| 00:00:14 |
Dodd, Christopher "Chris" J. - U.S. Senator, [D] Connecticut
US. OBVIOUSLY THIS IS WITH AN ADJOURNMENT VOTE LAST NIGHT WHEN WE PLANNED THIS HEARING SOME WEEKS AGO, WE WERE UNDER THE IMPRESSION WE WERE GOING...
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| 00:07:53 |
Shelby, Richard C. - U.S. Senator, [R] Alabama
PROVIDES LITTLE COMFORT AS THEY CONFRONT A HARSH ECONOMIC REALITY. THE UNEMPLOYMENT RATES NOW STAND AT 9.6%. ECONOMIC GROWTH IS ANEMIC. BANK LENDING...
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| 00:13:48 |
Dodd, Christopher "Chris" J. - U.S. Senator, [D] Connecticut
TO THAT SERVE IN THE OBAMA ADMINISTRATION AS DEPUTY ASSISTANT TO THE PRESIDENT. AND WE THANK YOU, NEAL, FOR BEING WITH US ONCE AGAIN. CHAIRMAN BEN BERNANKE,...
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| 00:16:19 |
Wolin, Neal - Deputy Secretary
IMPLEMENTING THE DODD-FRANK ACT. MR. CHAIRMAN, TWO MONTHS AGO AGAINST TOUGH ODDS CONGRESS ENACTED HISTORIC FINANCIAL REFORM. PASSING THE DODD-FRANK ACT...
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| 00:17:16 |
Dodd, Christopher "Chris" J. - U.S. Senator, [D] Connecticut
AS WE HEARD LAST OCTOBER'S HEARING ON THESE MATTERS, THESE BILLS MAKE CRITICAL REFORMS TO HOUSING PROGRAMS SERVING LOW-INCOME SENIORS AND CITIZENS WITH...
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| 00:19:53 |
Wolin, Neal - Deputy Secretary
OUR GUIDING PRINCIPLES. THESE ARE THE BASIC THINGS ALL AMERICANS SHOULD KNOW ABOUT HOW WE ARE IMPLEMENTING REFORM. WE ARE MOVING AS QUICKLY AND CAREFULLY...
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| 00:22:53 |
Bernanke, Ben S. - Chair
BOARD. AS YOU KNOW I'M GOING TO DISCUSS IN MY TESTIMONY WE HAVE A GREAT DEAL OF WORK BEFORE US AND HAVING THEM ON THE BOARD WILL HELP US ENORMOUSLY IN...
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| 00:30:52 |
Dodd, Christopher "Chris" J. - U.S. Senator, [D] Connecticut
WAY. WE HAD TREMENDOUS COOPERATION FROM ALL OF YOU OVER THE LAST SEVERAL YEARS AS WE WORKED OUR WAY THROUGH ALL OF THIS. AND PARTICULARLY TO YOU, CHAIRMAN...
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| 00:31:33 |
Bair, Sheila C. - Chair
WHAT A PLEASURE IT HAS BEEN TO WORK WITH YOU, MR. CHAIRMAN, ON THIS HISTORIC LEGISLATION, AS WELL AS MANY OTHER MATTERS OVER THE YEARS. THIS IS A BITTERSWEET...
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| 00:36:43 |
Schapiro, Mary L. - Chair
THE DODD-FRANK WALL STREET REFORM AND CONSUMER PROTECTION ACT. AND LET ME ADD MY THANKS TO YOU, SENATOR DODD, TO THOSE OF MY COLLEAGUES FOR YOUR LEADERSHIP...
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| 00:42:24 |
Dodd, Christopher "Chris" J. - U.S. Senator, [D] Connecticut
WELL. >> THANK YOU, CHAIRMAN DODD, GOOD MORNING, RANKING MEMBER SHELBY. MEMBERS OF THE COMMITTEE, I THANK YOU FOR INVITING ME TO SPEAK HERE TODAY...
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| 00:42:36 |
Gensler, Gary G. - Chair
THE IMPLEMENTATION OF THE DODD-FRANK ACT. OR THE FRANK-DODD ACT. >> YOU HAVE TO GO TO THE HOUSE TO MAKE THAT ONE. >> I'M HONORED TO APPEAR HERE...
