never again will we have to bail out a financial institution. because of the deep unpopularity with t.a.r.p. and in some ways a very justified and popularity, the core goal, it really hasn't had the legislative courage to accomplish that. in many ways it took in deferred the really hard and difficult decisions and pushed that out to the regulators. even if they have their hearts in the right place, something that was said earlier today, the regulatory but also the political will to do what would be necessary to truly rain in the implicit guarantee for the largest financial restitutions. i think that is extremely unlikely. >> that is depressing. [inaudible conversations] >> we were talking earlier. there was a lot of resistance to the transparency of the treasury. what you just said about having a policy goal and try and measure it. that's the kind of transparency that they try to avoid if they can. why do you think in the treasury case transparency was such a big issue? >> well, and generally there is a reflexive antipathy towards transparency a

never again will we have to bail out a financial institution. because of the deep unpopularity with t.a.r.p. and in some ways a very justified and popularity, the core goal, it really hasn't had the legislative courage to accomplish that. in many ways it took in deferred the really hard and difficult decisions and pushed that out to the regulators. even if they have their hearts in the right place, something that was said earlier today, the regulatory but also the political will to do what would be necessary to truly rain in the implicit guarantee for the largest financial restitutions. i think that is extremely unlikely. >> that is depressing. [inaudible conversations] >> we were talking earlier. there was a lot of resistance to the transparency of the treasury. what you just said about having a policy goal and try and measure it. that's the kind of transparency that they try to avoid if they can. why do you think in the treasury case transparency was such a big issue? >> well, and generally there is a reflexive antipathy towards transparency a

institutions. with basel iii and dodd-frank act, we have an historic opportunity to stlenten the capital. the agreement strengthens capitals in a variety of ways, 5 marked improvement over the current regulation. the basel iii ratios are on the low end needed for banks to weather a crisis. this is especially true for the largest banks. we saw the cost associated with the failure of a large interconnected institution. i strongly support the need for buffers. it seems self-evident that capital requirements for the largest financial institutions should be higher and not lower than the general standard that applies to smaller banks, yet prior to the crisis, a number of large european banks implemented the so-called advanced approaches under basel ii allowing them to increase leverage by using internal models to set capital requirements. large u.s. ensured banks and their holding companies were also on a course to take on additional leverage by using the risk models to drive risk-based capital requireme

financial institution significant important, financial institutions less efficient and less competitive without making the system safer? as we doubt of the capital and liquidity constraints on the red lake financial sector, do we run the risk that more activity will migrate to the shadow banking system and the jurisdictions offering a lighter regulatory structure? three, to raises regulation. should we expect the participants entering this market will shift their business to non-us firms if other countries refuse to follow our lead on margin and capital requirements? how should we expect u.s. firms to compete if they face higher costs than their foreign competitors? number four, regulation of proprietary trading. not even paul volcker claims that proprietary trading caused the financial crisis in 2008. but dodd-frank's rule prohibits banks and non-bank financial congress from engaging in trade for their own gain. now that the rest of the world has rejected a call to impose similar proprietary trading bands on their institutions, what effect will unilateral u.s. application of the volcke

and not restricted to particular institutional reforms. if the dodd-frank act is going to be viable for viewing with universal banks and operating across the border environment, it's going to have to address this problem. host countries are going to want to capital associate with the markets that institutions are operating in. more capital is to the market, the transactions that create risks by intermediation and maturity transformation, the more ineffective it would be at ensuring the health of the system. the other problem that this recent episode highlights is that time inconsistency of the framework. as long as there is discretion on the part of regulators about capital requirements, and their application, then there are incentives to do what is optimal in the short run rather than worry about the long-term health of the financial system. even though you are on a diet, it's often optimal in the short run to stop in for an ice cream cone and get back on track, promised to get back on track next week. and that's why there have been so th

i am with wild equity institute. i want to thank you for your work with our community-based organizations. i am here today to ask you to restore the funding to our needed community services, which is the backbone for many of us. some of these services have already closed, and some are on the verge of closing due to the cumulative impact of annual cuts. these organizations can no longer sustain these cuts. seeking other areas of revenue is important and highly needed. there are many areas where the city is wasting money, and the money could be used as revenue for our community services in need. examples are using toxic astroturf in our parks or wasting millions in the underutilized golf course in pacifica. it is insane to invest millions in the sharp park golf course. the city study showed we are oversupplied with golf, and that it is not in our interest. the studies also show that maintaining that a golf course is not economically viable. the city is also liable for millions of dollars for the killing of dangerous sp

