this is not what they meant when they passed erisa and had this before. they're they're trying to protect the plan participant. do you have any sense as to why congress has not acted to clarify either the law or close loopholes? loopholes, that would prevent these kind of practices? >> i think there's been such a strong argument made to congress by employers and retirement industry that these loopholes need to exist, and mind you they don't call them the polls, but these practices need to exist in order for the companies to maintain flexibility. this always seems to resonate, if you go to congress and say look, don't tie our hands with this, don't have burdensome regulation because if you don't let us pull money out when we need it, or put more money in than we need to when we want to, then we just won't have these plans at all. and that usually is a very effective argument to congress, even though it's not actually true. i hope that helps. >> it doesn't feel good. i understand what you're saying but it doesn't feel good. >> yes, ed. >> and you talk about

s ebutmulsty m iliarorotiiitials ran anobsrve rs ruemlincarreanglyi l ncerand issel wvelrstricealy erisa wlne. is saeltu eiousa. i saltuusao planing? the nsweris yesa o is c oanducg?te r xeecisri re entle whi vermci cucitep ovx is the aareiltly wtoher nw xactly wh thhe na o oin xcly vwhrh longn ngeosties i>> on eirmlity ro rng e ss ifiesi r el ostrikeirm tlhet ..r ll os iftprissrkete .. tp wrlanes. efen miiteraud an. enmbarracakuhs ade repated rips to h b apentacon i ece o tehs,reed aridp o pengon ou cnt incete ots, taad pr e nn mi sterbenjcin netnnyat pued h impreary irecmieertnj e ntyao eelspu wh ho om y suportec en itn sr kee wh o isrl ho t su rtcap ibilisr ka few sr ht asquadroli off15 a n e-6 ight urosofadf1naw as- a6n ar ht fueng cdapatyannd w asthe as. pnlingout iraqa uecpa a d thend f th yeare sra ping t fiiter aqt ae a thdtharafir ae lear rot to rnover rlaai airpert f to ey wnt goe sevalr ip f w gsquevdros uld l eep ito ir >> n q roira 's bldly to pst t ir ai trik i i mired. s qbileo t rnklyai thikearii. e dense ing enranlyateth a to thtimef thhw de se>> ingneaothmethhw shah. co

it erisa's commerce across the country. it affects each and everyone of us whether we want to admit it or not addressing the housing crisis -- not. addressing the housing crisis is key to our economic problems. housing is ground zero for the economy's problems, high unemployment, and a loss of jobs. as ben bernanke testified, it will be impossible to resolve our economic situation when people are losing their homes the rate they are moving them. let me conclude -- they are losing them. let me conclude. in 2008, congress passed a law that made fannie mae and freddie mac maximize assistance to homeowners. this has not happened. we are in a culture of mediocrity. nobody should be receiving bonuses. with that, i yield back. >> i thank the gentleman. all members will have five days to include their opening statement. we now recognize our first panel of witnesses. mr. michael j. williams is president and chief executive officer of fannie mae. charles holderman jr. is chief executive of for a mac and mr. edwards tomorrow is acting