half an hour's time my colleague bill dodd is here but for now since georgia's independence following the collapse of the u.s.s.r. thousands of people fled the country next we talk to politicians and artists from the country to find out what's happening today you without. a poll ninth nine hundred ninety one georgia achieved independence from the u.s.s.r. to know the for violent standoff with the referee disintegrating the soviet empire . we did get independence but it resulted in much blood and destruction. a civil war broke out in georgia he has to susie again sovereignty to this day the nation is be unable to overcome its aftermath the country's infrastructure is in ruins tens of thousands of people have fled the country in the time of the soviet union today was one of the wealthiest republics today one third of the population lives below the poverty line twenty years have passed but people here enjoy less freedom and i did during the soviet period. back in the one hundred eighty eight girls the kids mellish billy was just a student he joined a mass fungus strike outside government

it is part of the dodd-frank bill. i think a simple majority makes a lot of sense and i would just yield two minutes to the the gentleman from wisconsin. the chair: the gentleman is recognized for two minutes. mr. duffy: one of the reasons why we modified the rule because right now with the 2/3 majority, you basically need seven out of 10 votes to overturn what would be a harmful rule. and the way the law is currently written, one of the voting members is a director of the cfpb making the standard much more difficult. if we are talking about harmful rules, harmful rules to our community banks and credit unions, let's make sure we have a simple majority that can step in and overturn those rules. why do we want a standard so high that it can't be overturned? it's nearly impossible to overturn it. and i would commend my friends on the other side of the aisle to make sure there is a review process in the cfpb. but with that, no laws are ever perfect and with that we should come forward and say how can we better perfect thi

the health care reform bill, dodd-frank, the consumer protection bureau, and the president this very week has been talking about increasing taxes only he doesn't use the word taxes. we have got to have more revenue or we have got to have balance. but it still adds up, all of these things out there that government doesn't know what all these rules and regulations. do you realize in health care reform, there is 1,690 delegations of authority to the secretaries to write regulations, and they aren't going to be written for years, but there is -- that brings so much uncertainty. so we have more uncertainty plus unintended consequences that come out of these like right now, rising health care costs because of the bill, deterring new investments because of dodd-frank and deterring risk taking, and risk taking is what entrepreneurship is all about, and entrepreneurship is mostly related to small businesses where 70% of the new jobs are created. so government intervention is a problem because government intervention or government not making decisions all adds up to more uncertainty. so i thin

>> you always do that, it's the dodd frank bill that reforms wall street and so the president reportedly meeting with regulators to talk about the dodd frank bill and the new head of what's called the consumer financial technical unit. that sounds like it's mostly on the calendar, not crisis type stuff. >> elizabeth macdonald, thank you very much. >> good. overseas, secretary of state, hillary clinton standing strong alongside greece and that country dealing with own debt crisis as you may know. and they're urged to go forward with cuts. >> applaud the greek government, greece has inspired the world before and every confidence that you're doing so again. as do you what you must to bring your economy back to health. you will have the full support of the united states. >> the visit coming as greece prepares for an emergency summit and a second bailout. this was supposed to be the weekend to end all weekend, with millions of drivers inconvenienced by construction. carmageddon. wait, they lifted the last cone on the grid zone. a major freeway out of commission, this driver could not avoid a

i remind the ranking member who originally was the sponsor of dodd-frank bill, the bill that is going to destroy so many jobs in this country, he said he was in favor of the same type of legislation that we have before us on the floor. this is once again a case where the ranking member was in favor of it before he was against it. mr. frank: will the gentleman yield? mr. garrett: not at this time. if the bill weakens the agency, then the bill you introduced originally would actually destroy the agency. i have heard the ranking member during his debates do what he always does when he hasn't the facts or the law on his side, he attacks and twists other people's motives and he was in support of the elements of this bill before, but today, he comes out against it. he accuses everyone on our side of the aisle of trying to kill his legislation, but might i remind him to consider his own statements. the ranking member has claimed over the past week that the most important piece of the dodd-frank bill is the risk retention section of the legislation and then turns around and says -- mrs. capit

