| 00:00:32 |
Unidentified Speaker, -
POWERFUL CORPORATE -- PERSON IN WASHINGTON. YOU MADE THE LIST. PEOPLE WHO HAVE NOT BEEN FOLLOWING THE HOUSE FINANCIAL SERVICES COMMITTEE DEBATE, YOU HAVE...
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| 00:00:48 |
Unidentified Speaker, -
FROM BEING THE HEAD OF A POTENTIAL CONSUMER PROTECTION AGENCY PROPOSED. WHERE DID YOU GET THE REPUTATION FOR BEING A TROUBLEMAKER? >> I THINK I HAVE...
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| 00:01:22 |
Unidentified Speaker, -
PEOPLE SAYING THINGS IS ENOUGH TO MAKE YOU A TROUBLEMAKER. >> AND YET STILL VOTED POWERFUL. >> WE WILL SAY. NOT AS POWERFUL AS THE HEAD OF THE AMERICAN...
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| 00:01:50 |
Unidentified Speaker, -
OF
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| 00:01:51 |
Unidentified Speaker, -
POWER OBVIOUSLY, THE HEAD OF THE AMERICAN BANKERS ASSOCIATION IS MORE POWERFUL THAN I AM. HE HAS MORE STANDING RELATIONSHIPS IN WASHINGTON AND CAN DIRECT...
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| 00:02:08 |
Unidentified Speaker, -
OUR STEP DOES RESEARCH-BASED REPORTS. WE CALL IT LIKE WE SEE IT. THAT HAS HAD SOME KIND OF IMPACT IN WASHINGTON. YOU HAVE TO BE CAREFUL ABOUT THIS. PEOPLE...
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| 00:04:12 |
Unidentified Speaker, -
I WOULD RATHER MEASURE THAT IN TERMS OF REAL CHANGE. >> WHY DO YOU
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| 00:04:20 |
Unidentified Speaker, -
THINK MORE COMPLETE LEGISLATION HAS NOT COME OUT OF THE RELEVANT COMMITTEES YET? >> LET'S BE FAIR -- THERE WAS AN ELECTION RIGHT IN THE MIDDLE OF THE...
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| 00:04:41 |
Unidentified Speaker, -
I'M TALKING ABOUT POST-SEPTEMBER.
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| 00:04:49 |
Unidentified Speaker, -
OCTOBER AND NOVEMBER ARE TYPICALLY THE TIMES WHEN YOU THINK ABOUT CHANGING ROLES. THAT DID NOT HAPPEN IN OCTOBER OR NOVEMBER OR DECEMBER. IN FEBRUARY,...
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| 00:05:57 |
Unidentified Speaker, -
SHIFTED OVER INTO
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| 00:06:01 |
Unidentified Speaker, -
A TRICKS AND TRAPS PRICING MODEL. I THINK THAT THAT ENORMOUS RISK INTO THE SYSTEM. THE RISKS MOUNT NOT FIND -- THE RISKS MAGNIFIED. WE ENDED UP WITH...
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| 00:07:47 |
Unidentified Speaker, -
I THINK WE HAVE A TOOL BOX THAT HAS TWO KINDS OF TOOLS. THE FIRST SET OF TOOLS IS WHAT I THINK OF AS REGULATION TOOLS. THIS TOOL BOX HAS 25 SCREWDRIVERS...
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| 00:08:09 |
Unidentified Speaker, -
EXPENSIVE FOR THEM TO ATTRACT CAPITAL. WE WILL MAKE THEM PAY INTO AN INSURANCE FUND. WE WILL PUT OVERSIGHT OVER THEM BUT THEY ALL ARE REGULATORY TOOLS....
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| 00:10:16 |
Unidentified Speaker, -
MONEY IN THE FRONT AND LET OUT THE BACK END. SHOULD THERE BE A KIDDY ACROSS LIKE THE FDIC? >> THIS IS ONE OF THE WAYS THAT YOU INCREASE THE COST OF BEING...
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| 00:10:45 |
Unidentified Speaker, -
FAIL, IF THEY HAVE A GUARANTEE, THE FEDERAL GOVERNMENT, THEY HAVE TO PAY FOR IT. THE IDEA THAT THEY WILL HAVE A GUARANTEE AND NOT PAY FOR IT IS THE ONE...
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| 00:11:24 |
Unidentified Speaker, -
THEY HAVE LOWERED THE BORROWING COSTS FOR BIG BANKS BY 39%. THE ACTUAL NUMBER THAT THE TAXPAYERS ARE FLOATING IS MORE LIKE $4.30 TRILLION? >> WE ARE...
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| 00:11:58 |
Unidentified Speaker, -
REAL IMPACT
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| 00:12:00 |
Unidentified Speaker, -
IS THAT IT CHANGES PRICING IN A FUNDAMENTAL WAY.
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| 00:12:06 |
Unidentified Speaker, -
ONE FINANCIAL INSTITUTION HAD A GUARANTEE AND THE OTHER WITH A DOZEN AND A PAY DIFFERENT AMOUNTS FOR CAPITAL. ONE IS NOT ONLY OFFERING CHEAPER BUT IT...
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| 00:14:55 |
Unidentified Speaker, -
ARE YOU SAYING WOMEN ARE MOUTHY? >> ARE YOU DO BEST MOUTHY WOMEN? >> I THINK SO. CHILE IS A PLAIN SPOKEN ONE FROM KANSAS AND I MAKE PLAIN SPOKEN WOMEN...
