS EXPIRED, AND I WILL RECOGNIZE MYSELF FOR FIVE MINUTES. SO -- JUST TO SAY...
01:05:20 Swagel, Phillip L.Professor YES, I WOULD NOT PUT THE DIRECTOR OF THE CFPA ON THE SYSTEMIC RISK.
01:05:24 Watt, MelvinU.S. Representative WE NEED TO DO SOMETHING ABOUT YOUR MICROPHONE.
01:05:26 Swagel, Phillip L.Professor YEAH, SORRY ABOUT THAT. LET ME SEE IF I CAN GET IT BETTER. I WOULD NOT PUT THE DIRECTOR OF THE CFPA...
01:05:35 Watt, MelvinU.S. Representative OKAY. ANYBODY ELSE AGREE WITH THAT? OKAY. I WON'T GO INTO YOUR REASONS. GIVE ME YOUR REASONS IN WRITING....
01:06:36 Yingling, Edward L.President and CEO I WOULD DO IT AFTER THE FACT. I THINK --
01:06:37 Watt, MelvinU.S. Representative OKAY. AND WHO WOULD YOU -- WHO WOULD YOU TAX WITH THE -- WITH THE -- WITH PUTTING UP THE MONEY TO...
01:06:49 Yingling, Edward L.President and CEO WELL, I THINK, UNFORTUNATELY, YOU END UP WITH SOMETHING SIMILAR. WE WOULD HAVE SOME CHANGES IN WHAT...
01:06:57 Watt, MelvinU.S. Representative I UNDERSTAND. I'M ASKING YOU, WHO YOU WOULD TAX. WOULD IT BE ALL FINANCIAL INSTITUTIONS, WOULD IT...
01:07:15 Yingling, Edward L.President and CEO WELL, WE SAID IN OUR PROPOSAL WAS VERY SIMILAR TO WHAT THE ADMINISTRATION PROPOSED. WE DIDN'T PUT...
01:07:37 Watt, MelvinU.S. Representative SET UP AS A SEPARATE FUND, I TAKE IT -- TOTALLY SEPARATE FROM FDIC?
01:07:42 Yingling, Edward L.President and CEO OH, ABSOLUTELY.
01:07:43 Watt, MelvinU.S. Representative CALL SOMETHING ELSE? IS A RESOLUTION FUND?
01:07:46 Yingling, Edward L.President and CEO A RESOLUTION FUND. AND WE THINK THE AGENCY SHOULD NOT BE CALLED THE FDIC, IT SHOULD BE CALLED THE...
01:07:55 Watt, MelvinU.S. Representative ANYBODY ELSE ON THE PANEL --
01:08:01 Yingling, Edward L.President and CEO FOR THE FACT -- DEPOSITORY.
01:08:03 Watt, MelvinU.S. Representative MR. MENZ SAYS YOU DISAGREE WITH SEPARATING THE FUNDS?
01:08:07 Menzies, R. Michael Stewart Sr.President and CEO I'M A VICTIM OF MY EXPERIENCE AS A COMMUNITY BANKER. WE SET ASIDE RESERVES IN THE GOOD TIMES.
01:08:17 Watt, MelvinU.S. Representative I DON'T WANT TO PROVIDE A PLATFORM FOR YOU TO GIVE A SPEECH. I UNDERSTAND WHAT YOU SAID, BUT THIS...
01:08:27 Menzies, R. Michael Stewart Sr.President and CEO WE SHOULD PREFUND IT.
01:08:28 Watt, MelvinU.S. Representative WHAT ARE YOUR ARGUMENTS IN FAVOR OF PREFUNDING IT AS OPPOSED TO DOING IT AFTER THE FACT?
01:08:37 Menzies, R. Michael Stewart Sr.President and CEO THE SAME LOGIC AS SUPPLYING LOSS RESERVES.
01:08:39 Watt, MelvinU.S. Representative WHO WOULD CONTRIBUTE TO THAT FUND?
01:08:41 Menzies, R. Michael Stewart Sr.President and CEO THOSE WHO PRESENT SOME FORM OF SYSTEMIC RISK TO OUR SYSTEM MANY MANY.
01:08:46 Watt, MelvinU.S. Representative AND HOW WOULD YOU DESIGNATE THOSE WITHOUT KNOWING WHO THEY ARE IN ADVANCE?