>> financial institutions.banks. >> oh, okay. >> too big to fail banks of which we now have five instead of four. >> right. >> plus another layer of aspirational too big to fail banks. >> well, would that be your narrative of choice? >> well, i think, you know, there are a number of flawed financial institutions in the u.s. as an american citizen, who am i to make a judgment on how they're run? my sense as an outsider is some are better run than others but, you know, there's a certain diversity there, let me put it that way. um, i think it is interesting that there is this national mentality in banking more than in other industries, and this is linked to the crucial sanction of credit that banks fulfill in national economies which makes it extremely difficult for a government to just let go and consider that it has nothing to do with their ownership structure. it's, to me, a big question for the future whether in the e.u. we will build a truly integrated banking market. there have been some steps in that direct

only to the foreign institutional investors. [unintelligible] it has been enhanced considerably from the existing $15 billion. the original limit being available for the bond offerings. for this announcement also there will be a lockout. three years. introducing this subject, dung the next five years from 2012 to 2017, our infrastructure investment will be very substantial. is about $1 billion u.s. 50% of that is to come from the private sector. we do expect that these immediate measures including the recent guidelines which we have issued, it will be possible for the present sectors to come and make invesents. in order to make it successful, we are providing a funding mechanism which is quite effective. the last point i would like to emphasize, as i mentioned at the beginning of my observations, that in order to prevent the dissolution of growth, in 2008 we had to lessen the fiscal expansion. today with the problem of fiscal consolidation, while presenting the defense budt, with the mandate of the peoe, i declare that we shall

i am a former institutional police officer of laguna honda. i would like to be able to say i can convince you to leave the institutional police as they are. up -- i have had several good people ahead of me. we provide a service that is unique for the hospitals of laguna honda. we're familiar with their game plan. we understand them. they understand us. we do not always get along. but we are necessary evils, so to speak. we keep the peace. unfortunately, i found out just a few months back one of the psych techs at general hospital was murdered in the emergency room area. police officers were there to apprehend this individual. it would not have happened if there were not security there. there would still be standing around, wondering what to do. you definitely need to keep the institutional police entity at laguna and at general hospital. we are a necessity. you cannot get the same results from private security. we are police officers. and damn good ones, i would like to say, to. and we also get a standing invitation for any of you supervisors

so we need the institutional police. i would like, as a member of the community who lives very close to general hospital, and as a worker, i would ask you to reevaluate the privatization figure. i do not think it is correct. also, just for the safety of the visitors that come and the people who work there -- i was a clerk there. all the clerks, all the doctors, we need the institutional police. thank you for hearing me. i look forward to you keeping the institutional police. supervisor chu: thank you. if i could ask folks to hold the applause so we can get through public comments. thank you. >> good afternoon, supervisors. i am institutional police officer from general hospital. then the the last 11 years. i am speaking against contracting out security. unfortunately, we before me, i was watching in the room and there were doctors and nurses in your good did not know what they were talking about. in regards to contracting out, there is no highly trained confecting security force that is going to put their hands on a 5250

in fact they are serving a 95% of the time they are not an institution -- in institutional care. in most counties, the intensive outpatient treatment was considered the primary modality. in this county, to be continually trying to cut the transportation program, it's really misguided. even though they were theoretically unmatched general fund cuts. that will cut almost entirely into the older adult system of care, in which we operate almost all of it because of prior year cut. it will eliminate the treatment for chronically mentally ill adults. 75% of them have psychosis'. [bell rings] thank you. supervisor chu: thank you. next speaker, please. >> good afternoon. i've been working at the family service agency of san francisco at the older adults support center community integration services for the last five years. as an activity specialist and community integration specialist. fsa provides geriatric programs to older adults are in san francisco who have complex needs. our geriatric mental health programs are the only specialized non-profit mental health programs in the older adu

