today we'll hear about the ongoing implementation of dodd frank. academic researchers estimate when dodd/frank is fully estimate there had will be more than 13,000 new regulatory restrictions in the code of federal regulations. over 10,000 pages have already been proposed, requiring as is estimated over 24 million compliance hours each year. that's just the tip of the iceberg. that's some 400 rules required by dodd/frank, roughly one-third of it finalized. about one-third have been proposed but not finalized and roughly one-third have not even yet been proposed. together the hundreds of dodd/frank proposed rules are far too complex, offering confusing and often contradictory standards and regulatory requirements. i'm concerned that the regulators do not understand and are not focusing aggressively enough on the cumulative effect of the hundreds of proposed rules and that there as lack of coordination among the agencies, both domestically and internationally. that's why it's important for the regulators to perform meaningful cost benefit analysis so

today we'll hear about the ongoing implementation of dodd frank.academic researchers estimate when dodd/frank is fully estimate there had will be more than 13,000 new regulatory restrictions in the code of federal regulations. over 10,000 pages have already been proposed, requiring as is estimated over 24 million compliance hours each year. that's just the tip of the iceberg. that's some 400 rules required by dodd/frank, roughly one-third of it finalized. about one-third have been proposed but not finalized and roughly one-third have not even yet been proposed. together the hundreds of dodd/frank proposed rules are far too complex, offering confusing and often contradictory standards and regulatory requirements. i'm concerned that the regulators do not understand and are not focusing aggressively enough on the cumulative effect of the hundreds of proposed rules and that there as lack of coordination among the agencies, both domestically and internationally. that's why it's important for the regulators to perform meaningful cost benefit analysis so

pours out intt the 3 pho's around to see it.hunter dodd doesn't know it yet...t to show all of easley high school....the love between a fathee and his son... aanational title until next time though"as rotc battalion peader... dodd led his team to aanationnl competitiin... hoping one day tt follow in his father's ffotsteps."my dad's in the army. he's actually in afghanistan right now serving s we miis him a lot. he should be back in may.. -3but, doddds hero...staff &psergeant christopher page is hiding n a classroom... & waiiinggto urprise his son during an awards ceremony.... affer ayear of being apart... team captain... hold on a -3 minute... we've 3 got a someone else ho's going to help present this...(nats) i love you. ovv yyu too. here, here.thii is tte moment they'veeboth been reaming oo... but it wasn't complete... 3&pwithout ooe morr stop...(nats) dodd's 12-yeer--ld brother, phandler... has nooidea hy the gym at ettys iddle... (nats) "chandler doesn't know -ww weee doing thisstoday... wee have a special thank you for chhndler.. i think you know who thhi i

liz: is dodd-frank unconstitutional? oklahoma's attorney general scott pruitt challenged part of the act saying what is supposed to protect the consumer is putting people at risk? he will join us ex-chrufsy are to tell us about the lawsuit that might affect stock. david: the tarp bailout, is it a success story or not? some people say they paid back all their money with interest. we have somebody on who says tarp is losing money and it probably we'll never get it back. if you're looking for a case model, this is a negative example, not a positive one. stay tuned for him coming up. ♪ . this is $100,000. we asked total strangers to watch it for us. thank you so much. i appreciate it. i'll be right back. they didn't take a dime. how much in fees does your bank take to watch your money? if your bank takes more money than a stranger, you need an ally. ally bank. your money needs an ally. today is gonna be an important day for us. you ready? we wanna be our brother's keeper. what's number two we wanna do? bring it up to 90 deca