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| 00:47:12 |
Walsh, John - Comptroller of the Treasury (Acting_
IN IMPLEMENTING THE DODD-FRANK ACT. OUR PLANS FOR INTEGRATING THE O.T.S. STAFF AND FUNCTIONS INTO THE O.C.C. OUR PLANS FOR IDENTIFYING EMPLOYEES TO...
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| 00:52:04 |
Dodd, Christopher "Chris" J. - U.S. Senator, [D] Connecticut
REMARKS. THE FINANCIAL STABILITY OVERSIGHT COUNCIL WILL BE MEETING TOMORROW. TO WORK ON A NUMBER OF ISSUES. THE SUBSTAND TIFFER FUNCTIONS YOU HAVE...
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| 00:54:28 |
Wolin, Neal - Deputy Secretary
CULTURAL ISSUES OF THE COUNCIL ARE CRITICALLY IMPORTANT BECAUSE WHILE ON THE ONE HAND THE COUNCIL MEMBERS HAVE CLEARLY THEIR OWN INDEPENDENT REGULATORY...
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| 00:55:58 |
Dodd, Christopher "Chris" J. - U.S. Senator, [D] Connecticut
RELEGATED. VERY GOOD PEOPLE, I'M SURE YOU, BUT TAKES ON LESS OF A PRIORITY. I DON'T EXPECT THE TREASURY OF THE SECRETARY TO SHOW UP BUT SOMEONE, PARTICULARLY...
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| 00:56:52 |
Wolin, Neal - Deputy Secretary
JUST TOMORROW. HE WILL PERSONALLY BE VERY MUCH INVOLVED. WHETHER THAT MEANS EVERY SINGLE MEETING. I THINK THAT IS HIS EXPECTATION. A NUMBER OF HIS...
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| 00:57:53 |
Bernanke, Ben S. - Chair
COORDINATION IS GOING TO BE EXTREMELY IMPORTANT. IN PARTICULAR, MANY ASPECTS REQUIRED TO SET UP THIS REGIME DESIGNATING SYSTEMICALLY CRITICAL FIRMS AND...
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| 00:58:41 |
Bair, Sheila C. - Chair
CERTAINLY AGREE WITH NEAL. I THINK CERTAINLY FROM THE FDIC'S PERSPECTIVE, THE TOP PERSPECTIVE SHOULD BE THE DESIGNATION OF NONBANK SYSTEMIC FIRMS. THIS...
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| 01:00:48 |
Gensler, Gary G. - Chair
THERE. THEY HAVE BEEN EXCELLENT SENATOR REID. THE TREASURY HAS BEEN EXCELLENT IN TERMS OF BIDS. IN TERMS OF PRIORITIES, AT LEAST FOR US AS WE SEE OVER...
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| 01:01:47 |
Walsh, John - Comptroller of the Treasury (Acting_
SUPPORT FOR OUR PARTICIPATION. I THINK THE KEY CHALLENGE OVER TIME IS GOING TO BE FIGURING OUT HOW TO ASSESS SYSTEMIC RISK ACROSS THE ENTIRE FINANCIAL...
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| 01:02:29 |
Dodd, Christopher "Chris" J. - U.S. Senator, [D] Connecticut
WAIT FOR THE NEXT ROUND. AND YOU TOUCHED ON THIS, CHAIRMAN GENSLER, ON THE DERIVATIVES MARKET AND THE DEPREX INTERNATIONALLY. IT KNOWS NO GEOGRAPHIC...
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| 01:03:36 |
Schapiro, Mary L. - Chair
CONTRACTS, REPORTING OF O.T.C. DERIVATIVES. STRICT CAPITAL AND COLLATERALIZATION OF REQUIREMENTS WHEN CONTRACTS REMAIN BETWEEN TWO COUNTERPARTIES WHERE...
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| 01:05:00 |
Gensler, Gary G. - Chair
LAST SUMMER AND FALL AND TREASURY AND THE FEDERAL RESERVE HAS IN ADDITION TO US IT'S BEEN AN EXCELLENT PARTNERSHIP. THE CLEARING MANDATES HAS BEEN...
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| 01:05:50 |
Shelby, Richard C. - U.S. Senator, [R] Alabama
NEW POWERS UNDER THAT LEGISLATION TO RESOLVE FINANCIAL INSTITUTIONS SO THAT NO ONE INSTITUTION IS, AS I UNDERSTOOD IT, TOO BIG TO FAIL. IF THEY THINK...
