>> banks don't do them for fun. they do them because they're profitable. if you're the comptroller of the currency and you should primary

mission as ensuring banks are profitable, that will take you to turn a blind eye to do some practices because they are profitable. that's what we sell. that's what led up to the housing bubble. >> so in your assessment, for the bill, this was something we need to institute. this was an agency, a bureau, a government program that we need to institute? >> without a doubt. the financial crisis in 2008 came out of consumer financial problems come out of mortgage problems. that was the root of it. if we want to ensure it doesn't happen again we need a better consumer financial protection. >> i would just say it's no secret the chamber didn't support the creation of the consumer protection bureau. and at this point our focus, it's there. it's up and running and it's no longer an idea on paper. and our concern now is as it is beginning as the tears begin to

turn and begins to issue regulations and begins to do its work, our concern is not it not become a duplicator of other agencies work. there are some cases, is one very obvious one with the federal trade commission where the purest jurisdiction and the federal trade commission's jurisdiction overlap, and that was intentional to some degree and a lot has required to agencies to prevent sort of stepping on each other's toes, to prevent situations where they're duplicating with one another. we do have concern, sort of a general concern that would be very difficult to avoid. >> mr. jones, mr. fleming, do you believe the cfpb will enhance free market competitiveness and entrepreneur spirit, or not? >> mr. west, thank you for the question. i think -- we were happy to see the cfpb's move towards

consolidating the truth in lending and a good faith estimate disclosures. to form set up in the challenge for the industry being administered by two separate, formally by two separate federal agencies that did not always see eye to eye in terms of what should be done. so we do think there's real benefit there. another benefit to our industry could be is that our industry is very heavily involved in the automation in order to comply with the multiplicity of rules and regulations we have. and to the extent i was very encouraged today to hear that the cfpb will be doing and economic cost-benefit analysis to really determine whether or not and to the extent that is what we do, that i think it can be a boon, not only to the industry and help to lower some costs, but it also will be a boon to consumers who hopefully will have less confusing and

clear disclosure. so there definitely are some benefits. >> mr. west, since i'm a trucker and not a banker i would be hard-pressed to express an overall opinion of the cd -- cfpb. what i'm concerned that the new regulations that seem to be a someone in springfield, virginia, should really apply to me all of a sudden coming down and creating new regs our requirements. over all i'm certainly not in a position to register an opinion on the group as a whole. so thank you. >> very well. mr. chairman, i yield back. >> thank you, mr. west. if you had, to each of the panelists, if you could identify just one top issue that bothers you about cfpb, the top issue you think that ought to be changed or to improve it, what would that be?

mr. jones. >> thank you, mr. chairman. i think our top issue with the cfpb will be the clarity of the issues, the clarity of the rules and regulations that are issued, and the ability to receive and respond prior to this regulations being implemented. >> mr. sharp. >> mr. chairman, our primary -- the changes were pushing for primarily our structural. it's very difficult, i think we've all discussed today, to know exactly what problems may arise in wind and what type of sector. so what we are advocating for is expanding, replacing the single director with the panel and ensuring the safety and soundness of the compromise through a more effective check by the prudential regulator. so at this point we think sort of the best long-term hedge

against poor policymaking by this agency or any other independent agency is sort of collaborative decision-making at the top, the first sectors, bipartisan input. so that's our top priority. >> mr. fleming. >> mr. chairman, i think i would just ask the organization to take into consideration unintended consequences such as these data collection requirements that may be in in e reef would be of interest and be helpful to the organization. however, be burdensome for a small businesses that would have to comply with these regulations to provide the david. >> mr. levitin. >> i'm going to give a rather different answer. i think the two most important things the cfpb, the senate should confirm a director. and number two, if you wanted to start changing the scope of the cfpb regulation i would strongly urge subjecting auto dealers and

realtors to cfpb regulation. there is not a very good principled argument for exempting them. >> thank you. mr. altmire anything? i want to thank you for taking time to coming down to capitol hill and testifying today. on this very important matter. with that the committee is adjourned. [inaudible conversations] [inaudible conversations]

>> executive director of the organization iraq and afghanistan veterans of america told a senate committee wednesday veterans are concerned about losing their benefits if the nation does not raise the debt limit. the committee held a hearing to assess the long-term financial costs of caring for iraq and afghanistan war veterans. especially with those with traumatic brain injuries. hosted by the committee on veterans affairs, this is just over an hour and a half. >> good morning and welcome to today's hearing where we are going to examine the lifetime costs of supporting our newest generation of veterans. as we all know, when our nation goes to war, it's not just the cost of fighting that war that must be accounted for. we must include the cost of caring for veterans and families long after the fighting is over. and that is particularly true today at a time when we have more than a half a million iraq

