congress created a financial stabilitthe financialstability t council as a cornerstone of the dodd frank. it serves a critical function to keep watch. so prior to the passage of dodd frank, what government agency if any was responsible for looking at the systemic risk in the u.s. financial system? >> we learned there was no single agency that had responsibility for looking across the system and identifying issues of systemic risk. one of the reasons it was created was to make sure that in the future agencies collectively anybody chaired by the treasury secretary would be charged with that responsibility. i think it is critically important. i don't think it would be responsible to go back to a world where you don't have the kind of ability to look across the different silos and that isn't to say that the other regulators were not regulating the industry that they had responsibility for. they were not necessarily looking at the way that the entire systemic risk profile developed. that's exactly what fsoc does and why it was created and why we need to be able to ask questions and also why w