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| 01:06:42 |
Bernanke, Ben S. - Chair
LEND TO AN INDIVIDUAL FIRM SO THAT -- WHATEVER ANY FUTURE CHAIRMAN MAY WISH TO DO, THAT AUTHORITY IS NO LONGER AVAILABLE, FIRST OF ALL. >> DO YOU AGREE...
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| 01:08:54 |
Shelby, Richard C. - U.S. Senator, [R] Alabama
IS DEEP AND WITH US? >> WELL -- >> I NOW IT'S COMPLICATED. >> IT IS COMPLICATED, AND AS YOU KNOW IN 2006 WHEN THE CREDIT
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| 01:09:03 |
Schapiro, Mary L. - Chair
RATING REFORM ACT PASSED THE AGENCY HAD RULEMAKING. AS YOUR FORMER STAFF IN COMMISSIONER KATHY CASEY. BUT UNDER THE LAW WE HAVE A NUMBER OF ADDITIONAL...
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| 01:12:15 |
Gensler, Gary G. - Chair
AND I THINK THAT WAS A BALANCE TO TAKE THAT SORT OF 9% OR 10% OF THE MARKET OUT. AND THAT'S COMPLETELY WHAT WE'RE GOING TO DO IS COMPLY WITH THE LAW....
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| 01:13:08 |
Shelby, Richard C. - U.S. Senator, [R] Alabama
SPECIAL ASSISTANTS TO SECRETARY GEITHNER, MS. ELIZABETH WARREN? WILL YOU DO THAT? WILL THERE BE TRANSPARENCY THERE? >> WE WILL BE PUBLISHING A TRANSPARENCY...
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| 01:13:27 |
Wolin, Neal - Deputy Secretary
IT IS SENIOR OFFICIALS AT THE TREASURY MEET WITH. >> GOING BACK TO YOU, CHAIRMAN SCHAPIRO. THE S.E.C.'S EXPERIENCE IN OVERSEEING SECURITIES MARKETS ...
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| 01:13:52 |
Shelby, Richard C. - U.S. Senator, [R] Alabama
THE CFTC HAS THE BENEFIT OF THE S.E.C.'S EXPERTISE IN THIS AREA? AND VICE VERSA, MAYBE? >> WELL, CHAIRMAN, WE DO HAVE A VERY DIFFERENT KIND OF MODEL IN...
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| 01:14:11 |
Schapiro, Mary L. - Chair
COMMUNICATION NETWORKS AND EVEN INTERNALIZATION OF SECURITIES TRANSACTIONS. WE THINK THERE'S A LOT OF VIRTUE AND THERE'S SOME DOWNSIDE AS WELL, BUT...
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| 01:16:50 |
Wolin, Neal - Deputy Secretary
UNTIL SUCH TIME THERE IS A CONFIRMED DIRECTOR. BUT I THINK IN THE MEANTIME THERE IS PLENTY OF WORK TO BE DONE TO GET THESE VARIOUS DISCLOSURES READY....
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| 01:17:51 |
Shelby, Richard C. - U.S. Senator, [R] Alabama
ITS WEBSITE. WILL EACH OF YOU DO THE SAME THING? WE'RE INTERESTED IN TRANSPARENCY AND WHAT'S GOING ON. ANYBODY AGAINST THAT. THE S.E.C. IS DOING IT....
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| 01:18:39 |
Bernanke, Ben S. - Chair
WE HAVEN'T QUITE GOT ALL THOSE DUCKS IN A ROW QUITE YET BUT WE WILL CERTAINLY TRY TO MAKE THAT INFORMATION AVAILABLE. >> LET US KNOW WHAT YOU'RE DOING....
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| 01:19:12 |
Reed, John "Jack" F. - U.S. Senator, [D] Rhode Island
THE OBLIGATION TO CREATE NOT JUST AN ORGANIZATION BUT A CULTURE WHICH I HOPE IS ANALYTICAL AND APOLITICAL, WHICH ATTRACTS THE BEST MINDS WHICH ARE LOOKING...
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| 01:19:39 |
Wolin, Neal - Deputy Secretary
IMPORTANT OPPORTUNITY FOR THE COUNCIL AND FOR THE FEDERAL GOVERNMENT TO HAVE A MUCH BETTER HANDLE ON DATA AND DATA ANALYSIS TO MAKE SURE IT'S IN GOOD...