and afghanistan veterans in the va health care system. that's over 100% increase since 2008. this presents a big challenge and one that we have no choice but to step up to meet if we're going to avoid many of the same mistakes we saw with the vietnam generation. but it's more than just the sheer number of new veterans that will be coming home that poses a challenge for the year. it's also the extent of the wound, both visible and invisible and the resources it will take to provide our veterans with quality care. through the wonders of modern medicine, servicemembers who would've been lost in previous conflict are coming home to live productive and fulfilling lives. but they will need a lifetime of care from the va. today we will hear from the the congressional budget office, the government accountability office, the rand corporation, and iraq and afghanistan veterans of america. in an effort to help us quantify

and understand these costs to ensure we can meet the future needs of our veterans and their families. and today we are so fortunate to be joined by one of those brave family members, crystal nicely, who's not only a wife but also a caregiver to her husband, todd nicely. tide list is injured by an ied in the southern helmand province of afghanistan. since that time is come home to fight everyday, focus on his recovery and that even a just a that is already starting to drive again. and i want to take a moment to say thank you so much for your service to our country. you have shown bravery not only as a marine and afghanistan also to the courage of display during your road to recovery. i invite a crystal here today because i think it's incredibly important that we hear her perspective. because we have incurred for the wars in afghanistan and iraq and

will extend far beyond dollars and cents. when i first met crystal last month while touring bethesda naval base, her story illustrated that. crystal is here today to talk about the human cost, and that cost is not limited exclusively to the servicemembers and veterans who fought and are fighting our wars, it is also fell by the families of these heroes who worked tirelessly to support their loved ones through deployment and rehabilitation, day in and day out. many like crystal have given up their own jobs to become full-time caregivers, and advocates for their loved ones. last month while testifying before the senate appropriations subcommittee on defense, chairman of joint chiefs of staff, admiral mullen told me that without the family members we would be nowhere in these wars. i couldn't agree more, and after you hear crystals story that will be even more clear. as the members of this committee

know, over the course of the last few hearings we have examined how the veterans of today's conflicts are faced with unique challenges that va and dod are often fallen short of meeting. we have explored mental health care gaps that need to be fulfilled. cutting edge prosthetics that must be maintained, a wave of new and more complex benefit claims that are taking too long to complete. the need to fulfill the promise of the post-9/11 g.i. bill, and the need to support veterans are winding up out of work and on the streets. all of these unmet challenges come with costs. some costs we will be able to calculate. some will not be fully known for decades. but today's hearing will be a reminder that in order to meet these costs we must safeguard the direct investments we make in benefits, we must get the most value out of every dollar we spend, and we must start planning today at a time when

critical long-term budget decisions are being made. there's no question that we need to make smart decisions to tighten our belts and reduce our nation's debt and deficit. but no matter what fiscal crisis we face, no matter how divided we may be over approaches to cutting out debt and deficit, no matter how heated the rhetoric in washington, d.c., gets, we must remember that we cannot balance our budget at the expense of health care and benefits our veterans have earned. their sacrifice have been too great. they have been everything that has been asked of them. they have been separated from their families through repeat deployments if they have sacrificed life and limb in combat, and they have done all of this selflessly and with honor to our country. and the commitment we have to them is nonnegotiable. not just today, but far into the future. somebody thank all our witnesses for being here and are committee members, and i will turn to

senator brown for his opening statement. >> thank you, madam chairwoman following this important hearing, and i thank, want to recognize corporal nicely and his wife crystal for taking time, and crystal for you to be here and for your devoted service to our country. as you know today we are here to discuss the resources the va will need in the future to care for the current generations of wounded warriors, and as the chairwoman noted, out of a total 2.3 million service members that have been deployed, 45,000 have been wounded in action. as we look to the future, and beyond for the next 10 years, it's important to understand where we've been and what we've learned because over the last 10 years we've seen a large increase in the va's medical care accounts. since 2001, the and budget has grown by 130%. last october the congressional budget office published an

analysis on this topic, and their analysis indicates that we have some very real challenges coming up. and we all agreed we must provide the funding need to support this generation of wounded warriors and continue caring for those who have previously warned the visible and hidden scars of war. and as you know, this point we'll hear from crystal, the wife of the wounded were, and her husband todd who was severely injured in march 2010 when he stepped on an ied. while optical in afghanistan. that left him as a quadruple amputee. he's been able to move on with his life somewhat, and yet he ran into and continue to run into bureaucratic hassles. and delays in trying to complete the integrated disability evaluation system, a process that was supposed to alleviate these types of problems. every determination cannot be made for some has lost all four limbs, what hope is there for

the others who have lesser wounds, or invisible wounds? members of the rand corporation will talk about the gaps in access to mental-health services at the va in particular, the long wait times for appointments. i'm disappointed, however, that the va, our friends at the va will not be here to offer the testimony, and i'm sure we will follow up with them, madam chair, with your leadership. there are a few problems. these are just a few problems that we have and taken into -- intend to persist as we've all learned, as those of the committee we've all noted these throughout our time here. so we have to look at costs for caring for injured troops and keep in mind that money cannot be the only solution to the problems that they face. if that were the case, colonel nicely would have breezed through the ied process and they would've gotten an appointment without any delay. with the country's current financial crisis we need to reassess every dollar we spend.