01:08:50 Menzies, R. Michael Stewart Sr.President and CEO WELL, THE INDUSTRY IS NOT GOING TO BE DESIGNATED. THAT'S WHAT CONGRESS AND THE REGULATORS NEED TO...
01:08:58 Watt, MelvinU.S. Representative SO WE OUGHT TO JUST PICK IT OUT OF THE CONGRESS OUGHT TO MAKE A DECISION ABOUT IT AND PUT THEM ON...
01:09:10 Trumka, Richard L.President MR. CHAIRMAN?
01:09:12 Unidentified Speaker YES.
01:09:14 Trumka, Richard L.President MR. CHAIRMAN?
01:09:15 Trumka, Richard L.President MR. CHAIRMAN? THIS.
01:09:17 Trumka, Richard L.President I WAS SUPPOSED TO BE OW OF HERE.
01:09:19 Watt, MelvinU.S. Representative I'M SORRY, I WAS SUPPOSED TO MAKE APOLOGIES. MR. TRUNKA HAD INDICATED BEFOREHAND THAT HE HAD TO LEAVE,...
01:09:41 Bachus, SpencerU.S. Representative IF IT HE HAS TO LEAVE, HE HAS TO LEAVE.
01:09:44 Watt, MelvinU.S. Representative YOU ARE EXCUSED WITHOUT OBJECTION, I BELIEVE. YOU ARE EXCUSED WITHOUT OBJECTION.
01:09:50 Trumka, Richard L.President THANK YOU.
01:09:52 Watt, MelvinU.S. Representative AND DON'T TAKE THAT OUT OF MR. ROSS'S TIME. START HIS CLOCK OVER.
01:09:56 Royce, EdwardU.S. Representative FAIR ENOUGH. THANK YOU, MR. CHAIRMAN. I HAD A QUESTION FOR MR. WALLACE. I WENT TO A MEMORY OF SOME...
01:11:18 Wallison, Peter J.Fellow WELL, THANK YOU VERY MUCH, CONGRESSMAN. I THINK IT SHOULD BE OBVIOUS THAT DEPOSIT INSURANCE DOES ...
01:12:58 Royce, EdwardU.S. Representative NOW, THE CHAIRMAN'S DRAFT LEGISLATION WOULD GIVE REGULATORS THE ABILITY TO SHIELD CREDITORS FROM LOSSES....
01:13:15 Wallison, Peter J.Fellow OF COURSE. IT'S THE SAME THING AS DEPOSIT INSURANCE. AND IT DOESN'T REALLY MATTER VERY MUCH THAT...
01:13:51 Royce, EdwardU.S. Representative SO POLITICAL POLL, OR THE IMPORTANCE OF IT, STARTS TO REPLACE MARKET DISCIPLINE OR MARKET FORCES,...
01:14:45 Wallison, Peter J.Fellow ALL RIGHT. I AGREE. AND ONE OF OF THE -- ONE OF THE PROBLEMS WITH THE DRAFT LEGISLATION IS THAT IT...
01:15:15 Royce, EdwardU.S. Representative THANK YOU. THANK YOU, MR. CHAIRMAN.
01:15:20 Royce, EdwardU.S. Representative THANK YOU MR. WALLACE.
01:15:22 Watt, MelvinU.S. Representative THE GENTLEMAN MR. HEINZ IS RECOGNIZED.
01:15:24 Himes, James "Jim" A.U.S. Representative THANK YOU, MR. CHAIRMAN. I HAVE TWO KIND OF HE IS OWETERRIC QUESTIONS WHICH MAY OR MAY NOT ELICIT...
01:17:02 Ryan, TimothyPresident and CEO SURE.
01:17:03 Ryan, TimothyPresident and CEO OUR VIEW, AND IT'S BEEN CONSISTENT HERE, AND I BELIEVE THE CHAIRMAN ASKED THE SAME QUESTION ABOUT...
01:17:47 Yingling, Edward L.President and CEO I WOULD AGREE WITH YOUR COMMENT THAT THERE NEEDS TO BE FLEXIBILITY. THE OTHER PROBLEM WE HAVE IS,...