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| 01:21:28 |
Reed, John "Jack" F. - U.S. Senator, [D] Rhode Island
SAID IN YOUR COMMENTS, THE APPOINTMENT OF SUPERVISION AT THE FED. DO YOU HAVE ANY NOTION OF WHEN THAT MIGHT HAPPEN? >> I DON'T HAVE ANY PRECISE INFORMATION....
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| 01:21:46 |
Bernanke, Ben S. - Chair
DON'T HAVE ANY SPECIFIC INFORMATION. >> SWITCHING GEARS. ONE OF THE PROVISIONS IN THE LEGISLATION IN TERMS OF THE VOLCKER RULE ALLOWS 3% FOR AN INSTITUTION...
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| 01:26:25 |
Schapiro, Mary L. - Chair
AND THE CONSOLIDATED AUDIT TRAIL THAT SHOULD HELP PROVIDE US WITH MUCH MORE GRANUAL INFORMATION THAT WE CAN SHARE WITH FELLOW REGULATORS TO MAKE A DETERMINATION...
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| 01:27:02 |
Reed, John "Jack" F. - U.S. Senator, [D] Rhode Island
COMMENDABLE. AND JUST SPECIFICALLY, I NOTE CHAIRMAN GENSLER, YOU ARE GOING TO PROPOSE A RULE TOMORROW OR IN THE NEXT FEW DAYS ABOUT CLEARING PLATFORMS....
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| 01:27:36 |
Gensler, Gary G. - Chair
TRY TO COLLABORATE. ON THE GOVERNANCE RULE TOMORROW, I THINK CHAIR SCHAPIRO CAN TALK. THEY ARE ABOUT 10 DAYS BEHIND US. WE COULDN'T GET OUR COMMISSIONER...
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| 01:28:27 |
Schapiro, Mary L. - Chair
ABOUT EACH OTHER'S APPROACHES IN OUR PROPOSALS SO WE CAN -- EVEN IF IF WE DON'T PROPOSE EXACTLY THE WAY BRING THEM BACK AS CLOSELY AS WE CAN AT FINAL....
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| 01:29:02 |
Walsh, John - Comptroller of the Treasury (Acting_
ALL ACTIVITIES AND TO CAPTURE RISK PROVISION IS PART OF THAT RISK MANAGEMENT THAT CHAIRMAN BERNANKE WAS REFERRING TO AND THAT'S AN EMPHASIS GOING FORWARD....
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| 01:29:23 |
Reed, John "Jack" F. - U.S. Senator, [D] Rhode Island
WERE THESE ELABORATE RISK PRORTSE AND THAT -- PROCEDURES AND IF THEY WOULD MAKE SENSE IT'S OK. IF YOU OCCASIONLY SPOT CHECKED THEM THAT'S OK. AS YOU...
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| 01:30:13 |
Dodd, Christopher "Chris" J. - U.S. Senator, [D] Connecticut
THE CFTC AND S.E.C. BE GOOD. ANY WAY FOR YOU TO INSTITUTIONALIZE IT WILL BE VERY HELPFUL AS WELL. >> I AGREE WITH THAT AND I'M PERSONALLY DEDICATED...
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| 01:31:12 |
Corker, Bob - U.S. Senator, [R] Tennessee
PLAYING WELL WITH EACH OTHER AT THE MOMENT. [LAUGHTER] SECRETARY WOLIN, THE CFTC, THE ISSUE OF CONSUMER PROTECTION, I THINK THERE HAS BEEN SOME DISCREPANCY...
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| 01:31:57 |
Wolin, Neal - Deputy Secretary
AND I THINK THOSE INCLUDE, OF COURSE, WORKING WITH THE OTHER REGULATORS THAT ARE TRANSFERRING BOTH AUTHORITIES AND PEOPLE AS WELL AS GETTING THE BUREAU...
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| 01:38:07 |
Corker, Bob - U.S. Senator, [R] Tennessee
MEDDLING IN ALL OUR AFFAIRS. I'M JUST KIDDING, OF COURSE. THE WORKING GROUP WAS GOING TO SET UP THE RISK RETENTION STANDARDS. I KNOW YOU IN ADVANCE...