has already gone down that road and dodd-frank strengthen those provisions. the second set of proposals is what i characterize as a functional split so saying there are certain functions that cannot be done within a bank holding company, glass-steagall was that approach which separated investment banking from commercial banking. there are proposals out like this and some of them would allow some of them would allow underwriting and not marketmaking. others might say nothing at all other than commercial banking, and the issues are kind of on both sides. on the one hand we have to ask if we did that, would it actually address the problem that led to the crisis as senator johnson was indicating in introductory remarks, a failure of bear stearns, a broker dealer, not a bunch of relationships with i b is that precipitated the crisis and the second issue is what would be lost. are there valuable roles to play when for example and underwriter also makes market and securities which it underwrites and most people would conclude that there are. the third example is emb

function of dodd-frank. i think it's been a failure at dreathing the underlying causes of the financial crisis. >> see, doctor is trying to see something on the point. >> i took a corner there and -- [inaudible] [laughter] >> too big to fail is a huge issue. something i know i have heard you before you are nervous with just saying let's shut down at the certain size or whatever. it's a hard issue for which there isn't been an obvious solution. i think you're selling dodd-frank too short in the following sense. besides the capital requirement and all of the things designed to prevent failures from happening, one of the parts was the idea of living wills. financial institutions are supposed to write one of the things the law tried to make clear in. we're not going to prop up a particular institution if it gets in to trouble. there has to be a way that it can be wound down that will not bring the system down. i think that is one. if we can implement that. and i agree it's hard and whether banks will really do t

people said dodd-frank didn't go far enough.ys generals from states who say it gives treasury too much power. that the treasury secretary can pinpoint a problem matic bank and liquidate it within 24 hours. that does not give people enough time and bondholders, et cetera. do they have a point? >> i don't think so, liz. i think this statute was very carefully crafted. it doesn't give the secretary treasury so much power. that power resides in the financial stability oversight council that is collection of all the regulators. they have a process very well thought through and subject to lots and lots of public comment and adjustment based on the public comment. this is a statute an important addition to the safety and stability and resilience of our financial system. liz: so you think it will hold up against 11 attorneys general who are fighting it? >> absolutely i do. liz: china, every treasury secretary going back to robert rubin, larry summers john snow, paul o'neill, geithner, paulson, they edged toward the chinese let your yuan

it basically is pointing to the approach that was taken in dodd-frank. . dodd-frank. it is saying look, the problem of the 2008 financial crisis is that the regulatories and supervisors didn't have enough information or the authority to do something about it. then when they did, they didn't do something about it. they need to give the -- them more power and tell them to be more aggressive. that plus increased capital liquidity means we don't have to worry about too big too fail institutions because they won't fail. the government can step in when an incompetent manager screws things up. i just don't have the faith in government that they can see it coming and they can prevent it. so the question is, we now have something like two dozen stoically important institutions, former i will known as too big to -- formerly known as too big too fail institutions. we have a structure that is like the structure we had with fannie and freddie. nobody wants to acknowledge it and we're all hoping that these institutions won't fail through some combination of competent management and

you know, i do worry a lot of dodd-frank was left to be filled in. all the rulemaking is an arduous process, a slow process. it does create difficulties for businesses. and one of the things, and also it is a time or rules can get weekend or basic principles are there but the devil is in the detail. and i do think we need to watch that, and i am somewhat concerned that maybe we are not going to be doing enough as we actually write those rules. >> small topic. [laughter] so, increased capital liquidity is good. completely ignoring two of the largest financial institutions that are still causing problems and have cost taxpayers hundreds of billions of dollars, fannie mae and freddie mac. that's just a big gaping hole. by think the other thing is that the approach behind dodd-frank was higher capital and liquidity, rearrange the org chart. are used to be a group called the president working group on financial markets, which was the treasury secretary and head of all the regulatory agencies. that the group, they have not added a couple different table tw