i remind the ranking member who originally was the sponsor of dodd-frank bill, the bill that is going to destroy so many jobs in this country, he said he was in favorof the same type of legislation that we have before us on the floor. this is once again a case where the ranking member was in favor of it before he was against it. mr. frank: will the gentleman yield? mr. garrett: not at ts time. if the bill weakens the agency, then the bill you introduced originally would actually destroy the agency. i have heard the ranking member during his debates do what he always does when he hasn't the facts or th law on his side, h attacks and twists other people's motives and he was in support of the elements of this bill before, but today, he comes out against it. he accuses everyone on our side of the aisle of trying to kill his legislation, but might i remind him to consider his own statements. the ranking member has claimed over the past week that the most important piece of the dodd-frank bill is the risk retention section of the legislation and then turns around and says -- mrs. capito: ho

the dodd-frank bill was not great to begin with. poorly staffed agencies have to implement the rules that are besieged by lobbyists. that is on the democrat and republican side. obama failed to fight for a elizabeth warren or appoint her in the consumer protection agency. the third thing that is unfortunate is his record on jobs, while hardly worth less, and the stimulus save several million jobs, has never been the full focus of this administration. the image of favoring big corporate status quo and wall street even though in his heart of hearts, that is not what he believes. tavis: that may be a enough of an albatross to make sure that he does not get reelected. the first two well, he did not control. was all about law enforcement. the second was about congress, not necessarily the white house. it is the third one that could mess him up. he gets on the campaign trail, he can s u responsibility for the first two, can he not? >> the law enforcement part of that has been under his watch. it has and a lax effort. they have not been ag

earlier tonight we saw how the dodd frank bill has been somewhat deballed by a combination of legislativeched in the senate to pass a 9/11 health-care bill. the legislation would provide free medical care for first responders who are suffering health problems after working at ground zero. >> jon: it took nine years of committed legislators working tirelessly with first responder advocates, some of them sadly passing away before the bill's signing to bring much needed relief to those who gave so much down at ground zero. funny story. (laughter) >> jon: as it turns out, as part of a political compromise, to get bill-passed, the bill does not cover cancer treatments. which brings us to our new segment, i thought we already took care of this [bleep]. how did we not include cancer? the bill does cover coughing, laryngitis and carpal tunnel syndrome but not cancer. you get scurvy no problemo. these limes are on us. but the one disease that you seem to disproportionately be getting, yeah, we can't help you there. is this going to be fixed? >> the administrator said they will continue to do perio

regulations at least if we are in that situation again i'm actually a pretty big defender of the dodd frank bill so i think the tools are in place assuming that regulators choose to use them to avoid that situation again but the way the bill is structured you really don't know until it happens if the next treasury secretary federal reserve chairman who is there at that time isn't willing to pull the trigger and say all right that's it that's banks going down it's and it just appear. to have all that's good you know maybe if they choose to use the tools then perhaps something can be averted and same thing in congress chooses to use the tools that they have now to avert a financial disaster and not allow us to default on our dads and maybe everything ok thanks so much for joining us. also come tonight you know the meaning of. we're going to give you the definition in tonight's cool time segment and alaska's online streaming of videos and piracy actually helped the movie and music industry is going to dive into that since. you know this.

. >>> coming up, one year ago tomorrow, the dodd-frank bill. terrain in records banks. ever since then, republicans have been on the attack. >>> congressman barney frank. a response to that next. looks like american performance is doing just fine. ♪ carry on. ♪ time to mix it up with new philly cooking creme. it'll make your chicken creamier, dreamier, with lots of flavor. spread the love in four fabulous flavors. spoon in a little new philly cooking creme. spread the love in four fabulous flavors. somewhere in america, a city comes to life. it moves effortlessly, breathes easily. it flows with clean water. it makes its skyline greener and its population healthier. all to become the kind of city people want to live and work in. somewhere in america, we've already answered some of the nation's toughest questions. and the over sixty thousand people of siemens are ready to do it again. siemens. answers. >>> the dodd-frank bill was used to bring this country to the verge of financial collapse. kw one year later the republicans are doing all they can to block the law. block

let me tell you what this bill has just done. in the dodd-frank bill it has been a timed review to take place. if you are hanging with a bad foreclosure or some bad action, this oversight board can review quickly the decision that the consumer board did to protect you. you know what has happened now? they have given the oversight board an indefinite amount of dime. this is in the backdrop of undergraduates carrying record high credit card balances. what my amendment does, it restores reality and restores a time certain that the oversight board can review the regulation that is giving you relief so that you can benefit from the consumer protection. is that not a simple premise? i ask my colleagues to accept this amendment. and i reserve. the chair: the gentlelady reserves. the gentlewoman from west virginia. mrs. capito: i claim time in opposition. the chair: the gentlelady is recognized for five minutes. mrs. capito: what we have done in our bill as the gentlewoman said is to give the fsoc as much time as necessary to evaluate the effects of