01:18:10 Himes, James "Jim" A.U.S. Representative YES, SIR.
01:18:12 Talbott, ScottSenior Vice President YEAH. HR 1728, WHICH I THINK IS APPROVED BY THE HOUSE, STARTS WITH A 5% AS A CEILING, AND WE THINK...
01:18:30 Himes, James "Jim" A.U.S. Representative I'M SENSING A GENERAL ASCENT THAT ONE OF THE GUIDING PRINCIPLES OUGHT TO BE THE RISKINESS OF THE STRUBLG...
01:18:37 Himes, James "Jim" A.U.S. Representative OKAY. ONE OTHER ESOTERIC QUESTION. EMBEDDED FINANCE COMPANIES. I HAPPEN TO HAVE GE AND PIT KNEE BOSE...
01:19:31 Talbott, ScottSenior Vice President YEAH. WE'RE PLEASED THAT THE ILC IS GRABBED FATHERED, BUT THE PROVISIONS YOU MENTIONED LIKE THE CROSS...
01:19:54 Wallison, Peter J.Fellow IF I COULD MAKE A COMMENT ON THIS, THE LEGISLATION ASSUMES THAT IT IS POSSIBLE TO SEPARATE FINANCE...
01:20:43 Himes, James "Jim" A.U.S. Representative THANK YOU, MR. CHAIRMAN.
01:20:44 Frank, BarneyU.S. Representative TIME IS EXPIRED. I'M GOING TO ASK FOR TEN SECONDS. YOU MENTIONED THIS BEFORE. I AM SYMPATHETIC TO...
01:21:13 Yingling, Edward L.President and CEO THANK YOU, MR. CHAIRMAN.
01:21:17 Frank, BarneyU.S. Representative THE GENTLEMAN FROM NORTH CAROLINA.
01:21:24 Miller, BradU.S. Representative SO I THANK YOU, MR. CHAIRMAN. MISS DARISTA, BEFORE YOU RAISE THE QUESTION OF PROPRIETARY TRADING AND...
01:21:35 D'Arista, JaneAttorney I HEARD YOU, SIR.
01:21:38 Miller, BradU.S. Representative WELL, IN PART BECAUSE PAUL VOLCKER HAD TESTIFIED LAST MONTH THAT PROPRIETARY TRADING BY SYSTEMATICALLY...
01:23:54 D'Arista, JaneAttorney I WOULD AGREE. AND I WOULD THINK THAT YOU NEED TO LIMIT PROPRIETARY TRADING ACROSS THE ENTIRE FINANCIAL...
01:24:13 D'Arista, JaneAttorney RIGHT. I THINK, YOU KNOW, AS I BEGAN TO SAY, AND I WILL SUBMIT SOME INFORMATION ABOUT MY THINKING...
01:25:12 Miller, BradU.S. Representative MR. YINGLING, SHOULD PROPRIETARY INSTITUTIONS DO PROPRIETARY TRADING?
01:25:17 Yingling, Edward L.President and CEO I DON'T THINK THEY SHOULD DO IT DIRECTLY IN THE DEPOSITORY INSTITUTION. I WOULD AGREE WITH MISS BAER'S...
01:25:25 Miller, BradU.S. Representative THAT AFFILIATES WITHIN THE HOLDING COMPANY SHOULD DO PROPRIETARY TRADING.
01:25:29 Yingling, Edward L.President and CEO YES, WITH CAREFUL REGULATION AND CAPITAL REQUIREMENTS AND LEVERAGE.
01:25:36 Miller, BradU.S. Representative MR. RON, YOU SEEM TO WANT TO BE RECOGNIZED. ARE YOU RAISING YOUR HAND?
01:25:40 Ryan, TimothyPresident and CEO I DO. THAT'S WHY I CAME, TO ANSWER
01:25:42 Miller, BradU.S. Representative OKAY.
01:25:45 Ryan, TimothyPresident and CEO AND MY VIEW IS, FIRST OF ALL, DIFFERENT TYPES OF PROPRIETARY TRADING, SOME HAVE EXCESSIVE RISKS, SOME...
01:26:29 Cleaver, EmanuelU.S. Representative THANK YOU, MR. CHAIRMAN. YOU SAID WE'RE NOT QUITE ICELAND, BUT WE'RE GETTING THERE. ARE YOU SUGGESTING...