to make sure it is being used effectively to deliver the services and benefits that our wounded warriors and veterans need. in order to give them an opportunity to live healthier and more productive lives. so thank you, madam chair i look for during the testament. >> senator tester spent i want to thank you for thinking this hearing. i appreciate you all being here. i'm going to single out paul reickhoff, thank you very much for being here. but more portly thank you for your advocacy for the veterans. very much appreciate. even a bulldog. crystal nicely, thank you very, very much for being here. we always say when a soldier goes to work their spouse goes with them. we appreciate you being here. it's going to be a great perspective to hear. the welfare of young men and women who defend this country is always at the forefront of our mind. and questioned whether to send into harm's way to begin with is something that can never be

taken lightly. in doing so we have to prepare ourselves for the human and monetary costs of the decisions. it's not just about providing the troops armaments and equipment they need and tools they have to be successful in the missions. it's about ensuring we are fully capable of caring for them and their families when they return home. to quote the vfw commander, today this nation cannot afford to take care of her that is, something we should keep in mind as our veterans. for entries both seen and unseen. and i very much look forward to this hearing and i think appreciate, madam chair, you convening the folks. >> thank you very much. senator johanns. >> madam chair, let me also express my appreciation to thank you for having this hearing to the members of the panel. thanks for being here, and thanks to your commitment.

let me, if i might, just associate myself with comments that have been made both by the chair and by the ranking member. i believe they are hitting the nail on the head. in my view of the world, part of the cost of war is caring for our veterans. there will be a point at which the uniform is set aside and they come home and need to find a place, if you will. if they have medical needs, then we need to find a way to address those needs. one of the things that is also enormously perplexing to me is the inability to transition so much, so many veterans into the workforce. i appreciate the economic times are difficult and challenging. we all know that. but it's so disheartening when i talk to veterans and i go around the room and try to figure out

where they're at in the light and how they are transitioning from coming into the workforce. and so many of them say i haven't been able to find a steady job. and the remarkable thing for me is that in a state where our unemployment is actually quite low, 4.1%. so if i might just use something -- q. something for those who will testify today, and maybe paul, i will point you specifically, i'm especially interested to hear testimony about the challenges that our veterans are expensive in transitioning from military life into a civilian job. it just seems to me that we can do a better job here. i know that hiring a hero act includes several provisions to address these issues. that's good. i applaud any efforts that have been made that might make the situation a little bit better,

but i'm especially interested in where we are not meeting the issues of training, and in some cases rehabilitation. so veterans can be prepared to into the workforce. with that common to all of you who advocate for veterans, to those who have served and those families have been such an important part of that service, i do want you to know how much i appreciate your commitment to our country. thank you, madam chair. >> senator begich. >> thank you very much, senator murray, for putting this form together today, and want to thank the witnesses for being here. i will not be able to stay. i have to chair at a net the committee in about 12 minutes by want to at least let you go first, i received all of your written test one. i appreciate the. i have questions i was a bit for the record. i will tell you, my short time

in the senate as a member of this committee i have heard incredible testimony from our brave warriors, families over the last two and half years. and i want to be clear that examined the lifetime costs of supporting this new generation of veterans does not mean that we will not be there for you. you answered the call of duty, have been there for country, and will be there for you. the cost of veterans and their families have suffered as the consequences of associate with the scars of war are both financially and emotionally, placed burdens that can last a lifetime. with alaska having highest number of veterans per capita of any state in this country, i have seen these impacts firsthand, and i will tell you that what i do every time i see a pattern when i met him, thank you thank you thank you for your service. and the sacrifice, not only as an individual but also as a family. and we will promise to continue to fight everyday to do it again to make sure the services are there. one of the issues i will submit

for the record for you all hopefully to answer is the question that i know i face, senator tester, senator johanns with rural veterans, veterans that have extremely difficult time accessing health care. and more more veterans are choosing to live in rural communities. in my state, 80% of rural commuters cannot be accessed by road. so it is very difficult for them to access the health care. they may be physical or mental services that they need. i think, i would be interested in your comments if you have them, that you put on the record and submit as i am for the record, written question about how do we figure out the access point to ensure that the quality care, no matter where you live, as a veteran, doesn't and if you live in a small village in alaska with 50 people, or a large urban city, how we make sure we get the health care that they need, they are owed in a timely basis. so i will be anxious forr