dr. galbraith, let me just ask one question. do you distinguish between the two responsibilities on the bottom of page 2 and top of page 3 of your testimony -- one was to identify the tier 1 financial holding companies considered to be so large and interconnected and then the second was the institution of regime of examination the regulation. if the first part of that -- the first one of those i take it you concluded was not constitionally suspect to be done by the fed? >> it could be done in the federal reserve board and it would be an incremental responsibility of the kind that the vice chairman described. >> and i take it that you're recommending that the second part of that be undertaken by the fdic? >> by an agency for whom it is the highest priority and for whom it is the major mission, yes. >> even for institutions that are not federally insured? >> sure, yes. >> okay. i note that members may have additional questions for this panel, which they may wish to submit in writing. without objection, the hearing record will rema

dr. galbraith a question because he's worked here and he knows the system so i've been rather shocked at what you presented here. you actually talked about the constitution. didn't you find out that we're not supposed to dohat around here? we don't have that much concern -- i was delighted from my viewpoint that you brought this up and remind us of henry's royce's concern of the constitutionally of the fmoc. of course, i agree with that. but i wanted to see if there's a little bit more that you might agree with because there are some who believe that we shouldn't be doing anything unless it's explicitly it's authorized and, of course, the central bank is not authorized. it's been ordained by the courts and the congress but it was never explicitly authorized. and -- but the point -- the more practical point that i might be able to get you to comment on is the concept of the budget. i mean, the fed is a government unto itself. you know, they hire and make their wages and it doesn't go through the ordinary process. the constitution says it should all go through the constitutional process. a