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| 01:38:48 |
Bair, Sheila C. - Chair
RULES. 166, 167. THE CHANGE ACCOUNTING FOR SECURITY ASSETS AND GET TRUE SALE ACCOUNT AND YOU CAN MOVE UP THE SHEET. WE HAD A SAFE HARBOR THAT DETERMINED...
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| 01:41:54 |
Walsh, John - Comptroller of the Treasury (Acting_
SECURITIZERS AND WE DIDN'T SEE THE GREAT DOWNSIZE FOR THE SAFE HARBOR FOR THE 270 DAYS AND THEN HAVING A SET OF RULES IN EACH VENUE THAT CONFIRMED TO...
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| 01:42:22 |
Corker, Bob - U.S. Senator, [R] Tennessee
TO RESPOND. >> WELL, THANK YOU, SENATOR. THE 5 IS IN DODD-FRANK. UNLESS THE MORTGAGES APPLY WITH THESE NEW UNDERWRITING AUTHORITIES. WE THINK WE WERE...
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| 01:42:45 |
Bair, Sheila C. - Chair
MY EXPERIENCE WITH INTERAGENCY RULEMAKING, SOMETIMES THE DEADLINES ARE MISSED. WE ORIGINATE MORTGAGES. FICHTER IS ANOTHER EXAMPLE WHERE AGENCIES OVERSHOT...
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| 01:43:26 |
Corker, Bob - U.S. Senator, [R] Tennessee
SECURITIZATION IS ONE THAT I THINK WE WERE ALL TRYING TO UNDERSTAND HOW THIS 5% RETENTION WOULD WORK. I DO LOOK FORWARD TO TALKING TO EACH OF YOU. ...
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| 01:44:03 |
Bair, Sheila C. - Chair
IT. >> WELL, IT'S A WEALTH OF KNOWLEDGE SITTING AT THE TABLE THERE AND WE CERTAINLY LOOK FORWARD TO WORKING WITH YOU OVER THE NEXT COUPLE OF YEARS. ...
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| 01:44:14 |
Corker, Bob - U.S. Senator, [R] Tennessee
MUCH. SENATOR BENNETT. >> THANK YOU, MR. CHAIRMAN. THANK YOU FOR HAVING THIS HEARING. THANKS FOR ALL OF YOU COMING TOGETHER. IT'S GOOD TO HAVE YOU...
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| 01:44:59 |
Bennet, Michael - U.S. Senator, [D] Colorado
CHAIRMAN BERNANKE, I WAS ALWAYS CURIOUS ON THE QUAN TATIVE MECHANISM, CAN YOU DESCRIBE THAT? IS IT UP NOW? HOW ARE YOU GOING TO USE IT? WHAT ARE THE...
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| 01:45:38 |
Bernanke, Ben S. - Chair
BANKING ORGANIZATIONS TO IMPROVE THEIR MANAGEMENT INFORMATION, RISK MANAGEMENT SYSTEMS. SOME OF THE BANKS WERE NOT AS ABLE AS THEY SHOULD HAVE BEEN AND...
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| 01:51:10 |
Bair, Sheila C. - Chair
RSIDORTING AND HAVING A HORIZONTAL ANALYSIS TO IDENTIFY OUTLIERS. I THINK YOUR ORIGINAL QUESTION IS WHAT HAS CHANGED, REALLY, I THINK THE GOOD NOLES...
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| 01:53:10 |
Bennet, Michael - U.S. Senator, [D] Colorado
BILL WHICH YOU TALKED WITH THE RANKING MEMBER ABOUT HOW WE ARE TRYING TO MINIMIZE THE CONFLICTS OF INTEREST AT THE RATING AGENCIES.
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| 01:53:43 |
Bair, Sheila C. - Chair
WE ARE CHECKING IN ON A REGULAR BASIS. WE WILL BE HAPPY TO PROVIDE MORE INFORMATION ON THAT. >> THAT WOULD BE TREMENDOUS. THANK YOU. THE LAST QUESTION...
|
| 01:55:08 |
Gensler, Gary G. - Chair
WHERE WE ARE. WE ARE GOING TO PUT OUT PROPOSED JOINT RULES ON DEFINITIONS LIKE MAJOR SWAP PARTICIPANT. I THINK OUR CURRENT HOPE IS TO DO THAT IN THE MIDDLE...
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| 01:56:22 |
Bair, Sheila C. - Chair
ADVANCED RULEMAKING ON HOW WE SHOULD DEFINE A NUMBER OF THINGS, INCLUDING IN THIS PARTICULAR AREA. SO THAT I THINK WILL HELP GUIDE US AS WELL. AND IT'S...
