the regulatory structure, perhaps defined at dodd/frank bill is not working and it can't work. it can't work because it doesn't address what the problem is. there is not a single issue which occurred in the breakdown in finance and remember in 2008 this wasn't a breakdown in the non-financial system. the non-financial system was in good shape. all of the problems were financial and all of the financial problems were of two forms. one was a failure to fully address the issues of the extend to which fraud is centrally restrained because fraud is a very dangerous thing for a market economy. and trust is a fundamental issue in the way the system works. the remainder is largely the fact we had inadequate levels of capital in the financial system and collateral for different types of debt. that tells me if we didn't have all of the that type of problem, we would not be running into serial defaults of the type we saw which broke the whole system down overnight. serial defaults can't occur unless you have debt. my solution, which i hope will be a factor because what they have now isn't

should say half a year or so after the whole debate after the bank and financial reform began, the dodd-frank bill ultimately signed in 2010. there are a lot of rich acutely progressive economists and thinkers who believe that wall street was not reformed. wall street was the one that precipitated this whole crisis by creating this securitization mania over sub-prime mortgages and in fact think urging increasingly reckless lending so that wall street could securitize unbundle these loans up and sell them to the world. that was part of the crisis and then there is some question about whether the same banks that were responsible for that lebanon banks the so-called shadow banking system has been adequately reformed. so you know yes that is a very legitimate concern. it is i think a separate debate from the economic impact of the stimulus but it's very much out there. >> host: another part of this economic stimulus as the federal reserve which of touched on but here's a tweet from one of our viewers who wants to know does yellen have what it takes to lead us out of our current economic situation? >>

caller: after the president and the democrats passed two major comprehensive bills, 2000-page and the dodd frank affordable care act -- the house of representatives will not pass any bills that huge anymore. they are just not going to do it. passes and senate immigration bill that is 2000 pages long and sends it over to the house, the house is not going to consider that. they are not even going to consider it because we see the problems that are coming out of dodd frank and out of obamacare. they still don't know how to administer either one of those laws well enough to get it going. by all the delays and regulations for both of those laws. so i don't know. we have enough to worry about out there right now. we need to keep our hats on, and if we are going to fix things, we have to identify things we can do together because the senate is not doing anything that the house suggests or passes and vice versa. it is just not happening. bob, what do you do? caller: i am a teacher and i work with dealing with common core, which was a bipartisan program that i am not certain is right either. know,ou know

underlying bill includes a number of provisions to ensure that the principles of good government apply to the bureau and it puts an end to the special freement granted to the bureau under dodd-frank. these are commonsense, pro-consumer provisions to help protect hardworking american families and taxpayers from yet another washington bureaucracy that thinks it know noes what's in their best interest. i urge passage of this bill and yelled back my time. the chair: the gentlelady yields. the gentlewoman from california. ms. waters: i continue to reserve the balance of my time. the chair: this egentlelady reserves. the gentleman from texas is recognized. mr. hensarling: at this time i'm pleased to yield one minute to the gentleman from kentucky, mr. barr. the chair: the gentleman is recognized for one minute. mr. barr: thank you. this legislation is about holding washington accountable. the bureau of consumer financial protection is one of the most powerful and unaccountable agencies in the entire federal government. unfortunately, the bureau reaches deeply into the everyday lives of kentuckians. in following its partisan ageneral dark the bureau makes it harder for small business os

that's what happened with obamacare, dodd-frank, and they would love to do the same thing with the huge immigration billat type of bill, it will divide our country right now. and we need immigration reform. but as we've talked about at heritage, we don't need this big conglomeration of comprehensive bills, especially at a time when americans have lost the trust in this president to faithfully carry out the laws. there are immigration laws on the books that the president is ignoring. so how can we in good faith say, yes, we'll give an amnesty now and then the president is going to fix our borders and handle workplace enforcement and do the guest worker visas that we need. frankly, this is not a good time to do it. i believe that we need immigration reform, heritage has a step by step proposal that i think will earn the trust of the american people, unite the country around an idea and i think restore the -- this whole idea of our heritage of immigration which we certainly support here. ut with this president, what he's done with obama kaye and arbitraryly enforcing our laws, how he's misused the i.r.s. a