dodd-frank goes some way, and i applaud dodd and frank and others for this very very much, towards forcing derivatives to be standardized and traded on organized exchanges like stock options. well, stock options are a derivative. that is a very familiar dative ri that's been standardized and trading on originnized exchanges for case, and it works really well. one upshot of of that is if you decide you'd like to buy apple call options with a strike price of $419.27 that expire on your birthday, you can't do that. you go to the market, and they're a standardized commodity. you pick the one that's closest to what you want to do. the over the count derhode island tyes -- derivatives market was just the opposite. l that means, first of all, that nobody's really paying attention. there's no standardization, no market trading. if the counterpart gets in trouble d counterparty gets in trouble, then you're in trouble. and these were ones that got us into big troubles. dodd-frank takes some of that on and pushed things towards organized explainings. the industry is fighting back norsely. i don't thi

it is important that we extend dodd-frank. if you're confirmed, the first problem you might have is the implementation of the dodd-frank rule known as a q.r.m. i was scared to death they would overreach but they didn't and they define it in such a way to avoid lending and housing but to protect housing. the pend rule which has been circulated twice and pulled by the six-member committee would require for exception a 20% or greater down payment. if that took place you would withdraw 60% of the people buying housing. nobody is going to hold risk retention for loans for that length of time. would you engage with hud, if f. fdi, drorvings come up with a reasonable approach for the retention in dodd-frank? >> if confirmed, i would engage in the issues of rules implementing dodd-frank and the relationship between the department of treasury and the department of housing and developmentment. we continue to work closely on those issues. the q.r.m. rule were designed to address impt issues and i appreciate the comment you made on the ru

. >> there's a three-part plan under dodd/frank. part number one is to impose costs on large institutions that offset the benefits they get in the funding markets, for example, capital surcharges, activity restrictions, liquidity requirements, living wills, a whole bunch of other things that impose greater cost and force the largest firms to take into account their systemic footprint. that's number one. number two is the orderly liquidation authority which we're working closely with the fdic and our foreign counterparts to figure out how we would take down a large institution without bringing down the system. and part three is a whole raft of measures to try to strengthen the overall financial system so it will be more credible that we can take down a large institution without bringing down the system. that's sort of the three-part plan. it's working to some extent. for example, even though u.s. banks are stronger financially than european banks, frequently u.s. banks have wider credit default swap spreads indicating a higher probab

dodd-frank take some of that on and the industry is fighting back ferociously. i don't think it has gone far enough. but in the right direction. that is one example of the volcker rule making this example. things are yet to be done. >> in regards to the fiscal cliff and the cumulative effects and policies in particular, that of maintaining interest rates artificially lower, which you call quantitative easing, i ask especially because recently economic journalist william cohen had an article on the front page of "the washington post." this is what he said. quantitative easing not only hurts older americans on fixed incomes and loans that are dutifully saved for retirement, and these are people who can't afford to take advantage of historically low mortgage interest rates. mainly the quantitative easing helps the wall street banks and traders with a dynamic that could be setting us up for another financial crisis as investors have high-quality investments that wall street is only too happy to provide. >> i do not agree with the last part. i don't think there are a

they say dodd-frank fails to protect your bottom line. me now, director of fincial affect -- financial regulation studies indicate institute. tell me, you said current regulations, we could end up paying for yet another bailout. i have to tell you, all the democrats in washington say you are wrong. what don't they know? >> well, i sent a -- i think they want to defend the act of the past, but the evidence is is too big to fail this year, the largest bank should be able to borrow at a lower rate than rivals. midsized and small banks, and if you looked at the data it is clear that they can. it was not that way before the crisis. big banks did not have an advantage. again, i do think that the democrats on the hill, the administration was to sell you on the dodd-frank works when it clearly does not to read -- gerri: here is something. he said the limits dodd-frank puts on the fed rescue authority is largely cosmetic. what do you mean? >> absolutely. the change that congress did, it said, if you do any bailout programs from now what needs to b