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| 01:57:28 |
Johanns, Mike - U.S. Senator, [R] Nebraska
IN CONTRACTS THAT WILL ALREADY BEEN ENTERED INTO. I WANT TO MAKE SURE THAT THE RECORD IS CLEAR IN THIS HEARING. DO YOU SEE ANY PART OF THIS LEGISLATION...
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| 01:58:52 |
Gensler, Gary G. - Chair
PEOPLE HAVE RAISED. IT IS A WHOLE RULE-WRITING PROCESS AND A LOT OF COMMISSIONERS AND FELLOW REGULATORS. >> I WOULD REALLY AGREE WITH THAT. WE HAVE...
|
| 01:59:20 |
Schapiro, Mary L. - Chair
RETROACTIVE APPLICATION OF MARGIN BUT IT'S AN ISSUE WE'LL DISCUSS EXTENSIVELY AND ALSO CONTINUE TO TAKE PUBLIC COMMENT ON. >> ANYONE ELSE WANT TO WEIGH...
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| 01:59:42 |
Johanns, Mike - U.S. Senator, [R] Nebraska
ACTUALLY. HAVING SERVED AS THE CABINET MEMBER AND ATTENDED MEETINGS LIKE THIS WHERE YOU HAVE A COMPLEX PIECE OF LEGISLATION THAT INVOLVES A LOT OF VARIOUS...
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| 02:01:47 |
Wolin, Neal - Deputy Secretary
THIS FINANCIAL STABILITY OVERSIGHT COUNCIL, VS. A COOPERATIVE SPIRIT, ESTABLISHING A RHYTHM TO THE COUNCIL ITSELF IS ALSO IMPORTANT AND I SUSPECT...
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| 02:04:26 |
Bernanke, Ben S. - Chair
IN THE BILL IS TO HAVE A LOT OF SHARED RESPONSIBILITIES, SO FOR SUPERVISION, OVERSIGHT OF UTILITIES, OF BANKS, OF LARGE COMPLEX INSTITUTIONS AND THE LIKE,...
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| 02:06:25 |
Bair, Sheila C. - Chair
SO, YES, I'LL NAME THEM, I THINK IN JUST ABOUT ALL THE MAJOR AREAS WE BRING DIFFERENT PERSPECTIVES TO THE TABLE. I DON'T THINK IT'S A BAD THING AND I...
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| 02:07:15 |
Schapiro, Mary L. - Chair
RIGOROUS DEBATE BEHIND THE SCENES ABOUT VERY SPECIFIC ISSUES. AND WHERE WE CAN RESOLVE THOSE ISSUES, AMONG US, WE WANT TO DO THAT WHERE WE CAN'T WE'LL...
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| 02:08:32 |
Gensler, Gary G. - Chair
THE REGULATORY SYSTEM FAILED AS WELL. IT WASN'T JUST THE FINANCIAL SYSTEM. YOU ASKED WHERE THERE'S BEEN DISAGREEMENTS. I'LL SAY IN THE CLEARING AREA,...
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| 02:10:09 |
Johanns, Mike - U.S. Senator, [R] Nebraska
BEEN A PLEASURE BEING ON THIS COMMITTEE WITH YOU. >> I HAVE A BIG QUESTION TO ASK ON THIS BECAUSE, FOR YEARS, IN FACT, IT WAS THE INDEPENDENCE AND...
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| 02:10:26 |
Dodd, Christopher "Chris" J. - U.S. Senator, [D] Connecticut
WHICH WE WANT, BUT ALSO SEEMED TO ENSHRINE CONFLICT WITHOUT THE ABILITY TO SIT TOGETHER AND COME TO SOME COMMON ANSWERS WHERE YOU COULD. SO THE VERY...
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| 02:11:50 |
Akaka, Daniel K. - U.S. Senator, [D] Hawaii
STRONG AND CLEAR COMMITMENT TO THE PROTECTION AND EDUCATION AND EMPOWERMENT OF OUR INVESTORS AND CONSUMERS. NOW THAT WE HAVE ENACTED THIS HISTORIC...
