that's not what dodd-frank does. i think it's been discussed already today, but i think it's a little bit to letting the house burn down but not so much with managing the consequences of that. and there's one particular portion of the act that worries us quite a bit and michael got in a slight discussion about it earlier and ken brought it up again and that's really the incentives that are created from the act dealing with who pays for systemic risk. so the way it's sort of written if a bunch of firms fail and those monies can't be recovered from creditors and i don't know how you would recover them from short-term creditors who have already fled, the surviving systematically important financial institutions are going to make up the difference ex post. so what's the problem with this? well, it increases moral hazard because it creates a free rider problem. so that's not good. and it also increases systemic risk. why is that? because prudent firms are going to be charged more so they're going to be less likely to be p

i'm going to make some comments on dodd-frank. these are not on michael who i think has done a terrific job at the treasury and working on some of these very difficult issues. so i have a few concerns about the dodd-frank, but i do think we should all be grateful for the job that michael did. when dodd-frank passed i was pleased an important step forward had been made making the u.s. financial sector saver in particular while placing the fed in charge of monitoring wasn't necessarily my first choice, i thought it was a better thing to have the said monitoring all major financial institutions that it was an improvement over the previous system we had in which aig, bear stearns and others were regulated by institutions that really didn't have the ability to control or recognize the failure of these companies. so i think that is a step forward. i've ended up supporting the consumer protection agency. in my view they should always be resistant to the creation of a new agency, as it is truly necessary and there were and still are conce

the dodd-frank action, rules were much more resilient.give you some examples of a large number of rules, money maket funds required to maintain 10% overnight liquidity, 30% 70 liquidity. this liquidity is not dependent on secondary markets which as we saw in 2008 froze but that is contractual either treasury obligations or securities maturing overnight, or within seven days. added a huge amount of liquidity. second, directors of funds are able to redemptions, something the directors and the reserve fund didn't have the authority to do before they break a dollar. this is important. damage to shareholders in the fund but it prevents what we saw in 2008 from a money market fund having problems of dumping in portfolios, securities into the market which begins the panic and affects the prices of all the other money maket funds. or prices our security. but we still have basically the same structure of money maket funds and the same problems that can lead to a run, even though we're more resilient today than we were two or three years ago. the c

i'm going to make some comments on dodd-frank. these are not on michael who i think has done a terrific job at the treasury and working on some of these very difficult issues. so i have a few concerns about the dodd-frank, but i do think we should all be grateful for the job that michael did. when dodd-frank passed i was pleased an important step forward had been made making the u.s. financial sector saver in particular while placing the fed in charge of monitoring wasn't necessarily my first choice, i thought it was a better thing to have the said monitoring all major financial institutions that it was an improvement over the previous system we had in which aig, bear stearns and others were regulated by institutions that really didn't have the ability to control or recognize the failure of these companies. so i think that is a step forward. i've ended up supporting the consumer protection agency. in my view they should always be resistant to the creation of a new agency, as it is truly necessary and there were and still are conce

then come across the diary of a chicago man named william dodd and soon afterwards i find a memoir by his daughter martha. i will try to set the scene. imagine you are 63 years old and a mild-mannered professor at the university of chicago with a good national reputation but a professional -- professor of history struggling at a time with financial shortfalls and tired of the engulfing demands. all you want to do is finish of book you are working on with the books of the old south which iran at -- are chronically have been titled the rise and fall of the north and south. [laughter] said in a very one hot day in june 1933 sitting at your desk at noon precisely it rings. the guy at the other end of the line is fdr the new president of the united states. and one little know he was president at that point* since his inauguration in march. inauguration day because the feeling was you did not want the president to be a lame duck any longer than he had to be. roosevelt is on the line and asks you, would you be the next ambassador to germany? america's first ambassador, the post has been vaca

then came the crisis followed by dodd-frank. let's be clear.an avalanche of regulation doesn't mean better regulation. the new regulations were piled on to the old ones. will that make the financial system safer? unlikely. it fundamentally weaken the global financial system by encouraging capital flight out of the most stable and liquid markets in the world. in the pile of new regulations, a few good ideas. this effort is getting trumped by 2300 pages of government attempting to micromanage every player in the financial system. the most competitive banking system is one with high capital requirements and few rules on the extension of credit, with it to a consumer or corporate sponsor. is up to us to correct the mistakes and ensure the end result is a financial system built on higher capital, market discipline and common-sense regulation. i yield back. >> miss waters for two minutes. >> thank you. i would like to thank our witnesses for coming today. chairman bair's tenure will come to an end on july 8th. i would imagine this may be your last ti