and the institutions are built around asean. that does not mean northeast asian issues or other issues affecting new zealand should not get intention. one of the most important things is if you look at the course of the last several years we think the way in northeast asian issues have been addressed at asean regional forum and other institutions like the e a s has left countries wanted different approach. we want to work with southeast asia on that process as we go forward. unspecific countries i will go through this quickly but you all understand some of the things we are trying to work on and our will go through that quickly and some of the things you expect we will be wanting to work on in the next couple years. obviously given president obama's unique experience in asia it has given us an enormous opportunity to take this bilateral relationship to the next level. if you made a list of those countries important to the united states, the united states didn't recognize their importance, this wish you would be at the top of the

the question is, can you trust the executives of these institutions to have the interest of the institutions at heart? because it would appear in these episodes that the interest of the institutions might've been sacrificed to those of the executives. i think again going back to the question, i think that phenomenon also deserves broad attention. >> hi, looking forward in thinking about the next election and i'm assuming the answer to this question is no, but what do you think is the possibility of there being some kind of discussion of how policies going forward in the next election. it seems like the obama plan and republicans talking about our different. >> no one is talking about housing policy. housing policy is a broader discussion about what we need to do by way of housing or population. renting versus owning. we need mobility because we have a changing social reality? do we need to change the tax incentive structures to meet whatever we cite as housing policy goals? do we want to have social policy transmitted through private corporations who will deliver subsidies on the government

you go too big to fail institutions. there is clear suggestion that that means their cost of capital is lower. if you want an advantage to expand and have a lower cost of capital in your expansion efforts than anyone else. the fact that you can raise deposits more easily and the cost of capital was left and you see that, if you look at the leverage ratios of those largest institutions as a change from 1990 through the crisis -- it went from roughly 16:1, real equity, to 30:1. obviously the market was not paying attention to that because they knew there would be bailed out. the action that the government did confirm that. that is a huge advantage. i think that is hard to dispute. that is why i think that has been as rapid as it has been ve. others? it is such a convincing argument, isn't it? it is hard to dispute [laughter] >> my question is about your observations repos and money- market funds and reining in those two sources of instability. it strikes me that there is a kind of cycle where you regulate more tightly whic

where the anchor institutions will engage that. with the city of columbus and other partners that we've brought to the table. and hopefully we can come together on some ideas in that regard. i can see your doing this in other places and we would love to have your engagement in the city of columbus as well. okay. thank you. now i'd like to bring forward chattanooga mayor, littlefield over here. and norm jack, say a few words about how great a city chattanooga is, first of all, and also about the information technology infrastructure you are using to promote economic development in your community. ron, is that working? probably isn't. all right. here you go. >> signed off. >> mr. mayor, thank you. chattanooga is an old industrial city down south. it's something of an anomaly, because most southern cities that grew to any side were based on agriculture. chattanooga was based on heavy industry, like in the northwest. as a result we were -- were a very polluted city. most city can share a lot of city, but most cities were not characteri

institutions. i think we're making progress already. moody's has announced a number of banks and they're actively considering the bottom. >> they said they may. >> that's right. i think as we discussed before, the fdic and the fed through implementation, they have the case to make and will make him that yes this can work, it will work and bailouts will be a thing of the past. too big to fail was will ingrained into market theme. it's going to take some while to get rid of it by to think ii and title i to take the steps to get rid of it over time. it's going to take some time. but i do believe that. and i think, i don't also see any alternative either. i think -- >> let me then go to mr. tarullo for his thoughts. >> i think as for the next 20 days every time i address you as chairman bair, i think chairman bair has only made the point that it's not an off on switch. that is, we've got orderly resolution of or in place now which the fdic is implementing. i think as i suggested the capital standards a