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| 02:13:38 |
Wolin, Neal - Deputy Secretary
CONTINUING OUR WORK ON THE UNBANKED. AS YOU KNOW, I THINK WE ARE STAFFING UP IN THIS AREA AT THE TREASURY. WE HAVE BEEN WORKING TO REALLY SURVEY THE...
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| 02:15:07 |
Akaka, Daniel K. - U.S. Senator, [D] Hawaii
THESE TRANSACTIONS. THE DODD-FRANK ACT REQUIRES MEANINGFUL DISCLOSURES OF A REMITTANCE TRANSACTION COST AND STEABS AN ERROR RESOLUTION PROCESS TO PROTECT...
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| 02:16:05 |
Bernanke, Ben S. - Chair
ARE AN IMPORTANT CONTACT POINT BETWEEN MANY UNBANKED, PARTICULARLY IMMIGRANT FAMILY, AND THE FINANCIAL SYSTEM AND IT'S OFTEN AN ENTRAY INTO THE NORMAL...
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| 02:19:04 |
Bair, Sheila C. - Chair
THA, ESPECIALLY IN THE SMALL DOLLAR LOAN AREA. FF AND WE SET UP OUR OWN ADVISORY COMMITTEE, THAT WAS UP WITH OF THE FIRST THINGS DID I. WE HAVE A LOT...
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| 02:20:57 |
Akaka, Daniel K. - U.S. Senator, [D] Hawaii
IMPROVE INVESTOR PROBLEMS. THE ACT ESTABLISHES THE OFFICE OF INVESTOR ADVOCATE WITHIN THE COMMISSION, IT PROVIDES THE COMMISSION WITH THE AUTHORITY ...
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| 02:21:51 |
Bair, Sheila C. - Chair
INVESTOR EDUCATION AND ADVOCACY. AS JUST AN EXAMPLE OF THAT, FOR THE FIRST TIME WE BROUGHT A LARGE GROOM OF HIGH SCHOOL TEACHERS TO THE S.E.C. THIS...
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| 02:23:57 |
Dodd, Christopher "Chris" J. - U.S. Senator, [D] Connecticut
THINGS. NO ONE HAS DONE MORE CONSISTENTLY OVER THE YEARS TO ADVOCATE ON THAT THAN SENATOR ACALIFORNIA YOU OF HAWAII. WE OWE YOU A -- ASENATOR ACALIFORNIA...
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| 02:24:31 |
Bayh, Evan - U.S. Senator, [D] Indiana
AN ALUMNI GROUP? MAYBE WE CAN BE CHARTER MEMBERS. AND I'D LIKE TO THANK ALL OF OUR WITNESSES TODAY FOR YOUR CONTRIBUTIONS. IT OCCURRED TO ME, MR. CHAIRMAN,...
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| 02:26:21 |
Wolin, Neal - Deputy Secretary
SECTION 1066 OF THE BILL THAT WILL ALLOW HIM TO DO THE BUSINESS OF TRANSFERRING AND SO FORTH. AND TO MAKE SURE THAT THE RULE MAKING AND THE SUPERVISION...
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| 02:29:29 |
Bernanke, Ben S. - Chair
WORKING VERY HARD ON THE MORTGAGE RULES THAT ARE IN DODD-FRANK, FOR EXAMPLE, AND WE WILL CONTINUE TO DO THAT AT THE SAME TIME AS WE WORK WITH THE TREASURY...
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| 02:32:13 |
Wolin, Neal - Deputy Secretary
AREA. IT WILL BE ESENSE -- SEQUENCED IN THE PROPER WAY. >> THIS VERY BRIEF QUESTION, YOU DON'T HAVE TO JUMP IN BUT IT MIGHT GO TO AWFUL YOU. THOSE OF...
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| 02:33:16 |
Bair, Sheila C. - Chair
AND THERE ARE A NUMBER OF OTHER AREAS, SO, YES, I THINK THEY ABSOLUTELY -- WE NEED TO MAKE SURE WE'RE ADHERING TO BOTH THE LETTER AND THE SPIRIT OF...
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| 02:35:41 |
Gensler, Gary G. - Chair
TO BE OUT OF THIS MARGIN REQUIREMENT. SO WE'RE TAKING ALL OF THAT TOGETHER AND TAKING VERY SERIOUSLY THE INTENT THAT CONGRESS, THAT THE FINANCIAL SYSTEM,...