to stipulate that that it was entirely or half half the cause have caused by barney frank chris dodd bill clinton and the other have caused by the bankers let's restrain both of them. with the stream of government from bailing them out if you if you see right now if you buy bad paper and it goes bad you can't really start of that money you're stuck with it i mean with you we have found a point of medicare the house reached what. some people call a grand agreement to present a problem a consider republican proposal raise the eligibility age of medicare from sixty five to sixty democrats are freaking out at the president even talked about this kaiser family foundation ran the numbers on this this. it's going to cost seniors five point six billion bucks it's going to cost employer retirement programs five and a half or a half billion dollars in federal cost savings are going to be very slim was that less than a couple billion dollars because you know people are not that expensive at that age and they start getting expensive about a decade later so in fact we actually have a quote here from t

the laws dealing with banks and wall street passed by the last congress he doesn't like that dodd frank bill that created the consumer financial protection bureau and the office of financial research here believes that these government agencies are evil because they're looking out for the consumer and not wall street and big banks the way he is right now basically these these agencies the two girls that i just mean richard a little dictatorships i mean do you support this person and they dictate what they can do to you how much they can charge you for. it if you don't want to you true there's really not much you process to do you don't think that's the real the toughest thing to do to bark or see. yeah he called the new agencies little dictatorships but this is not unique from the g.o.p. crowd when it comes to trying to rein in banks business and wall street since the new congress was sworn in not about our and some of his fellow republicans have worked to defund the new financial regulations so they can be a forced effectively and mind you many analysts and economists that i've interviewed

dollars simply trying to comply with the rules and regulations of dodd-frank many of which have yet to be written. one year ago before the bill was even passed, the democrats promised the american people dodd-frank with increased investment and entrepreneurship and fostered competitiveness and confidence in our financial sector and robust growth in our economy koppel. i can tell you we are not seeing that today. in fact quite the opposite. more than 40 million americans on food stamps and people are looking for jobs. we've had long term unemployment. it's absolutely skyrocketed. and just this past winter, one democratic leader explained the timely implementation of the dodd-frank act will help strengthen the economy of like reading certainty for the business community and consumers and investors. certainty is what we don't have in this dodd-frank legislation. and if you talk to any of the financial institutions and local community banks, talk to those that are looking to deal with the designation, there is a tremendous amount of uncertainty because just a massive amounts of rules yet to be written haven't been written, and th

the dodd-frank bill put a single director in charge and it gave him unmitigated discretion to issue rules. to ban financial products. to determine what products would be offered. whether you're a borrower, whether you're a lender, whether you're a consumer of financial services, or whether you offer financial services, he will determine or she will determine what those services will be and the terms of those services. so, what is wrong with that? well, let me say this. in america do, we give one person the power to do whatever they want to to regulate every product and service that we are offered, or that we can accept, or that we as a company can offer? that sounds to me like a government command and control economy. with the government making choices that we make. so for that reason, we've been attacked for proposing a five-member, bipartisan commission instead of an unaccountable czar. the pattern from my democratic colleagues continues to be, we're going to put one person in charge of an agency and we're going to let them make all the decisions and that -- there'll be no real review o

. >> this week marks the one year anniversary of the dodd-frank financial reform bill. in an op-ed on the wall street journal, timothy geithner defended the measure, saying it was designed to lay a stronger foundation of innovation, economic growth and job creation. but if the administration was hoping for a big thank you from business leaders, they may be in for a very long wait. wait. speaking to investors on a conference call, this week, casino mogul and democrat donor, steve wynn went on a rant it against president obama and his economic policies. here is just some of what he had to say. >> i'm saying it bluntly, that this is administration is the greatest wet blanket to business and progress and job creation in my lifetime. and i'm telling you, that the business community in this country, is frightened to death of the weird political philosophy of the president of the united states. and until he's gone, everybody's going to be sitting on their thumbs. >> you have to admit fairly strong stuff. steve moore, do you think that sentiment, harsh as it was, is widespread