that's what happened with obamacare, dodd-frank, and they would love to do the same thing with the huge immigration bill. that type of bill, it will divide our country right now. and we need immigration reform. but as we've talked about at heritage, we don't need this big conglomeration of comprehensive bills, especially at a time when americans have lost the trust in this president to faithfully carry out the laws. there are immigration laws on the books that the president is ignoring. so how can we in good faith say, yes, we'll give an amnesty now and then the president is going to fix our borders and handle workplace enforcement and do the guest worker visas that we need. frankly, this is not a good time to do it. i believe that we need immigration reform, heritage has a step by step proposal that i think will earn the trust of the american people, unite the country around an idea and i think restore the -- this whole idea of our heritage of immigration which we certainly support here. but with this president, what he's done with obama kaye and arbitraryly enforcing our laws, how he's misused the i.r

passed the dodd-frank act and other measures during the 111th congress, and republicans have tried to repeal those measures and have tried to repeal the affordable care act. of the 58 bills that were passed out of this so-called do-nothing congress in the first year of this session, not one of them was a jobs bill. not one job created. do we set ourselves up again for the kind of regulatory wild, wild west that got us into trouble in the first place? with that, i will reserve the balance. the chair: the gentleman from georgia reserves. the gentleman from virginia is recognized. mr. goodlatte: at this time it's my pleasure to yield one minute to the gentleman from alabama, mr. bachus, the chairman of the subcommittee. the chair: the gentleman from alabama is recognized for one minute. mr. bachus: let me say this. the gentleman from georgia has talked about these regulations all being necessary. but the president himself on the campaign trail said we need to repeal unnecessary federal regulations. he stood right here in the house when he gave two state of the unions and said we need to eliminate some of our federal regulations. and he charged the congress to do that. it's

bill. but the fed has just come out with final guidelines with rules for dodd/frank that will effect foreign banks with u.s. subsidiaries in terms of capital requirements, some of their structural requirements. just to run through it quickly, the foreign banks with u.s. subsidiaries will be required to put together intermediate holding companies to improve their structural management. the u.s. banks as expected will be expected to meet larger capital standards as well. the deadlines for this are rolling depending what you're dealing with but it's either 2015 or 2016 depending who is involved. a statement from janet yellen in accordance with this final rule proposal which, of course, is subject to comment, the sudden failure or near failure of large financial institutions can have destabilizing effects on the financial system. as the crisis also highlighted, the traditional framework for supervising and regulating major financial institutions had issues, and she thinks this framework will deal with some of those vulnerabilities. hopefully an improvement from their standpoint. >> the biggest i

now, you know, it's not bill's size companies that are doing this, but, you know, some moderate-sized people are upset about regulations dodd-frankhas brought in. so the question for you, jim, is, is there under today's regulatory environment sufficient private capital out there that is willing to be the core of this new system s and to what extent does that, the existence of of that capital and the demands of that capital help shape the final solution? >> yeah. so, look, this is a, this is a big market, and there are lots of people with capital on the sidelines prepared to play. but the creation of a mortgage-backed security requires, it's manufactured along a long manufacturing line. you know this well. from the guy who's a mortgage broker or bank at the front end that's signing a consumer up for a loan all the way through to the wall street giants who are packaging and securitizing these loans. the big consequence of the crisis and the complete collapse of the private label securitization market is that the private investor community has lost complete faith in at least two of three pillars on which the securitization, the priv

that's what happened with obamacare, dodd-frank, and they would love to do the same thing with the huge immigration bill. that type of bill, it will divide our country right now. and we need immigration reform. but as we've talked about at heritage, we don't need this big conglomeration of comprehensive bills, especially at a time when americans have lost the trust in this president to faithfully carry out the laws. there are immigration laws on the books that the president is ignoring. so how can we in good faith say, yes, we'll give an amnesty now and then the president is going to fix our borders and handle workplace enforcement and do the guest worker visas that we need. frankly, this is not a good time to do it. i believe that we need immigration reform, heritage has a step by step proposal that i think will earn the trust of the american people, unite the country around an idea and i think restore the -- this whole idea of our heritage of immigration which we certainly support here. but with this president, what he's done with obama kaye and arbitraryly enforcing our laws, how he's misused the i.r