dodd-frank addresses a lot of issues, and i mean, that's fine. they are interesting, but do you believe that the power existed within the federal agencies, that they could have stopped these bad loans from taking place in the first place without any further legislation? >> oh, definitely think they have the power to maybe not stop them, but certainly raise a standard for making loans, and i mean, that's the essence of bank supervision so the a bank supervisor feels the bank is taking too much risk, not controlling the risk, its job is to go to the bank and say so, and the bank works with the regulator to try to address it. they can do that. on the other hand, congress mapp, we were all on a housing crisis ewe forya. looking back, it's obvious, okay, but at the time if you really believed housing prices were going to keep going up, which almost everybody did, the pressure to raise those standards was not very high, and there would be political pushback in any of them if you tried to lower the standards in a way that deprives people from getting lo

the with dodd-frank -- with dodd-frank, you know, some of this is still being put in place.there are principles that are very good. one of them, for example, is at least dodd-frank embodies the principle of size-based capital requirements. that we've just learned we tend to like to bail out large institutions, so we charge them a larger capital rate. that counterbalances that their cost of capital is subsidized by -- >> so it's a good thing. >> so if i could stop you there. so one of the questions i had of the governor was just that, those sifis that are on the borderline, you know, and whether or not they would be subject to the same capital requirements, the big, big sifis, if you will. and the answer was, no, that there was a gradation there, and it seems to me that you're addressing that. >> in i think sliding scale capital requirements are a really, really good idea. i think that a cliff structure or a binary structure, you get into this argument of i'm on the line. >> right, right. >> and the sad thing about people that are on the line is that when they are setting the

we appreciate the opportunities to provide the implementation of title vii of the dodd-frank act and we commend the committee for his diligent oversight of the new regulatory framework affecting derivatives. nfa is the voice of the internal investment industry and our members help tensions and endowments and other institutional's diversify their investments, manage their investments, and generate reliable returns to meet their obligations to beneficiaries. our members are active participants in the derivatives market. a strong interest in promoting the integrity of the proper functioning of these markets and increase transparency, competition and systemic risk mitigation. nfa recognizes the efforts of the cftc and sec in promulgating regulations called called for under dodd-frank. we believe it is imperative the regulators implement the rules in a straightforward, commonsense and workable manner to assist in these efforts. we provided regulators and we have submitted in connection with their testimony here today a blueprint which contains a detailed plan for adopting and implementing

dodd. you are 63 years old. you are a mild-mannered professor of history at the university of chicago. you have a good national reputation but you're no jackson turner. you are william e. dodd, professor of history, struggling in this time, with financial shortfalls because this is the era of the great depression. you are tired of the engulfing demands of graduate students. and all you really want to do is finish a book you've been working on. it's actually a multivolume series of books about the old south, which, in fact, kind of ironically you have titled "the rise and fall of the old south." suddenly, one very hot day in june you are sitting at your desk, this is 1933. you are sitting at your desk at noon precisely the phone rings. the guy at the other end of the line is franklin delano roosevelt, the new president of the united states, and one little note, he was president at that point since his inauguration in march in 1933 and inauguration day was still march. it was subsequently changed to january becaus

>> we're not pushing for any repeal of dodd-frank right now. the industry is really -- >> i mean the section. >> 716. you know, we were against it totally during the enactment of the statute. if it disappears, we'd probably be very happy. >> okay. then mr. zubrow, your testimony was -- made a lot of this morning. i would just -- on page two of the testimony you talk about the regulatory pendulum has swung to a point that our risk is hobbling in the financial system and economic growth. you say that u.s. policymakers should focus on how much the regulations they proposed collectively reduce risk taken by financial firms and how this collective impact is likely to result or reduce the economy and job growth. and how many of these regulations have been rejected or referred by other countries. could -- what's putting u.s. firms at a competitive disadvantage? is it -- does fsoc have anything to do with this? is the fact that fsoc numbers are not coordinated or thinking in the global marketplace? i have causing problems. >> madam chairwoman, i think