in our last section, we take a look at the dodd frank bill. we'll do that after this update from c-span radio. >> unemployment numbers in this hour show that more people applied for benefits last week. applications rose by 10,000. the job market is weak. turning to the hacking investigation in britain, the prime minister says that the tabloids and phone hacking scandal has created a once in a generation chance to clean a murky relations between media, police and politicians. he also defended his private discussions with executives. meanwhile, also in britain today a group of computer hackers who call themselves anonymous claimed to have breached nato security and access to restricted material. they say it would be irresponsible to publish most of the material, but that is sitting on about 1 gigabyte of data. they have posted a document that appears to be restricted from nato. those are some of the latest headlines on c-span radio. >> it takes a behind this? look says broadcast and cable. the l.a. times calls the required to be beating. it solv

and with the new dodd/frank bill, there's some 300 different constraints on mortgages going forward.it's going to get etch hard tore get a mortgage going forward, which will compound the problem in housing. i think it is a great time to buy if you can afford to buy in turnkey properties are seeing some activities because there's not a lot of them on the market. but there's still a big baglog of foreclosures. we've done nothing to change our legislation on foreclosures to going forward to clear the inventories we have or to stop this problem from happening again. >> we're all optimistic that things can happen in the right direction. we're all fearful that our legislators could do the wrong thing right now. thanks to all of you, ken rogoff, diane swank and jian sahadi. >>> you know we have an unemployment crisis in this country. why it might be worse than you think, but more importantly, how can we actually solve it? we have some solid ideas next. [ woman ] we take it a day at a time. that's how it is with alzheimer's disease. she needs help from me. and her medication. the exelon patc

ditch with the unregulated wall street and they have fought every step of the way against the dodd-frank billestablish some regulation. and that they go on after the bill is passed and signed by the president and it goes into law that they are still fighting it. no surprise. they want to have unregulated wall street that can take us back down the same ugly path we went down two years ago. >> isn't this beyond party though? this is about the american economy. this is about working class people. i mean, even ms. warren said, let me put up what she said about this her son -- listen to what elizabeth warren said. >> i just want to say, this agency is not partisan. families across the country who can't read their credit cards because they think that the terms are written in some other language, that's not a republican versus democrat issue. that's a real issue about whether or not we should have a set of rules that work for regular middle class families. >> congressman, how do we get the american people do t.o. understand there is not about partisan, this is about fairness in terms of financial re

. >> the original bill, the dodd-frank act, created new data reporting requirements that are aimed at helping regulators understand credit conditions for small women-owned and minority-owned businesses. some have said these requirements will be burdensome and could raise privacy concerns for those types of firms. how will you balance these concerns while insuring policymakers have sound and accurate information on small business credit? >> so, congressman, you're referring to section 1071 of the dodd-frank act which does require, does amend the equal credit opportunity act to add this data collection on small business lending. and this is potentially an important or source of data to better understand demand conditions and supply conditions in in the market for small business lending where data to date have tended to be somewhat limited. so we see it potentially as a boon to have these data as opposed to small business borrowers and to lenders to better understand the market. now, inevitably, with the data collection, you know, nothing is free. there's some cost involved. congress has

the bill as amend dodd pass. -- amended do pass. the speaker pro tempore: the chairman of the committee of the whole house on the state of the union reports that the committee has had under consideration the bill hrment r. 2354 and reports the bill back to the house with sundry amendments adopted in the committee of the whole with a recommendation that the amendments be adopted and that the bills amended do pass. under house resolution 337, the previous question is ordered. it is a separate vote demanded on any amendment -- is a separate vote demanded on any amendment reported from the committee on the whole? if not the chair will put them engross. the question is on the adoption of the amendments. those in favor say aye. those opposed, no. the ayes have. it the amendments are adopted. the question is on engrossment and third reading of the bill. those in favor say aye. those opposed, no. the ayes have it. third reading. the clerk: bill making appropriations for energy and water development and related agencies for the fiscal year en

especially when it comes to a 2,000 plus page bill like the president's new health care program or the doddpassed last year described as the biggest overhaul to the american financial regulatory system in history. >> worst part is there is this gigantic uncertainy lingering. it took two years for regulators to issue all the rules that were included in the original regulation. dooring to experts it going to take at least five times longer to do this with the financial regulation bill. that is 10 years before all the rules are written. >> reporter: in fact, some regulations for the patriot act first passed in 2001, still aren't finished. most laws have built-in timeframes for getting regulations drafted subjected to public comment and finalized. those markers aren't always met hard to tell, a lot of these rules were going to be rolled out and there were deadlines for some. i know we missed a lot of deadlines. it is really hard to tell. plus, we are talking probably about in the case of the financial regulation bill, 10 years to actually produce all of the rules. if half of them missed their d