01:26:37 D'Arista, JaneAttorney NO. AND I PERHAPS EXAGGERATED FOR EFFECT. .
01:26:42 Cleaver, EmanuelU.S. Representative YES. IT CAME THROUGH, CLEARLY. BUT I DO HAVE A SERIOUS -- WELL, MY KIDS WOULD THINK THAT'S SERIOUS....
01:27:43 D'Arista, JaneAttorney WELL, AS PRESIDENT TRUNKA SAID, IF THE FED WERE A REFORM, WE WOULD NOT HAVE A PROBLEM WITH THE FED...
01:28:21 Cleaver, EmanuelU.S. Representative SO YOU'RE SAYING THAT IT IS -- IT IS DEPOLITICIZED. -- I'M ASKING THE QUESTION. IT'S DEPOLITICIZED...
01:28:41 D'Arista, JaneAttorney YES AND NO. I REALLY AM LOOKING AT THE CONSTITUTION. AND WHAT --
01:28:47 Cleaver, EmanuelU.S. Representative WE DON'T DO THAT IN HERE.
01:28:50 D'Arista, JaneAttorney WELL, I MEAN, YOU HAVE THE RESPONSIBILITY FOR CREATING MONEY AND MAINTAINING ITS VALUE. AND THAT IS...
01:29:38 Cleaver, EmanuelU.S. Representative MR. BAKER.
01:29:44 Cleaver, EmanuelU.S. Representative WELL -- AS A FORMER MEMBER OF THIS AUGUST BODY, DO YOU DIFFER WITH HER?
01:29:51 Baker, Richard H.President and CEO WELL, CERTAINLY, WE FEEL THAT A COUNCIL-LIKE STRUCTURE WOULD BE MORE APPROPRIATE IN PROVIDING BALANCE...
01:30:58 Cleaver, EmanuelU.S. Representative ARE ANY OF YOU AWARE OF ANY CENTRAL BANK THAT HAS THE RESPONSIBILITY FOR SUPERVISING SYSTEMIC BANKING...
01:31:18 Wallison, Peter J.Fellow THERE ARE OTHER CENTRAL BANKS THAT DO THAT. I THINK THE FRENCH CENTRAL BANK DOES THAT. THE U.K. IS...
01:31:31 Frank, BarneyU.S. Representative YOU SAY THE FRENCH CENTRAL
01:31:32 Wallison, Peter J.Fellow YEAH.
01:31:34 Frank, BarneyU.S. Representative BUT I THOUGHT THEY LOST MONETARY POLICY TO THE EUROPEAN BANK, SO THEY DON'T HAVE MONETARY POLICY ANYMORE....
01:31:41 Wallison, Peter J.Fellow WELL, THAT IS -- THAT IS -- YEAH, I SUPPOSE IT'S POSSIBLE, IF THE ECB HAS TAKEN OVER ALL OF THE CENTRAL...
01:32:43 Frank, BarneyU.S. Representative I THINK MANY OF YOUR -- MANY OF THE NATIONAL CENTRAL BANKS WILL WELCOME YOUR RESTORING TO THEM POWERS...
01:33:08 Sherman, BradU.S. Representative LET ME ASK, IN THE INDEPENDENT BANKERS, UNDER THE RECAPTURE PROVISIONS, YOUR MEMBERS COULD BE TAXED...
01:33:36 Sherman, BradU.S. Representative
01:33:37 Menzies, R. Michael Stewart Sr.President and CEO I THINK THE ANSWER IS, WHAT'S THE RIGHT NUMBER? SHOULD IT BE 10$10 BILLION, $50 BILLION, $100 BILLION?...
01:33:52 Sherman, BradU.S. Representative DO YOU BELIEVE ANY OF YOUR MEMBERS ARE SINGLY AND BY THEMSELVES SYSTEMATICALLY IMPORTANT? NOT THAT...
01:34:07 Menzies, R. Michael Stewart Sr.President and CEO WE DO NOT BELIEVE WE HAVE -- THIS MIC REALLY DOESN'T LIKE ME. WE HAVE SYSTEMATICALLY IMPORTANT MEMBERS,...