>> i went to a dodd-frank act and i don't think there is i direct application of dodd-frank to repo reforms. there is an initiative under the auspices of the federal reserve bank of new york, which is an industry initiative, which is working on reforming the way the tri party repo market works. but not directly related to dodd-frank. and the primary objective of the tri party repo market task force is to solve a sort of technical issue that arises in the tri party repo market during the day. in that market there is secure credit overnight between 5:30 p.m. and 8:30 a.m. and intraday between 8:30 a.m. and 5:30 p.m., and expose exposure of cash investors in the tri party repo market and is an unsecured exposure can give incentives to run in try party. so the task force is actively working on solutions to that. one of the factors that was often -- that has often been blamed to of contributed to some of the instabilities in the repo market. >> what you are telling me strikes me as one of the leftover piece of business we have not grappled with. >> yes. >> thank you very much, tobias . i would l

they are just freezing up from his fear of what dodd-frank is turning into. let me just ask you directly. don't you think we over did it here? >> with all respect, i think that the dodd-frank derivatives title was very necessary. a market that is so large does affect the wheat farmer. that wheat farmer in can't is not going to be a swap dealer, not going to have to come into clearing or post margin on a proposed rules. if there's any doubts about the co-ops, we are working with the co-ops. because that's clear. that's congressional intent, but it is lowering risk because that wheat farmer actually lost out. they lost out when the financial system failed in 2008. and by the way, the regulatory system feel. it wasn't just wall street. it was the regular failed, too. and so that's i think is what's necessary. and appropriate. based upon a lot of public input we're going to get the rules finished and balanced. we've given more time here. i think that balance is important. but i think that this was very much appropriate because millions of americans were put at ri

dodd-frapping, what's the -- dodd-frank, what's the single best thing from it, the one change? >> introducing regulation to markets. >> nellie? >> that's interesting. all those great things. in some sense, the council to -- with all its shortcomings of trying to coordinate among 15 or 10 to address, to have information exchange and close regulatory gaps. >> i think the single most important thing is that dodd-frank has made people aware of all those gaps and it's made people aware that we have a very complex and evolving financial system, and that we need to pay a lot of attention to the unintended consequences of regulation and to thinking about regulation across the entire financial system, not just for depository institutions or for one set of financial players. >> okay, well thank you to the three of you for a rich and provocative questions and great discussions. [applause] >> now we have an hour and a half for lunch. of that time, half an hour is to do what you want to do, bring your food in here, settle down, and start to eat quietly, and then at half an hour in, we'll be

that's because dodd-frank has a transsexual and they don't. dodd-frank has rules.hey have pension funds to type her retirement money as collateral for trades and they don't. that's a few examples. because of that, they risk capital and jobs fleeing this country and going overseas in. our economy and competitiveness. the overreaching policies that were codified in the dodd-frank encourage other to increase what they do come increase basically regulatory arbitrage to the keynote of the impact of these new regulations may be hard to measure, but that's precisely what they must do. but the total cost of the regulation and jobs and economic growth, which regulations address real problems and which ones simply a cost in this type of economic prospect analysis must be done now because the stakes are just too high to do so otherwise get it from. with that, i. >> 10. mr. meydenbauer. >> i'm putting up a small chair. this is the 50 top firms by market cap. in 2003, the u.s. had 51% of the total capitalization. he moved into 2006 in a draft 35% of total market capital station

i heard chris dodd speak. it is a stunning condemnation of american politics that this man could have been leading the financial reform. he simply does not know enough to do it, period. >> [inaudible] >> i think there were philosophical and pragmatic reasons why hayek was evasive in terms of the details. i think that's the right word to use, and in terms of the philosophical reasons, he recognized that there's lots of different societies that had previously established institutions, and in order to keep it at a general philosophical level, you don't want to offer specific points about, you know, the actual policies. milton friedman always did, and hayek was his counterpart. he found the the society in which there were people who were order liberals from germany, friedman which chicago, and people from all over the spectrum with lots of different visions as to what a free society would look like. he was referring to articulating to general principles. he didn't get to specifics, but i think it was intentional a