tracy: regulators defending new dodd-frank mandates on capitol hill.iation chief, frank keating, says all the new rules are crippling america's banks. he is our special guest ahead. first it is top of the hour. time for stocks now. we go to nicole petallides on the floor of the exchanges. nicole, we're in the red. europe and japan playing in on this now, right? >> absolutely. the europe story is the one that plagued wall street. early this morning we got in the numbers for gdp growth in germany, italy and france. quite disappointing. when you broke it down, you heard analysts and experts over in europe kicking off the morning as you watch early morning tv you hear all the folks talking. they talk about how terrible it really is. when you have the lack of growth over there in europe, you look at the global picture and the global economy becomes front and center. and as a result, we've seen the dollar very strong. the euro has been pulling back. we're seeing our markets coming under some pressure here. doesn't mean they won't bounce back because it often

there's a three-part plan under dodd/frank. part number one is to impose costs on large institutions that offset the benefits they get in the funding markets. for example, capture is charges, activity restrictions, liquidity requirements. living wills. a whole bunch of other things that impose greater cost and force the larger firms to take into account their systemic footprint. that's number one. number two is the order of the liquidation authority which we're working closer with the fdic and our foreign counterparts to find out how we'd take down a large institution without taking down the system. and part three is a whole raft of measures to try to strengthen the overall financial system so that it will be more credible that we could take down a large institution without bringing down the system. that's sort of the three-part plan. it's working to some extent. for example, even though u.s. banks are stronger financially than european banks, frequently u.s. banks have wider credit default swap spreads indicating a higher prob

it's part of dodd- frank legislation. supporters hoped awarding whistleblowers would encourage more people to come forward and fight wall street corruption. but, according to marketwatch, the sec has paid out a scant $50,000 in claims. that's despite a fund of $450 million. some say the process takes too long and are hoping senator elizabeth warren may push the program to its full potential. the federal reserve confirms that one of its computer systems was hacked. apparently it was the work of the hacktivist group "anonymous" and targeted an emergency communications system. the fed released a statement saying the exposure was fixed quickly, is no longer an issue and did not affect critical operations of its system. the breach did, however, involve the collection of sensitive data of 4,000 banking officials. the ntsb says it will release its latest findings today in the investigation of boeing's troubled dreamliner. however, the agency specified the full investigation "could take weeks." the ntsb is looking into "risks" as

[applause] >> our speaker today is chris dodd. he is head of the national picture association of america. as chairman and ceo of the nmpaa, he made his debut last year at last year's oscar wirtz breaky remains the best-known here as the god of the dodd-frank consumer protection act from the most sweeping legislative reform since the 1930s. he is most proud of his records on children and family issues. he was the author of the 1993 family and medical leave of he would later moved his wife, jackie, and their two young daughters a few months before the first of the nation caucuses. but then senator barack obama camp 10 minutes colleagues in the caucuses. [laughter] a senate ethics panel later cleared him of wrongdoing.althod hollywood's top lobbyist now, even though federal law prohibits it in congress for two years, or until last month -- now, as the successor to dan goodman, senator dodd is the voice of the entertainment industry. it is noted that it brings more revenue back to the united states and aerospace or automobiles. dobbs

the bottom line is dodd-frank did and too big to fail, institutionalized too big to fail. nuer one, now hav i now have the federal government giving the ability to designate firms as too big to fail, and dodd-frank sets up the orderly liquidation that essentially allows the fdic to take taxpayer funds up to 90% of the balance sheet of the too big to fail firms and usethat to resolve the firms. as chairman of the financial services committee, we're going to deal with too big to fail, and we will introduce legislation to terminate the designation, financial institutions and tw there is something wrong in america were some institutions are too big to fail and others are too small to matter. gerri: a lot of frustrations about sequestration and not just in washington, all the country voters are so tired about hearing about the fact congress and the president can't get together and make progress on the very important issues. john boehner today, speaker of the house, addressing his frustrations with what is going on. here is the speaker. >> we should not have to move a third bill