. >> president obama signed the financial regulations bill known as the dodd-frank act a year ago.his past monday, the pew financial and business school hosted a day long forum on the implementation and impact of the that legislation. remarks by michael barr, who worked on the creation of dodd-frank. later, you'll hear from a former chairman of the white house counsel on economic advisers during the clinton administration. this is about an hour and a half. [applause] >> thank you very much, charles, for having me here and all of you for coming this morning. i'm going to give some formal remarks to open this up, and then the panel has promised me to savagely dispute everything i say which should provide a lot of entertainment for all of you. if you go back over two years ago, the united states and the global economy faced the worst economic crisis since the great depression. the crisis was rooted in many years of unconstrained access and prolonged come play complacency. the crisis made painfully clear what we should have always known, that finance cannot regulate itself, consumer ma

. >> the original bill that dodd-frank act created new data reporting requirements that are aimed at helping regulators understand credit conditions for small women-owned and minority-owned businesses. some have said these requirements will be burdensome and could rise privacy concerns for those types of firms? how will you balance the firms while ensuring policymakers have sound and accurate information on small business credit? >> congressman, you are referring to section 1071 of the dodd-frank act which does require -- does amend the equal credit opportunity act to amend the data collection on small business lend. and this is potentially an important source of data to better understand demand conditions and supply conditions in the market for small business lending. where data to date has tended to be limited. we see it as a boom to have the data as a boon both to small business borrowers and lenders to better understand the market. inevitably, nothing is free. there's some cost involved. congress has said, they have set the parameters. within that, we have deliberation about how

in contrast, the dodd-frank act bill to wall around the bureau with the express purpose of eliminating any real check up on the director's authority. supporters of dodd-frank said that they wanted to make this bureau independent. what they did was make the bureau unaccountable. they argue that the bureau needed to be protected from political pressures. yet by making the bureau completely autonomous, there removed any avenues for meaningful congressional oversight. what makes the lack of accountability of the bureau such troubling is that congress for all intents and purposes delegated its own legislative power by giving the bureau an enormous amount policy-making and rule writing authority. at the same time it also insulated it from the very body that created it and gave it its mandate. this was a mistake, i believe, and it needs to be corrected. after nearly one year, the president has finally nominated someone to be the director of the new bureaucracy. the chairman has announced his intent to move quickly on this nomination. but given the fundamental flaws with the existing structure

ranking member of the house financial services committee, and co-sponsor of course of the dodd frank wall street reform bill that passed one year ago. congressman frank, nice to see you. >> thanks, rachel. >> can you give me your understanding of where the current negotiations are on the debt ceiling? >> yeah. i don't know. i mean, i can be very honest with you. there's a lot of going back and forth. look, we have this problem. there are a substantial number of republicans in the house who have a serious problem with reality. a large number of members of the house republican caucus agree with michele bachmann that we shouldn't raise the debt limit, which would be of course an economic disaster, which even ronald reagan understood was crazy. another substantial chunk don't agree with michele bachmann, but they are afraid of losing a primary to someone who does agree with her. so we have this reality problem, and i do not know what will happen. these are people who are in the medieval term invincibly ignorant. and i have to keep emphasizing this. i voted already to raise the debt limit because i think we have

we are approaching the one-year anniversary of the dodd-frank bill and given all the work that is yet to be done and the uncertainties that surround it, i think it would be a little premature to celebrate but i do think it's an opportune time to take stock in mer it is and where it might imply for the future and i want to congratulate the organizers of conference it think it's important we take this opportunity in nyu, and i particularly want to note some of the colleagues at the school because they've done some great analytical work and also some pretty practical ideas have come out that served us all as we talk about dodd-frank, the discussion in important ways revolves around the disruptions, the difficulties we've had over this crisis in the distortions that have come from the important financial institutions in fact, part of the discussion around the title i have for these remarks do the of the future my remarks should they have a future, and that's really i think what it's important about. and as we talk about them, i always try to ask myself some fundamental questions about thi