. >> she spoke about the dodd-frank financial regulations law in her role as chairman and as she leaves her current position. hull of the national press club, this is 55 minutes. >> [inaudible] to talk to people about and i take the question and the first question was who was number one? [laughter] so tough to impress these days. it was angela merkel if you will were wondering and i did drop 15 this year behind the lady gaga dividing because they are appealing and not as much as others and am i power status. before i would like to begin the speech, i would like to thank some of the staff who are here with me and repeatedly as the chief speechwriter he has done some wonderful work and had a big hand in this speech and i do want to see freedom for this and all of the work he's done. thank you very much. >> and andrew, who many of you know or head of public affairs out here somewhere who is just again with me the whole five years and has done such a fabulous job. thank you all of you out here. and my chief of staff who i drafted. he worked for me during my treasury days and has been at my

a very complicated continuum the excess of trade-offs on the particular policy questions, and the dodd-frank act i think overall moves the spectrum on most of the policy issues addressed more towards rules than it had been, not in a revolutionary way, but in a modest way. in terms of the 1930's issues, i don't think that the glass-stegall act or the gramm-leach-bliley act universal banking issues were central to the crisis or the path of reform i do think that the shadow banking system and innovation are at the core of the financial crisis, and i do think that the dodd-frank act addresses those in a way that provides a framework for being safer in the future. it doesn't guarantee that it provides a framework for addressing the needs of oversight transparency and capital requirements in the shadow banking system that are so critical going forward. last, on the resolution of 40i think people can argue both ways about rather the resolution authority should be pre-from the proposed funded. i actually don't think that that is cementer cool question to the resolution. i think that the question abo

ironically dodd-frank is actually made big banks even bigger. five of the largest financial situations in this country are 20% larger than they were before the crisis. now this is not directed at the fdic. rather, many of these things are designed failures in the legislation we passed and i will have some questions about that and how you see that implementation and perhaps some legislative relief on many things you don't think are quite appropriate going forward. even secretary geithner noted the possibility of future bailouts when months ago he stated the federal government might have to do quote exceptional things again and quote. ii know you have been questioned about that before but the moral hazard of such explicit and implicit guarantees cannot be overstated. these concerns along with others that chairman bair and i both have spoken about are critical or are of critical importance to the economic future and well-being of the united states and as citizens. getting that balance right is a struggle, and in terms of capital requirements, we wo

um, that is the key failing in dodd-frank. another failing, i think, is that it has left hundreds of rules to be made by regulators, and so, therefore, providing a second, um, manipulation possibility for the industry. so they got their first chance when they were talking about the legislation, writing the legislation, they got their first chance to manipulate. now they can manipulate the regulators, two bites of the apple. >> is it any better than nothing? >> i think there are parts of it that are fine, that are good, but i think a 3,000-page law, okay? glass-steagall was 32 pages. [laughter] 3,000 pages is, you know, it's way overdone and not, um, not effective on the crucial issue of too big to fail. >> yeah. and not to take much longer on that, i think i agree with gretchen. you know, why couldn't you have just added one paragraph that, essentially, said any institution that has to rely on extraordinary government asset p purchases, debt guarantees or more than 60 days at the window will have its senior management and offi

this bill is a de facto repeal of dodd-frank. what the republican majority can't do up front which is repealing dodd-frank, they are seeking to do by the back door by making sure cftc can't do its job as the cop on the beat. to keep things in perspective, the republicans are taking a meat ax to people's programs to address a $14 trillion debt. yet they are perfectly happy to give wall street traders a $300 trillion unregulated playground. talk about going backwards. cutting the funding for an agency with such important responsibilities is a roll of the dice, and again, the people of america will be the ones who lose. once again i ask, where do we live, on wall street which is where cutting cftc is, or on main street where the rest of us live? i urge my colleagues to vote against the underlying legislation and the defunding of cftc. i yield back the rest of my time. the chair: the gentlewoman yields back. for what purpose does the gentleman from new jersey rise? >> move to strike the last word. the chair: the gentleman is recogniz

ironically, dodd-frank has actually made big banks even bigger. but the largest financial institutions in the country are 20% larger than they were before the crisis. now this is not directed at the fdic. rather, many are designed failures and the legislation we passed. and i will have some questions about that and how you see that implementation and perhaps some legislative relief on the things you don't think are quite appropriate going forward. even secretary guice noted the possibility of the future bailouts when a month ago he stated federal government might have to do, quote exceptional things again. i know you've been questioned about that before but the implicit and explicit guarantees cannot be overstated. the concerns along with others chairman bair and i both have spoken about part of critical importance to the economic future in the wellbeing of the united states and its citizens. getting the balance right is a struggle and in terms of capital requirements, we've like to hear your thoughts on that and i recognize the ranking member mr.

