these proposals reflectchairman dodd and frank along with senator shelby and rep backus will be meeting with me throughout this process. they met with me earlier this year to jump-start the discussion of reform. i have met with regulators this morning. leaders, academic experts, and the broader public. careful balance. i have always been a strong believer in power of the free market. it has been and will remain the engine of america's progress, the source of prosperity that is unrivaled in history. i believe the jobs of best created not by government but by businesses and entrepreneurs who are willing to take a risk on a good idea. we want to restore market in which we reward hard work, responsibility, and innovation, not recklessness and greed. is in the system, and to those awarded. we say to put in place rules promote innovation while discouraging abuse. we seek to create a framework in which markets can function freely and fairly without the business cycles suddenly bring the risk of financial collapse. we want a system that works for businesses and consumers. there are those who sa

those who were here today, chairman dodd and chairman frank, who along with senator shelby and rep backus will be meeting with me throughout this process. they met with me earlier this year to jumpstart the discussion of reform. these reforms are also drawing on conversations with regulators, including those i met with this morning, as well as consumer advocates and business leaders, academic experts, and the broader public. in these efforts, we seek a careful balance. i have always and a strong believer in the power of the free market. it has been and will remain the engine of america's progress, the source of prosperity that is unrivaled in history. i believe the jobs are best created not by government but by businesses and entrepreneurs who are willing to take a risk on a good idea. i believe that our role is not to disparage well but to expand its reach, not to stifle the market but to strengthen its ability to unleash the creativity and innovation that still makes this nation the envy of the world. that is our goal, to restore markets in which we will war -- reward hard work and resp

backus. >> mr. chairman, your earlier remarks, i would just say whether we ted this on bush, sort of pin the tail on the donkey or whether we pen it on the elephant, it is no all our problems and it is no, it is not then and i just ask that we all work together to get us out of this, these bailouts in these government-funded programs that we extricate ourselves from that and the deficit spending that we have witnessed. we will work together on that i hope. let me say this. gene, you and i have worked on several things. i have a deep respect for you and i am very much agree with you that one of the contributing factors to the excess risk taking, central to the crisis was compensation that was linked to short-term gains without any consideration of the long-term risk. and as you say, across the sub-prime mortgage business brokers are compensated in ways that placed a high frame on volume without regard to whether the borrowers have the ability to make those payments. that is pretty clear. i associate

backus. >> mr.airman, your earlier remarks, i would just say whether we ted this on bush, sort of pin the tail on the donkey or whether we pen it on the elephant, it is no all our problems and it is no, it is not then and i just ask that we all work together to get us out of this, these bailouts in these government-funded programs that we extricate ourselves from that and the deficit spending that we have witnessed. we will workogether on that i hope. let me say this. gene, you and i have worked on several things. i have a deep respect for you and i am very much agree with you that one of the contributing