i would like to introduce sheila bair, chairman of the federal deposit insurance corp. for the purpose of an opening statement. thank you for coming today. >> thank you for the opportunity to testify on the banking industry and federal deposit insurance corp. and future challenges to our economic and financial stability. much has been written and said about the recent financial crisis and the factors that led up to it. my written testimony summarizes four factors that i consider the most important. excessive reliance on debt financing, misaligned incentives and finance legal and regulatory arbitrage and inadequate framework that allows financial companies to become too big to fail. the fdic was created in 1933 in response to the mysterious financial crisis in american history. our mission is to promote financial stability and public confidence for bank supervision, deposit insurance and the orderly resolution of failed banking institutions. working with regulatory counterparts the fdic has played an instrumental role addressing the recent crisis. our actions helped resto

the head of the federal deposit insurance company -- corp., testifies about the banking system. we will hear from the marine corps commandant on u.s. strategy in afghanistan. >> the c-span and video library of makes it easy to follow campaign in 2012. the peabody award winning c-span the video library is washington, your way. >> fox news commentator want williams talks about his experiences as a journalist and commentator. mr. williams was fired from his job as an npr analyst after comments he made about muslims. he takes questions following his remarks. >> we are the world's leading professional organization for a journalist committed to our profession's future as well as trying to foster a free press worldwide. for more information, please visit our website. to donate to programs offered, you can also visits the website. on behalf of our members worldwide, i would like to welcome our speaker. our head table includes guest of the speaker as well as a working journalist who are club members. if you hear applause, we do have members of the general public attending. it is not evid

[captions copyright national cable satellite corp. 2011] >> up next, the head of the federal deposit insurance corp., sheila bair, and testifies about financial regulations and the banking system, and then general james amos on u.s. strategy in afghanistan, and after that, on the patriot act. on tomorrow's " the washington journal, we will discuss the u.s. supreme court decision requiring california to reduce its present population. then the republican senator will talk about the house gop proposal to make changes to medicare. after that, historian and author douglas brinkley joins us for a celebration of the world war ii memorial, and in the afternoon, a member of the palestinian council will discuss the recent unrest and the arab world and what it means for the peace process. that is live at the carnegie endowment for national peace. >> you are watching c-span, bringing you politics and public affairs. every morning it is "washington journal," connecting you with journalists, and weeknights, congressional hearings and policy forums. also common on the one -- also, on the weekends you can see our

before she sits down from her federal post in july, federal deposit insurance corp chairman of sheila bair urged congress thursday to increase the $14.30 trillion federal debt ceiling. she said, as strongly as i feel about this issue, i felt just as strongly that a technical default on government obligations would prove to be calamitous. her comments came at a house financial services subcommittee hearing looking at financial institutions oversight. this is two hours. >> this hearing will come to order. i would like to thank the members of the subcommittee and our witness, the chairman of the fdic for coming today. sounds like we will have the first series of votes around noon or 12:30 p.m., so we hope to have this concluded by then. it will be a lengthy series of votes. that is the plan for this hearing. we're joined today by the fdic chairman, sheila bair. she will be leaving her position in july. first, i will like to thank the chairman for her service, dedicated service. one thing you can say, it has not been a dull five years for you. you have had a lot of activity, and thank you