how safe is the american automobile industry dodd when it comes to the ability to develop products and sell great products to the public? >> i think gm is in great shape. i think you just look at the results and you will see it's onward and upward. there are a lot of new vehicles under development and many being introduced this year. i think they're on a great course. >> what about american business in general? from your days at at&t, you worked with steve jobs on partnering at and t with the iphone at its launch. we'll talk about that. in the book you looked at companies that pondered too long and lost out. talk to us about business in general. what you've seen over the years. how has american business changed? >> you know, i hear a lot of talk about uncertainty these days, a lot of people are sitting with cash. there's always been uncertainty. i remember back in '90 when i became chairman of at&t there was a lot of uncertainty, whether it be regulatory or whatever. i think uncertainty has always been there. i think we're going to live with that. but i think now is a great time of opp

through dodd-frank, credit allocation is in play. they haven't made any big moves yet but they're rolling them up. under the so-called consumer compliance, which is credit allocation, they can make you products, lime subprime lending, and your going to see subprime consumer lending happening. so the government can force -- they can also stop allocation. they do that -- they control the capital ratios for the banking business. before this crisis, a bank making a subprime, high-risk mortgage, had to have half as much capital as making the loan cost. increase subprime lending? if they want green energy, they can subdice dies green energy by saying green energy as a social purpose, therefore banks can pass the capital for green energy like they do for a dirty industry, whatever that means. so they set up a mechanism where they can control the allocation of capital in the united states, and when it blows up, everybody blames the bank. and the set this up -- this is intentional. >> community bank model does not work. and i think community

and you came out a big winner in dodd-frank.guess i would just ask the question, why would you not go ahead and identify that and if there ian entity that is in our -- if there is an entity that is something that poses a systemic risk, you would know that? >> they have the authority to designate nonbank firms and they came on the side of the fed. >> let me ask you, if we have firms, are we going to -- is it your fault that under this power that you've been given -- is it your thought that we would continue to have firms operating in our country that if they failed they would pose systemic risk or are we going to try to mitigate that in some way? >> the goal of the powers that you gave to the fed and other agencies is to -- as much as possible eliminate that problem over time. additional steps, i think would require additional action beyond what we have implemented. >> i don't think so. i'm going to follow up with a letter. i thank you for your testimony. and i don't think that's the case. >> thank you, chairman bernanke for your

there's a three part plan and dodd-frank. part number one is to impose costs on large institutions that offset the benefits they get enough funding markets. for example capital surcharges, activity restrictions. bunch of other things that impose greater costs and force the largest firms to take into account their footprint. that's one. number two, the authority we work with the fdic and foreign counterparts how to take down a large institution without bringing down the system, and, part three is a raft of measures to strengthen the overall financial system so that it's more credible that we take down the large institution without taking down the system. there's the three-part plan that's working to some extent. for example, even though u.s. banks are stronger financially than european banks, frequently, u.s. banks have wider credit default swap spreads with credibility of failure because the ircheses of u.s. and -- difference between u.s. and europe between perceived government support. that's the process. that's the plan. th

. >> dodd frank, massive. lot os of requirements that banks become safer, not enough? why not? >> because what dodd frank did mainly is give regulators a lot of authority, so there's nothing that they cannot do. the problem is they just don't do it. that's-- you have the political robb right there. they won't do it, and you can blame the regulators, you can blame the politicians that press the regulators or you can, in this town, it was senator durbin that says they own the place. >> the book is the banker's new clothes, anat admati, thank you for your team. >> glad to be here. >> susie: today was one of the lightest trading days of the year, party because the northeast is still shoveling out from under the weekend blizzard. one sector that posted slight gains was financials, up almost 0.5%. but there was a pull back in energy stocks, one of the strongest-performing sectors this year. also moving lower: gold prices. they tumbled on word that world finance officials might issue a statement this week aimed at cooling what many are calling a "currency war". gold fell nearly $18 to