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| 00:15:17 |
Unidentified Speaker, -
I THINK WE BOTH
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| 00:15:24 |
Unidentified Speaker, -
SAY WHAT WE THINK. >> WE
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| 00:15:26 |
Unidentified Speaker, -
WILL TAKE QUESTIONS FROM THE AUDIENCE IN A SECOND. DOnr YOU WANT TO BE THE HEAD OF THE CFPA? >> I HOPE THERE WILL BE A SIEPI YEAH. THAT IS THE PART...
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| 00:15:47 |
Unidentified Speaker, -
RIGHT NOW, WE HAVE AN AGENCY THAT WE DESPERATELY NEED. TO STABILIZE AMERICAN FAMILIES AND FOR THE STABILITY OF THE AMERICAN
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| 00:15:57 |
Unidentified Speaker, -
ECONOMY. WE HAVE GOT TO TURN THAT MARKET FOR CONSUMER CREDIT AROUND AND MAKE IT WORK BETTER. I AM A HUGE BELIEVER IN MARKET. WE NEED BETTER SUPPORT FOR...
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| 00:17:10 |
Unidentified Speaker, -
ARE USED FOR LOBBYING. >> THESE OF THE SAME PEOPLE WHO SAID THEY CANNOT TELL US HOW THE MONEY WAS USED BECAUSE MONEY IS FUNGIBLRE.
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| 00:17:36 |
Unidentified Speaker, -
I THINK THAT THE CONGRESSIONAL OVERSIGHT PANEL SHOULD HAVE LOOKED INTO THIS. MY BIPARTISAN PANEL HAS ELECTED NOT TO. >> I WILL GO AHEAD AND TAKE SOME...
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| 00:18:09 |
Unidentified Speaker, -
LEFT IT TO A MICROPHONE. >> I'M SORRY. LET ME TRY IT AGAIN. THE CFPA WILL BE A CENTRALIZATION OF CONSUMER PROTECTION.
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| 00:18:24 |
Unidentified Speaker, -
IF THE ARGUMENT
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| 00:18:29 |
Unidentified Speaker, -
IS THAT THE GOVERNMENT FAILED TO PROTECT
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| 00:18:31 |
Unidentified Speaker, -
CONSUMERS, WHY IS THE RESPONSE MORE BUT THE GOVERNMENT -- MORE GOVERNMENT? THE CONCEPT OF TAKING CONSUMER PROTECTION WITH WARRANTIES AND TRANSFERRING...
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| 00:19:21 |
Unidentified Speaker, -
TRICK LOOKS LIKE. THE PROBLEM WAS AT THE TOP. THE TOP IS THAT BY HAVING MULTIPLE AGENCIES,THE OCC NEEDED THE FINANCIAL INSTITUTIONS REGULATED. THE PROVINCIAL...
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| 00:22:00 |
Unidentified Speaker, -
PEOPLE THINK THEY NEED THE SAME REGULATORS THERE. >> THERE ARE MANY FOLKS WHO SAY THEY LIKE THE STATUS QUO TO SPINE AND PLEASE LEAD THE WAY IT IS. THOSE...
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| 00:22:23 |
Unidentified Speaker, -
OF THIS CRISIS BECAUSE THEY HAD STRONGER CONSUMER CAN ENJOY PROTECTION. I DON'T THINK ULTIMATELY IT HELPS FINANCIAL INSTITUTIONS TO BE ABLE TO ISSUE...
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| 00:23:06 |
Unidentified Speaker, -
STORM AND PREDICT WHAT IT WILL LOOK LIKE -- WHAT IT WILL LOOK LIKE WHEN THINGS ARE CALM AGAIN WITHOUT KNOWING WHAT THE CHANGES ARE. WHAT INTERESTS ME...
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| 00:23:24 |
Unidentified Speaker, -
FINANCIAL-SERVICES WILL BE GREAT. I MEAN THAT FROM THE CONSUMER AGENCY TO CONSUMER AUTHORITY WILL PROFOUNDLY AFFECT THE REST OF THOSE ECONOMIC QUESTIONS....
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| 00:24:57 |
Unidentified Speaker, -
IT DID NOT SOLVE THE PROBLEM. I DON'T KNOW THE SOLUTION BUT IT DOES NOT SEEM THAT THE REGULATORY FOR FRONT HAS A MEETING IN INNOVATIVE THAT DOES NOT BEEN...
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| 00:25:31 |
Unidentified Speaker, -
THE CONSUMER FINANCIAL PROTECTION AGENCY IS ABOUT MAKING THESE PRODUCTS SIMPLE AND TRANSPARENT FOR PEOPLE TO SEE AND USE. THAT IS PROFOUNDLY DIFFERENT....
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| 00:27:13 |
Unidentified Speaker, -
THE SENATE IS BACK FOR BUSINESS AT 2:00 P.M. EASTERN.
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| 00:27:18 |
Unidentified Speaker, -
THEY WILL WORK ON MILITARY CONSTRUCTION AND VETERAN SPENDING. THERE'S STILL THE POSSIBILITY THAT
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NOTE: The transcript for this program was compiled from uncorrected Closed Captioning.