there wasn't required to be disclosed under the dodd-frank act. going forward, the dodd-frank act provides for the release of information on any broad based emergency landing facilities one year after the termination of the facility as well as the gao audit of the facility. the act also provides for the release of information regarding discount lending and open market operations conducted after july 21st, 2010 with a two-year lag. for lending facilities including both emergency landing facilities and the discount window and for open market operations the federal reserve will publish information disclosing the identity of the bar were or counterparty, transaction amount, interest rate or discount and the collateral pledged. the federal reserve believes the lag provided by the dodd-frank act with the release of transaction level information established an important balance between the public interest and information about participation ads and transactions in the federal reserve and the need to ensure the system can effectively use its congressional

there wasn't required to be disclosed under the dodd-frank act. going forward, the dodd-frank act provides the release of information on any broadbased emergency lending facility one year after the termination of the facility as well as the gao audit of the facility. the act also provides for the release of information regarding discount window lending and open market operations conducted after july 21st, 2010 with a two-year lag. for lending facilities including but emergency landing facilities and the discount window and for open market operations, the federal reserve will publish information disclosing the identity of the borrower or counterparty, transaction amount of interest rate or discount paid into the collateral pledged. federal reserve believes the lead provided by the act for the release of transaction level information as doubles tannin portion balance between the public interest in formation about the participants in transaction with federal reserve and the need to ensure the system can effectively use its congressional reoffered los

we have a lot concerns about dodd-frank, and hope to correct some of those. i think it's important that this committee here work together to try and monitor the work is done by the cftc, the fed and the sec to make sure that these troubles with the bill, the concerns we have are not compounded. and i'm in particular concerned about the limited definition the cftc is looking to in state for the definition of swap used. there's been some discussion of this already with the first panel with chairman gensler but there's a lot of elevators and local cooperatives were provided information to produce addictive the. including them in the definition of swap is will only raise prices for producers and limit their chances to engage in modified hedging. so, i say that just sort of a preparatory remark, but i'm interested in knowing, i think the press answered by the previous panel, but if you could shed some light on whether you think that farm cooperatives poses systemic risk to our economy, and should they be regulated? >> well, i certainly think that they should be tr

we haven't had it until dodd-frank, but dodd-frank says we can set policies and procedures to protect the safety and soundness of the clearing house. it goes to the safety and soundness of the clearing house. it does not go to trying to affect -- we are not a pricing agency and some people asked about margin regimes in terms of leverage and margin in for what it might do to the market's. dodd-frank was free careful and clear it's just about the safety and soundness of the clearinghouse for safety and soundness of the dealers. and they were just supposed to do the policies and procedures and then they set the individual margins. and we've done that. we propose a rule last december and we are hoping to finalize that role this fall. >> other questions or comments? yes. >> our business is very physical at the basic level. we buy natural gas we burnet and produce electricity, but we also serve a customized physical product and the use financial swaps to head our position. sometimes we have to take both sides of the trade because the market knows our natural position, and if you read the ru

i spoke this weekend with a family friend napa county supervisor dodd. >> he is mischaracterized as a thug or something like that. nothing could be further from the truth. this guy, you know, would never push anybody around. he was actually do same, very, very docile. >> reporter: dodds received a death threat for speaking out on behalf of mehserle. grant's family feels he deserves more punishment. >> where you live will never be just back to normal. you will suffer for the rest of your life for the crime you perpetrated on an innocent young man. >> reporter: there is no telling where mehserle could be this evening after leaving the los angeles county jail in the dead of night. his parents did have some property in napa but they moved because of death threats and at one point he was staying near lake tahoe t only thing they have been told is he won't be living near alameda county. anne mackovic, cbs5. >> thank you ann. mehserle will be on parole for 1 year without conditions which means he won't be tracked and have to meet with parole agents. >> on the same day he was released a new l

and thinking about dodd-frank that we are on the right road. i'm not sure it shadow banking has been a proper frame. we have an idea of what we expect to happen that is robust. >> i think that when you look at the mechanisms of dodd-frank and see some of the people speaking here today, you are certainly start that they are remarkably thoughtful, intelligent. you know, in some ways deeply patriotic people. some of them have left a far higher paying jobs in the private sector in order to work on this project. it gives you a sense, a good feeling. but ultimately it is one of the failings of dodd-frank and one of the concerns i have. even the overall too big to fail, ultimately whatever work they do is going to depend on the political process. and i think dodd-frank, it politicizes the approach of weather dealing with capital and dealing with the local rule, all of these things that in certain ways, this morning, more rule based approach, being left not just to the discretion of these regulators, but as their a prism of the political pressures and