01:34:20 Frank, BarneyU.S. Representative WE WILL WITHHOLD -- WILL SOMEBODY FIX THAT, PLEASE? PROCEED.
01:34:27 Sherman, BradU.S. Representative DUE TO THE NOISE THERE, I DIDN'T -- YOU WERE SAYING THAT YOU DO NOT BELIEVE ANY ONE OF YOUR MEMBERS...
01:34:35 Menzies, R. Michael Stewart Sr.President and CEO NO.
01:34:37 Sherman, BradU.S. Representative SO NONE OF YOUR MEMBERS IS GOING TO BE ABLE TO BENEFIT FROM AN IMPLICIT FEDERAL GUARANTEE THAT SAYS...
01:35:03 Menzies, R. Michael Stewart Sr.President and CEO NO. IF WE FAIL, WE FAIL. OUR UNINSURED CREDITORS ARE NOT PAID. IT'S AS SIMPLE AS THAT.
01:35:12 Sherman, BradU.S. Representative SO DO YOU THINK THAT THE TAX SHOULD BE IMPOSED ON ENTITY -- ANY ENTITY THAT'S TOO SMALL TO BE CONSIDERED...
01:35:22 Sherman, BradU.S. Representative OKAYAY MR.. BABAR. LCOME B BAC
01:35:28 Baker, Richard H.President and CEO THANK YOU.
01:35:31 Sherman, BradU.S. Representative HEDGE FUN ARE OFTENNDNDER $10 BILLION. BUT YOU FOLKS -- SOME OF YOUR MEMBERS ENGAGE IN PRETTY SOPHISTICATED,...
01:36:03 Baker, Richard H.President and CEO I THINK THE WHOLE MANNER OF WHO IS ASSESSED AND TO WHAT EXTENT FOR THE FAILURE OF AN UNRELATED ENTERPRISE....
01:36:35 Sherman, BradU.S. Representative SO YOU THINK THAT IF WE BAIL OUT AN INSURANCE COMPANY, ONLY THE INSURANCE COMPANY SHOULD PAY THE TAX,...
01:36:49 Baker, Richard H.President and CEO IT'S UNCLEAR AS TO THE ECONOMIC RESOLUTION, THE SCALE OF DFLTY AND THE ASSETS OF A PARTICULAR SECTOR....
01:37:15 Sherman, BradU.S. Representative LET ME INTERRUPT AND GO TO MR. SWAGGEL, IF I'M PRONOUNCING YOUR NAME. WOULD -- CAN YOU RUN A MODERN...
01:37:43 Swagel, Phillip L.Professor RIGHT. IF THE MAJOR PLAYERS THINK THERE IS A POSSIBILITY OF A BAILOUT, THAT WILL EFFECT THEIR BEHAVIOR....
01:37:51 Sherman, BradU.S. Representative OH, YEAH. OBVIOUSLY, IF YOU GO OUT AND TELL EVERYBODY, AS WE APPARENTLY, UNBEKNOWNST TO ME, DID,...
01:38:12 Frank, BarneyU.S. Representative THE GENTLEMAN'S TIME IS EXPIRED.
01:38:14 Swagel, Phillip L.Professor I WOULD JUST BRIEFLY NOTE THAT LEHMAN'S SENIOR DEBT WAS TRADING AT 10 CENTS ON THE DOLLAR BEFORE IT...
01:38:28 Frank, BarneyU.S. Representative THE -- HEARING IS NOW ADJOURNED. I THANK THE WITNESSES FOR THEIR PERSISTENCE IN SITTING THROUGH A...

NOTE: The transcript for this program was compiled from uncorrected Closed Captioning.

RELATED PROGRAMS

PEOPLE GRID LIST

  • Wallison, Peter J.
  • D
  • Ryan, Timothy
  • Baker, Richard H.
  • Trumka, Richard L.
  • Yingling, Edward L.
  • Talbott, Scott
  • Menzies, R. Michael Stewart Sr.
  • Kandarian, Steve
  • Swagel, Phillip L.
  • Frank, Barney
  • Watt, Melvin
  • Sherman, Brad
  • Bachus, Spencer
  • Miller, Brad
  • Himes, James "Jim" A.
  • Royce, Edward
  • Cleaver, Emanuel
  • Hensarling, Jeb

PURCHASE