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| 02:36:11 |
Bayh, Evan - U.S. Senator, [D] Indiana
STANDARDS . I UNDERSTAND END USERS HAVE TAKEN THEIR APPROACH, YOU'RE NOW GOING TO LOOK AT WHAT WE'RE DOING. I'D ASK YOU, WHAT KIND OF EFFORT WILL...
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| 02:36:47 |
Gensler, Gary G. - Chair
ALIGNS VERY SIMILARLY. FINANCIAL COMPANIES WOULD HAVE TO USE A CLEARING HOUSE, NONFINANCIALS WOULD HAVE, YOU KNOW, A CHOICE. THEY DON'T HAVE TO USE...
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| 02:38:00 |
Bayh, Evan - U.S. Senator, [D] Indiana
DELIGHTED TO HEAR YOUR OPINION THAT IT'S MOVING IN A POSITIVE DIRECTION. I UNDERSTAND SOME OF OUR EUROPEAN FRIENDS HAVE SOME DOMESTIC CHALLENGES THAT...
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| 02:38:38 |
Bernanke, Ben S. - Chair
THE PRINCIPLE SOURCE OF LOSS ABSORPTION. THERE'S VERY RESTRICTED ABILITY TO USE OTHER TYPES OF ASSETS, NO MORE THAN 15% CAN BE NONCOMMON. IN NEGOTIATING...
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| 02:39:45 |
Dodd, Christopher "Chris" J. - U.S. Senator, [D] Connecticut
INSTANCE? >> I'M LESS INFORMED ABOUT THE DERIVATIVES THAN CHAIRMAN GENSLAR AND SCHAPIRO BUT
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| 02:39:54 |
Bernanke, Ben S. - Chair
BROADLY SPEAKING ON CAPITAL AND ON MANY OF THE ISSUES, THERE'S GREAT INTEREST IN WHAT WE'VE DONE AROUND THE WORLD AND WE HAVE MOVED FIRST AND WE'VE...
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| 02:41:40 |
Walsh, John - Comptroller of the Treasury (Acting_
SUPERVISORY STAFFS AND FUNCTIONS TOGETHER. TREMENDOUS EFFORT BEING MADE TO ENSURE THAT WE FIND THE RIGHT PLACES AND THE RIGHT FIT FOR PEOPLE AT O.T.S.....
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| 02:42:47 |
Dodd, Christopher "Chris" J. - U.S. Senator, [D] Connecticut
IN THE INTERAGENCY PROCESS. I THINK IT ESSENTIALLY HAS LESS TO DO WITH PEOPLE'S INTERESTS AND GOALS BEING ALIGNED THAN WITH KIND OF DIFFERENCES
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| 02:42:55 |
Walsh, John - Comptroller of the Treasury (Acting_
IN MISSION AND APPROACH AND AGENCIES AND THAT SORT OF THING. BUT WE'RE AN INDEPENDENT AGENCY WITHIN THE TREASURY. WE PARTICIPATE IN A LOT OF INTERAGENCY...
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| 02:45:14 |
Bair, Sheila C. - Chair
FURTHER INDICATION OF HOW WRONG WE WENT WITH THE MORTGAGE ORIGINAL NATION PROCESS AND SECURITIZATION PROCESS, WHICH WAS DEEPLY TIED TO SOME OF THE BREAK...
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| 02:47:06 |
Walsh, John - Comptroller of the Treasury (Acting_
HAVE DONE. BUT NOT OBVIOUSLY TO ANYONE'S SATISFACTION. BUT ASKED THEM TO GO BACK AND LOOK AT THOSE PROCESSES. AGAIN, THERE ARE STATE LAWS THAT REQUIRE...
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| 02:48:09 |
Bernanke, Ben S. - Chair
HAPPENED. >> I KNOW THAT IT'S REGULATED BY THE FDIC. >> THEY ACTUALLY -- IT WAS IN THE HOLDING COMPANY. THE INSTITUTION DID NOT -- WAS NOT INVOLVED IN...
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| 02:48:34 |
Dodd, Christopher "Chris" J. - U.S. Senator, [D] Connecticut
THESE STORIES ARE BREAKING. THE STAFF AND I WOULD APPRECIATE IF YOU KEPT US POSTED AS TO HOW THIS MATTER IS RESOLVING ITSELF. WITH THAT, AGAIN,...
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NOTE: The transcript for this program was compiled from uncorrected Closed Captioning.