. >> we haven't talked about dodd frank. we have great apprehensions about dodd frank. >> i do. if you look at the structure of the various diffent, not regulations because remember dodd frank is essentiallan enabling act which has a whole series of positions that they would like to occur and they are requesting of the regulatory agencies to make rulemakings which will implement. >> that is what they are doing. >> that what they are doing now. implicitn that is a coon seembeall framework of the way financial markets behave. in other words, a specific action a cses consequence b. if you are wrong on that, then your regulation will be adverse. and what concerns me is that the underlying conceptual structure of whatodd fra is built upon guess not-- does not conform to the reality i know so that the 200 or so that the federal reserve will have to make and the office 69 controller and f.d.i.c., those rulemakings are having great difficulty being constructed because as you look into trying to make a particular general idea into a rule, as you deal with that sort of stuff, you have, sa

. >> >> i spoke this weekend with a family friend of the meheserle's napa county supervisor bill dodd one of the few people willing to speak out. he said the family is constantly facing death threats while people see his sentence as lenient he will pay for this his whole life. >> he is often mischaracterized as a thug or something nothing could be further from the truth. this guy, you know, would never push anybody around he was docile, very very docile i believe this will effect him for the rest of his life. >> so there is that civil suit still pending, and now the grant family wants to take this to another level they are trying to get the feds involved they are holding a protest here downtown l.a. this morning. trying to get a federal prosecutor to put civil charges not only against meheserle but the other bart officers on the platform that night alleging civil rights violations the latest for you coming up on cbs 5 at noon. >> so far from what you have seen this has been no sign of protest in los angeles. >>> not here at the the jail we were wondering if overnight there might be mo

we regulated the financial industry heavily two years ago when dodd-frank was passed. if we're going to set rates on debit card, let's aleast allow the fed to consider all of the appropriate costs. look, if a bank is offering bonus awards for people that shouldn't included. that shouldn't be included. we understand that. but the fed ought to be able to look at all of those costs that are fair, and i hope that members of this body will rise above the emotional aspect of this vote. i hope they'll rise above the rhetoric. this is anything but another bank bailout. what this is is allowing the fed to rightfully, as they have requested of the united states senate, to rightfully be able to look at all of the appropriate costs that go into a debit transaction. and, again, if -- if tester-co tester-corker passes, if tester-corker-hagan-crapo passes, it is a tremendous win for the retailers. they have a regulated debit card interest. something they've wanted for a long tiesm but it also strikes the balance of appropriateness, as it relates to us, as we look to move ahead with a

he said aside from increasing the risk, dodd frank -- on taxpayers. so mr. zubrow, i thank you for that. and we have some differences but i think we ought to be clear where they are. it goes on more on too big to fail. i notice that one of the contributory factors you said could be considered, would be an increase in the capital charge to offsets the per received advantage of being too big to fail. i differ with that because i do not think we ought to be reinforcing it rather than charge people for what i believe is an increasingly inaccurate perception. when moody's finally gets it has got to be clear cut. it is an increasing recognition that is not the case. we don't want to charge banks excessively. i would hope you would reconsider that. rather than charge the banks for inaccurate perception, let's dissolve the inaccurate perception and that will drop out. margin requirements my new york colleagues have noted when the nonu.s. subsidiary of a u.s. bank is dealing with a nonu.s. entity -- non-u.s. entity, do you under the statute have the authority to take

dodd-frank was a great step forward. >> we are well through that process.ntil we have in place a regime around derivatives and until we have final rules around resolutions and the tools that will be available to the fdic in that context, until we had additional capital requirements in place, where on the path, but i do not think we can say we have necessarily cemented the foundation of the financial system in a way that we all hoped would be the case in the not too distant future when some of these things are done. one of the things i think are better are i do think there is greater sensitivity and corporate management about risk. there has been a bolstering of risk management capability. i think regulators are very much on a point now watching what is the one on and being more inclined to step in and if not pushed companies to use the bully pulpit and persuade with tactics to make changes necessary. those things that are on the periphery are better. we are seeing some improvement in things like composition programs, although not nearly to the extent that w