>> the consumer protection agency is not responsible for that -- >> dodd-frank -- >> could i finish? look at your credit card bill. for the first time you can -- >> i'd rather not. >> see what it costs you if you don't pay it off. this agency is to make the buying public able to see what the costs are -- and to break are -- make a market judgment as to what kind of mortgage or credit-card we want. it seems that those are all things that are eminently sensible. >> elizabeth warren's ardaman is that consumers are protected by in toys for their children but not financial instruments. >> we saw this play out during the carter administration when they tried to get a consumer protection agency through. esther peterson survive, but the agency did not. in this case, the agency to rise but elizabeth warren and doesn't the question is not only what is next for the agency, but what is next for elizabeth warren? that is one of the more interesting aspects of the story. >> she was passed over for the top job by a former ohio attorney general richard cordray. >> what could she not get confirmed? -- why would she passed over? >

you can say what you will about the dodd-frank bill and resolution process. i would hope that it would work. but it would be the first time ever. i cannot imagine a working because i know what that friday afternoon is like wendy liquidity crisis is upon you and the asian markets open on sunday night. it is hard to go through all the steps with dodd-frank. i would not want to be the secretary of the treasury to see the world melt. you have to see it well before the crisis to put in the stops. that is my point. yes, right here. >> two quick questions. by the do not know if you are familiar with the research of one of your colleagues. the research is much more robust on the advantages, and it has been quantified in a number of ways as well as the nonsense issue if we raised capital standards. i would encourage you to be stronger on your assertions because of the research. i do not know if you heard this earlier but there was a discussion about that which is policy-optimal and politically possible. i lived through the possible and in possible on the hill. many of

as you are aware, that bill would amend dodd-frank to provide those nrsros that directly contributed to the multi-trillion dollar global financial crisis, a shield from accountability to investors. we note a similar shield from liability is not provided under the federal securities laws to any other financial gatekeepers. however, pera and the council stare to work with this subcommittee, the sec and other interested parties to better ensure that credit rating agencies post-dodd-frank will, to the extent possible or effectively and efficiently serve the needs of investors, and all participants in u.s. financial system. that concludes my prepared remarks. i look forward to your questions. thank you. >> i think the panel. and we will start with question. i recognize myself for five minutes. i want to put up a chart, and i know it's hard to read. so that chart is being passed out and will make sure the panelists get one as well. basically, one of the things, where i'm going with this, one of the things i feel like dodd-frank does, it makes the big get bigger. and it's not, what we've he

what we do is we bring up huge bills like dodd-frank and like the health care bill, usually conductedin private. and then we're voting on it. and then the american public says have you read the bill? then they say have you read the regulations? we've got to restore regular order and restore the senate back to the senate. people are fearful. the american public is fearful today. they just -- they have a real conscientious worry that america is not the same as it used to be, that they enjoy, that they want their kids and their grandkids to enjoy. why is that? because i think the american dream is that every american youngster can climb on the ladder of success as fast and as high as he or she can with nothing government made or man-made in their way. regardless, you may stumble and hit your chin on a couple of rungs, but by golly, you get back up and you go right up. not anymore. not anymore. we have apparently a national agenda to level everybody with everybody else. it's called social justice. nothing wrong with social justice except if it is an agenda to affect everybody. we have now

intellectual property rights, and of course, our legal system, and repair the excesse'' of the dodd-frank bill while working to effectively improve our capital markets. the same must be said for healthcare, where the number of exploding regulations and organizations needs to be dealt with. we still must find genuine solutions to all of these costs, separate out the regulations that are really needed from the ones that are causing us not to create jobs. ladies and gentlemen, nothing is more important to america, to the american dream, and creating american jobs. that is what it says right on the front of this building. despite all the bad economic use what -- is we have had -- all the bad economic news we have had, we cannot get discouraged. we must not indulge in despair. we can create american jobs it will remember who we are and what made our nation so successful in the past. it is not about bigger government, dividing up an existing economic pie. it is about a free enterprise system that creates a bigger pie, with more opportunities for all our systems. government does have a role to play,

have such an outsized influence in our financial system, a bipartisan proposal was added to the dodd-frank bill that required regulators to seize the reliance on credit ratings and instead adopt their own standard credit worthiness. unfortunately, some banking regulators have not fully embraced this commonsense proposal and i have great concern over the impact of their decision. i look forward to hearing from our witnesses today on this very important matter. thank you. >> thank you. >> i thank the gentleman. now the gentleman from new jersey for one minute. >> i thank the chairman for holding this hearing today. the consideration of the regular reform legislation that congress passed last year was very partisan anti-overreach that resulted from that structure is that means restricting our economic growth and limiting job creation. as just one that one significant area bipartisanship that emerged dealt with credit rating agencies. there was broad agreement that investors had become basically over relied on the rating agencies and fail to do their due diligence. so having the, require these rati