. >> in what ways do the s sock make the sifi designation process more transparent? >> on this one, senator, i would say fsoc has provided the public with a good deal of information about the criteria that its using, the general criteria that it has established for attempting to determine whether or not an institution, an organization should be designated as a sifi. and in the cases of those organizations where it has made a designation, it's really provided a wealth of information about those organizations. there are also opportunities for companies that want to contest designation, to have an appeals process. so there is really a well worked out process. as the fsoc goes on to consider other possible firms for designation, if it decides to use a different set of criteria, i think it's completely appropriate that the fsoc should also make clear if new criteria are being used to govern designations. >> how has recovery impacted wages and income inequality? and if so, what can congress do to address this major problem? >> well, senator, i think the issues of income in

. >> in what ways do the s sock make the sifi designation process more transparent? >> on this one, senator, i would say fsoc has provided the public with a good deal of information about the criteria that its using, the general criteria that it has established for attempting to determine whether or not an institution, an organization should be designated as a sifi. and in the cases of those organizations where it has made a designation, it's really provided a wealth of information about those organizations. there are also opportunities for companies that want to contest designation, to have an appeals process. so there is really a well worked out process. as the fsoc goes on to consider other possible firms for designation, if it decides to use a different set of criteria, i think it's completely appropriate that the fsoc should also make clear if new criteria are being used to govern designations. >> how has recovery impacted wages and income inequality? and if so, what can congress do to address this major problem? >> well, senator, i think the issues of income in

curious, i want to make sure you don't impose bank centric capital standards on insurance company sifis because they had a different role. their investments are for a purpose, they focus on maturities based on their needs. i am really worried about the capital synergy might impose, and your timetable for making any ruling on insurance company capital standards might be and if you will work with industry experts and state based regulators to get their input because they know the industry better than folks that the fed and i have a lot of respect for folks that the fed and your experiences in the financial market because of limited exposure on insurance i'm curious if you will work with state regulators and insurance experts to defer to their opinions including mr. mcgrady who is the federal office of insurance? >> we have consulted with others with greater insurance expertise and we are building our own expertise as appropriate, but we absolutely recognize that it is important to taylor rules to the specific and different business model of insurance companies, that are not the same as ba

attempting to determine whether or not an institution, an organization, should be designated as a sifihere it has made a designation, it's really provided a wealth of information about those organizations. there are also opportunities for companies that want to contest designation to have an appeals process. so, there is really a well worked out process. as the fsoc goes on to consider other possible firms for designation, if it decides to use a different set of criteria, i think it's completely appropriate that the fsoc should also make clear if new criteria are being used to govern designations. >> how has the recovery impacted wages and income inequality? and if so, what can congress do to address this major problem? >> well, senator, i think the issues of income inequality, of rising income inequality in this country, really date back many decades probably to the mid-'80s when we began to see a very substantial widening of wage gaps between more skilled and less skilled workers. and this is a trend that unfortunately is continued almost unabated for the last 30 years. economists ha