frank bill brings in more regulation because the dodd frank bill is a very very very weak bill that doesn't do anything to really really slap the financial system back into place to bring back last you go to break up the too big to fail banks or to take back from them all of the trillions of dollars that was given in subsidies in order to have them float while the rest of the economy is sinking yet the investment banks more so as years go by and have more money and more lobbying power and more influence really pick the side that's going to be more that they will be the most powerful so whether it was the democrat side when obama was running for president and when goldman sachs. it was his number two contributor to his candidacy for him from a corporate perspective or what will be happening in the next election period in two thousand and twelve a loss street will do a cola do is figure out where they think they can put the most money to get back the most influence they don't care whether the person is republican or democrat what they care is who's going to win who's going to be in po

there are rules and guidelines that conflict of one another or dodd/frank. the problem is that some key aspects of financial regulatory reform are set by international standards bodies and that in order to get agreement within those bodies you have to settle for standards that are inadequate. in other words, you have to settle for half a loaf because many members of the committee's will not go along. i'm going to illustrate my argument by discussing two elements. one is dealing with financial regulatory reform, mainly basel 3, mainly on the capital standards that was announced this weekend. the second is dealing with reform of the international monetary system, mainly what has been done about global payments imbalances. in both cases, and the message is clear. while they oppose a number of stringent capital requirements on companies, it is always recognized since the late 1980's that minimum capital requirements for banks would have to be determined by international agreement. in september 2010, the committee announced the agreement on common equity requirem

. >> >> i spoke with a family friend of the meheserle's napa county supervisor bill dodd one of the few people willing to speak out on behalf of meheserle he said the family is constantly facing death threats while people see the sentence as leant i can't he will pay for this his -- lenience he will pay for this his whole life. >> he is often thought of as a thug but he is opposite he is very docile. this will effect him the rest of his life he is a very caring loving individual. >>> as far as what is next for meheserle we don't know where he is headed the only thing the grant family has been told he will not be living in alameda county and probably the first thing he will have to do is get a job which is going to be difficult of course, as a paroled felon. the grant family are planning a protest downtown l.a. this morning, 8:00 a.m. marching to the federal courthouse they want to feds to get involved and file a civil rights violation against not only meheserle but the other bart officers on the platform that night. >>> interesting to here the perspective from both families they must be

criticized financial industry leaders for supporting "short-term policies that would overturn the dodd-frank and has regulatory law." this is about an hour. [applause] >> that was a very nice introduction. i spoke recently to my elementary school daughter's principal. we got to talking about banks and interest rates and all the things they like to ask about. and i asked if they had questions and a little hand went up and said, who is number one? it was angela merkel, in case you were all wondering. and i did drop to 15 this year, behind lady gaga. [laughter] i think because the banks are healing, but not as much as we would like. i would like to thank some of the staff who are with me. rich brown in color to give our, our chief economist. he has been draft -- in to our chiefo give ou economist. he has been drafted as a speechwriter very often. and andrew, who is out here somewhere. he has been with me the whole five years and done a fabulous job. and my chief of staff who has always been by my side. and finally, my husband, who has been with me through everything. on more than one occasion,

for talking with director daughter -- director dodd, she is trying to institute as many provisions as possible. >> this goes back to the academy issue. younger people don't break as easily as older people. we would probably experienced last officers going off on disability or recovering faster from injury. >> it will be helpful to have the data. >> thank you for the questions. one of the things to follow up on the conversation that supervised wiener had, it is something i know that supervisor kim had talked about, the issue of civilianization. the folks that are on leave modification or permanently accommodated that somewhere in that grouping, we have people that could be returned somehow to the streets. i am hoping that the office can also take a look at the possibility for civilianization. it will be a less costly way of putting bodies on the streets. >> the next slide is on overtime. projected to be 85,000 by the end of the year, we are at 73,003 may. one of the contributing factors for the decrease has been the redeployment of on duty officers particularly to events. we pay tremen

traditionally, the mother has been -- the family has been mother, father, dodd, etc.. and our job to be reflective of what is going on america of 2011 is to be open to all families. we are setting up policies later this year that decision making on housing cannot be based upon sexual orientation. it can't be based on gender identity or marital status. ñ9q back and we can maybe shape regulation or law to be responsive to be reflective. >> what about the communities so that we know how this is going to be -- so we know something tangible that actually came out of this not a part of the processes we are taking this downhill when we're taking it back to the white house. will develop a report and will be confused in the different departments. and depending on how the information shakes out, it could lead to a particular programs or legislative changes. that could mean greater communication. a lot of what we're doing is supporting local communities. the decision making about how dollars are used are made right here in san francisco. in that respect, this information today wi