it's important we complete the implementation of dodd-frank. if you are confirmed, very shortly the first problem you may have as the secretary of treasury is implementation of the dodd-frank move will known as qrm. mr. record ray just issued aqim ruling that i commend him on. i was scared to death they were going to overreach but they didn't. they defined qm as a way to avoid a predatory lending but provide housing. he also had a qrm requirement and the pending world which has been circulated twice and pulled by the six member committee would have required for the risk retention exemption, 20% or greater down payment. if that took place in the connection of the mortgage market you would withdraw 60% of the people buying from the marketplace because nobody is going to hold risk retention against loans for that length of time. will you engage as the secretary of treasury with hud, the occ and others on the committee to come up with a reasonable approach to the risk retention exemption? >> senator, i would very much as the chairman engage in the

>> i very much believe dodd frank was necessary. needed to modernize the regulation of the financial- services industry. the oversight provisions need to be implemented. if confirmed, it would be an extraordinarily high priority of mine. >> one of the other things you will have in your portfolio as the treasury secretary is the instrumentation of sanctions. as the author of the iran sanctions act, i am interested in making sure treasury pursues the law that the congress passed unanimously that the president signed as our last tool to prevent iran from achieving nuclear weapons. if confirmed, will you ensure the robust enforcement of the sanctions provisions we have given to the president? >> yes, senator. if i might elaborate on that. i think our sanctions are bringing the world community together. they are they largest sanctions regime in history. i have some hope we will be able to resolve the issues we have with iran peacefully and. cinches are doing what they need to do. it is crushing the iranian economy -- sanction are doing w

cheryl: one of the things in dodd frank and this is the regulation that everyone is dealing with, and are not immune to this, they are going to require money transfers to be part of the consumer protection side of dodd frank. are you worried about that? do you think that will hurt the business? >> we are not worried about it. we think we have had an abundance of disclosure to our consumers. that's really what the money remittance rule of dodd frank or that is being promulgating on our industry, it is about disclosure. we are ready to go live february 7th, and mid december, cfpb delayed that. we're ready for the rule to be final. cheryl: i hate to bring up western again. the price war, are you ready for that? >> we are ready to continue to maintain and grow our shares. i will say it that way. that's what we're focused on. they did lower prices in november. cheryl: just trying to get some numbers. really quick, this is great, valentine's day is coming this week. you're warning customers about on-line valentine scams. what is out there that i need to know about for transferring money on

there's been no innovation since dodd-frank. the micromanagement -- i think this -- today, we have had the incentive program for our powers approved by the federal government. i know that's hard to believe he can as we might instant our toes to take an inordinate risk their i don't how we would do that but they have to be approved. so you've got micromanagement of large institutions. with with a going to come and i believe this is the intention is to consolidate the industry to 1520 place, then you can control the they don't like all these messy community banks. they won't ever say that. they wanted very consolidated industry that they can control. is also the lending standards of are the worst in my 40 year career. why is that? they have this obsession with standardization pictures the problem with standardization. i grew up with small lending institutions. you have to judge people. are you going to pay me back or not but you can run numbers and numbers are helpful, but at the end of the day a lot of the small business loans sh

forget the name of i'm sure you know is right off the top there had chorus we're talking about the dodd frank no no they were there the one act that everybody creative everybody on the right always criticizes and actually you know basically what it did was it out was red line and it didn't force any banks to do anything it just it just told. they couldn't give illegal behavior karl. are you in favor of baxter's being brought to trial of course of course. you know and if this is how senator warren is going to spend her time in in the committee i think it's a great great step towards at least maybe getting some answers down the road i mean this is about how she was talking to our people our regulators i can't wait until she has you know see big presidents you know about her and jamie diamond. patrick your thoughts on my thoughts or let's talk about the way that she's spending her time in that last clip that you showed i think she revealed what this is all about she said district attorneys are making an example of ordinary people so essentially this crusade is about making an example and t

