i look forward to your questions. >> thank you, chairman gensler. acting chairman gruenberg. >> members of the committee, thank you for the opportunity to testify on the 1-year anniversary of the passage of the dodd-frank act. chairman johnson, thank you for your kind words. does occur to me that it was more comfortable for me to sit behind you on the dais than where i am right now. i am privileged to have the opportunity. the dodd-frank act provided the fdic important new authorities in systemic resolution. we believe will significantly enhance financial security and make significant progress toward implementation. the fdic has no authority to manage the insurance fund in a way that will make it more resilience in the future. the fdic has implemented provisions in the act that increase the insurance covers with $250,000 and provide insurance coverage of the entire non-interest bearing account through the end of 2012. we have implemented changes in the assessment base mandated by the act which generally shifts the assessment burden from community ba

with inside information from the new york fed in the federal reserve now he's talking about gary gensler so you have to see openly and corrupted lee rigging markets in this rate market capitals nightmare that's disenfranchising people all over europe all over america but the fed did a great job because we had it on our you to look down below here people were screaming shrieking or that the fed one silver prices are falling they're so careful we are helpless people remember but at the top of the show we said people have the power it is the people who have the power organize your counter attack and you will win silver coin sales booming perth meant so there were a lot of people shrieking terrified of ben bernanke yeah they look at him and they see the wizard of oz before he's revealed they see a powerful all powerful. all knowing then and they're afraid of him others were out buying silver while prices were being smashed probably bill gross but the perth mint for example says that they sold ten point seven million ounces of silver since july first of last year of a sixty six percent increa

i think you and i look forward to your questions. >> thank you, chairman gensler. >> thank you. members of the committee, thank you for the opportunity to testify today on the anniversary of the passage of the act. chairman johnson, i thank you for your kind words at the outset. it occurs to me that it used to be more comfortable for me to sit behind you than where i am right now. i am privileged to have the opportunity. the act for fighting the fdic with important new authorities in the area of deposit insurance and resolution that we believe will enhance stability and in which we have made progress toward implementation. the act grants the fdic new authorities to manage deposit insurance fund in a way that will make it more resilience in a future crisis. the fdic has implemented provisions of the act that make permanent the increase in the deposit insurance coverage limits to $250,000 and provides insurance coverage on the entire balance of non-interest-bearing transaction accounts to the end of 2012. we have implemented changes in the assessment based mandate of the act which

i think you and i look forward to your questions. >> thank you, chairman gensler. >> thank you. members of the committee, thank you for the opportunity to testify today on the anniversary of the passage of the act. chairman johnson, i thank you for your kind words at the outset. it occurs to me that it used to be more comfortable for me to sit behind you than where i am right now. i am privileged to have the opportunity. the act for fighting the fdic with important new authorities in the area of deposit insurance and resolution that we believe will enhance stability and in which we have made progress toward implementation. the act grants the fdic new authorities to manage deposit insurance fund in a way that will make it more resilience in a future crisis. the fdic has implemented provisions of the act that make permanent the increase in the deposit insurance coverage limits to $250,000 and provides insurance coverage on the entire balance of non-interest-bearing transaction accounts to the end of 2012. we have implemented changes in the assessment based mandate of the act which

i think you and i look forward to your questions. >> thank you, chairman gensler. >> thank you. members of the committee, thank you for the opportunity to testify today on the anniversary of the passage of the act. chairman johnson, i thank you for your kind words at the outset. it occurs to me that it used to be more comfortable for me to sit behind you than where i am right now. i am privileged to have the opportunity. the act for fighting the fdic with important new authorities in the area of deposit insurance and resolution that we believe will enhance stability and in which we have made progress toward implementation. the act grants the fdic new authorities to manage deposit insurance fund in a way that will make it more resilience in a future crisis. the fdic has implemented provisions of the act that make permanent the increase in the deposit insurance coverage limits to $250,000 and provides insurance coverage on the entire balance of non-interest-bearing transaction accounts to the end of 2012. we have implemented changes in the assessment based mandate of the act which

i think you and i look forward to your questions. >> thank you, chairman gensler. >> thank you. members of the committee, thank you for the opportunity to testify today on the anniversary of the passage of the act. chairman johnson, i thank you for your kind words at the outset. it occurs to me that it used to be more comfortable for me to sit behind you than where i am right now. i am privileged to have the opportunity. the act for fighting the fdic with important new authorities in the area of deposit insurance and resolution that we believe will enhance stability and in which we have made progress toward implementation. the act grants the fdic new authorities to manage deposit insurance fund in a way that will make it more resilience in a future crisis. the fdic has implemented provisions of the act that make permanent the increase in the deposit insurance coverage limits to $250,000 and provides insurance coverage on the entire balance of non-interest-bearing transaction accounts to the end of 2012. we have implemented changes in the assessment based mandate of the act which

chairman gensler. >> i, too, will be supporting the role and i thank the staff are taking into consideration the public comment. that was very helpful. i think it's an important role that the ctc currently regulates about six including houses and we expected to grow to about 20. i look forward to this councils determination which ones are systemic. and we also at the cftc are enhancing the rules for oversight and clearing houses, all of them, but have certain enhanced financial risk management for the systemically important ones. and i look forward to the council's judgment and particularly the federal reserve judgments because they have an important role to play in title viii. >> excellent. thank you. other comments, questions? me i have a motion with respect to this final rule? >> yes. >> second? all in favor of publication? any a post? thank you. -- any a post? thank you. next item on our agenda is a study, the study is called the secured creditor haircut study, one of the studies required by the act and i'm going to ask the treasury to come provide a brief overview of the study and he's