it was not required to close under the dodd-frank act. going forward, and the dodd-frank act provides for release of information on any broad-based emergency lending facility one year after termination of the facility as well as the gao audit of the facility. the act also provides for release of information regarding discount window lending an open market operations conducted after july 212010 for the two-year lag. for lending facilities, including both emergency lending facilities in the discount window and for open market operations on the federal reserve will publish information disclosing identity of berber counterparty transaction amount, interest rate or discount paid and collateral pledged. the federal reserve believes flags provided by the dodd-frank act furthers the transaction level information established an important balance to the public's interest in information about participants in transaction with the federal reserve and the need to ensure the system can effectively use its congressionally authorized power to maintain sta

we should repeal the dodd-frank bill which is killing small business. [applause] let me just say that if you are a conservative and i mentioned the phrase dodd-frank build [laughter] and you can't figure out automatically it is probably worth repeating on principle -- [laughter] we should replace the environmental protection agency with a brand new environmental solutions agency that is fundamentally different. [applause] we should modernize the food and drug administration said that it has the job of being in the laboratory cooperating in order to get new science all the way to the patient as rapidly as possible, not as slow as possible. [applause] a 21st century food and drug administration means better health, lower costs, longer lives, greater independence living, and more american jobs. it is a big deal. we should audit the federal reserve and find out who got our money? [applause] we should reform the federal reserve to take away the power to give money to banks and return it to the treasury where it can be inspected and looked at in public becaus

it is as simple as that.ow i want to close for now with a by statement made by the franc in dodd-frank to this bill is named after.th barney frank, who worked withthe hous and chris dodd, to craft this bill in house and the senate, here's what barney frank says. is today the eighth by the way? 8 he said it today. the eighth of june. and i quote speaking of the tester corker crapo bennett amendment, this amendment, i quote, this is a good balanced compromise approach. i support this and i hope will the pass. the author of this bill from the po house thinks this is a goododd-fran policy change to make dodd-frank better. and i yield the floor mr. president.elaware i >> the senator from delaware is mr. preside nt recognized.od t >> it's good to be with you morni again. spent most of the morning withthis you and part of the afternoon. is this-- is really a difficult issue for a number of us in the senate si because dewe have friends on both sides of this issue, and it'sf also a difficult issue for a lot b of people because we don't want to be unmindful of the concernsely raised legitimately

whenever there's a bill of dodd-frank that passes.hat when they arise i would have to this say that i really like the way that this body is functioning around this issue people on bothfunctioning arou sides of the aisle thatnd have havrealiz realized that this policy is one that is detrimental with you on both sides of the ogle that try to work together and we have three iterations now with of corporate taxes to try to get it in a place that is in the middle of the road that takes into account the retailers and takeshe conce into account the concern of the small credit unions small banks around this country that are going to be devastated as all of allhe the regulators have said this is unusual by the way we talk about regulatory overreach in this we've body. this is a case where we have regu given the regulators the abilityse don to regulate, and they are saying please, don't make us do this rarel this is really bad policy. shington that rarely happens inhappenedthis washington but it's happened one. this case. so out of respect for

dodd-frank came to the floor last year. there were a number of amendments to the bill. one of the amendments that came to the floor was called the durbin amendment. it was an amendment that had had no hearings. and a lot of us, people like myself that are opposed to price fixing, what the durbin amendment said was that the fed was going to set prices on debit transactions were opposed to it. on the other hand, there were numbers of people in this chamber that supported durbin because they were frustrated with where retailers were in their inability to negotiate prices with visa and some of the other companies. and so they thought that this might be a type of solution to that dilemma of not being able to have appropriate negotiations. i think what all of us have understood, regardless where they are on this issue now is that the durbin amendment didn't actually give the fed the ability to set prices as it relates to cost on debit cards. it only allowed certain costs. in other words, the incremental cost of a transaction. and i think the retailers that i know are very str

for talking with director daughter -- director dodd, she is trying to institute as many provisions as possible. >> this goes back to the academy issue. younger people don't break as easily as older people. we would probably experienced last officers going off on disability or recovering faster from injury. >> it will be helpful to have >> it will be helpful to have the data.