well the dodd frank act explicitly. tells a regulatory body called the federal. it's called f. sock but it's a federal stability oversight committee to identify banks that are too big to fail and so this agency soch has named several companies that are large financial institutions effectively saying if these companies go under we have to do something about them now ben bernanke says well the markets expect that will bail these companies out but just like with fannie mae and freddie mac. before and during the lead up to the financial crisis everybody is expecting the government to bail out banks if they don't trouble because of the belief in washington is that we have to maintain stability ben bernanke is explicit mandate at the fed is to maintain price stability washington is all about trying to create stability in financial markets there's no way that of goldman sachs or j.p. morgan chase were to go insolvent that they wouldn't be bailed out so there is this this expectation exists and it was explicitly put in place by the dodd frank act warren there she cited this figure of e

group and my condition was that there be a cochair from the mayor's office at that time was catherine dodd. the san francisco collaborative against human traffic was born. in 2010 - from the beginning emily morassie (sounds like) executive director of the san francisco commission on the status of women was always involved as well as theresa sparks, executive director of the human rights commission. they were not only the core of the beginning but also generously offered to help us and support us and today that is where we are housed. we have a membership of over 28 agencies public and private representing a wide area of government agencies, law enforcement agencies, service providers, educators and community members. we are committed to ending human trafficking through collaboration, education, outreach, raising awareness and supporting survivors of human trafficking. how many cities have this kind of public private cooperation? i don't know but we are among the first and speaks about the efforts put forth in the city but isn't this the city where all things that are impossible can happen?

and later senator turned lobbyist chris dodd says don't blame violent movies for gun crimes.necting to the global phenomenon we call the internet of everything. ♪ it's going to be amazing. and exciting. and maybe, most remarkably, not that far away. we're going to wake the world up. and watch, with eyes wide, as it gets to work. cisco. tomorrow starts here. [ dog ] you know, i just don't think i should have to wait for it! who do you think i am, quicken loans? ♪ at quicken loans, we won't make you wait for it. our efficient, online system allows us to get you through your home loan process fast. which means you'll never have to beg for a quick closing. one more way quicken loans is engineered to amaze. bonkers, look at me when i'm talking to you. has oats that can help lower cholesterol? and it tastes good? sure does! ♪ wow. [ buzz ] delicious, right? yeah. it's the honey, it makes it taste so... ♪ well, would you look at the time... what's the rush? bee happy. bee healthy. with clusters of flakes and o's. oh, ho ho... it's the honey sweetness. i...i mean, you...love. so i us

let's talk about dodd-frank for just a moment. we are having some reform to the financial system, but their needs to be significantly more. one thing about dodd-frank is it sets up a framework but not all of those are implemented and there are important standards that need to be set by the regulators and by treasury because what we are worried about is trying to protect americans in the event of another financial crisis, another potential bailout. we don't want to be in a situation where these companies can bring down all of these losses in american jobs and mortgages. we can't be in one of those situations again so we are going to continue to raise the alarm and say that there has to be more work done and it's not going to be easy and there is a lot of heavy lobbying. one of the things that is quite disgusting as we have all these companies that take the bailout dollars and then they turn around and they repaid the treasury and then what they do is they put all this money into lobbying against reform. they want to go back to busi

in the senate, senator chris dodd was the tireless champion of the family and medical leave act. from the time of its first introduction in 1986 to its final passage in 1993, we would not have the family and medical leave act without senator chris dodd. he held multiple subcommittee hearings across the country, hearing from dozens of witnesses. he led the bill through multiple committee markups, led the floor fight year after year after year. he successfulfully worked to override two presidential vetoes and shepherded to its final passage in 1993, after which it became the first law signed by a new president -- president bill clinton. senator dodd found a partner in senator kit bond from missouri, whose strong interest in shoring up the american family led him to work with senator dodd on the bipartisan compromise proposal that would garner significant support within both political parties. as senator bond said upon introducing the final version of the bill in 1993 -- and i quote -- "i believe the single-most important step we can take to help all families in america is to try to