to have the interests of the institutions as such at heart? because it would appear in these episodes that the interests of the institutions might have been sacrificed to those of the executives. and i think, again, going back to the question of the heads-on pikes, i think that phenomenon also deserves a lot of attention. >> agreed. >> hi. looking forward and thinking about the next election, um, and i'm assuming the answer to this question is no, but what do you think is the possibility of there being some kind of discussion of housing policy going forward in the next election? it would seem like the obama plan and, i guess, the plans that the republican are talking about are different. >> none of them are housing policy. >> none of them are housing policy. >> well, yeah. no one is talking about housing policy. housing policy is actually a broader discussion about what we need to do by way of housing our population. renting versus owning, do we need mobility because we've got a changing social reality and demographics? do we need to change th

financial institution significantly important financial institutions less efficient and less competitive without taking the system safer? f3 title of the capital and liquidity constraints on the regulated financial sector, do we run the risk that more activity will migrate to the shadow banking system and the jurisdictions offering a later regulatory structure? three, derivatives regulation or should respect the participants a derivative smart associate to non-us friends at other countries refuse to follow our lead a march in capital requirements. how should we expect u.s. firms to compete if they face higher costs than their foreign editors? four, regulation of proprietary trading. not even paul volcker claims proprietary trading caused the financial crisis in 2008, but dodd-frank poker rule or have its banks and non-bank financial companies from engaging in trade for their own gain. now that the rest of the world has rejected the call to impose similar proprietary trading bands on their institutions, what effect will unilateral u.s. application of the volcker will have on the capital m

david holmes the founder of eden institute now edin autism institute and i'm very glad that dr. tom mccool will tell us how eden is using its 36 years of experience to improve autism service programs around the globe. i became deeply involved and even more so in 1998 when a family of my congressional district bobby and billy gallagher told me about a perceived prevalence of autism in a township. i requested the centers for disease control and the agency for toxic substance that it was indeed to be much higher than was generally to believe to be the prevalence. as a direct consequence of the bringing study and the cdc admission that there were no recent prevalent studies in the united states with which to make a comparison, i introduced legislation to authorize grants for autism and pervasive developmental disabilities surveillance into established centers of excellence in autism and pervasive developmental disabilities epidemiology. this legislation, the autism statistics surveillance research and epidemiology act or assure was introduced in 1999 was incorporated into title 1 of

franklin roosevelt planned for the roosevelt library to become the premier research institution for studying the entire roosevelt era. the research room is consistently one of the busiest of all the presidential libraries and this year's group of others reflects a wide variety of research done here. we are delighted to highlight these others's works at botox for route the year, especially at this hour annual meeting festival. let me quickly go over the format for the festival's current sessions. at the top of each hour a session begins with a 30 minute author talk followed by a ten minute question and answer period and authors move on to the tables in the library where you can purchase your books and have the author's son them. of the top of the next hour the process repeats itself. now is my pleasure to introduce todd moye who is sitting to my right. todd moye has been associate professor of history of the university of north texas and director of that university's history program. todd moye will be speaking today about his new book "freedom flyer: the tuskegee airmen of world war ii". a na

of the international institutions.n woods institutions, imf, world bank, etc. are not states. i must say that the institutions when they are established in a particular context, and when that context no longer demand irrelevant, new institutions are to be formed. that is something that is happening in the imf and the world bank. the world has undergone a major change since 1925. -- 1945. new realities have yet to be reflected in the composition. this is in the process of these institutions. at the same time i am quite confident that these institutions will be in default. -- will be evolved. other institutions have attempted under similar pressures, but it did not materialize. after 30 or 40 years, we could establish [unintelligible] -- 40 years after the establishment of the bretton woods institution in 1944, we could have formed another organization. therefore, institutions ought to just -- ought to adjust. there is a reality prevailing at that time. if one is a continuing one, there need to be further reforms. the po

why are we making, putting such on the private-sector financial institutions? and it will be the need to explain the alternative is to risk another financial crisis that could someday through millions of people out for direct our public finances. short term is also alive and well in the ongoing debate over the bank capital the requirements. some banking industry representatives are planning to higher capital requirements will raise the cost of credit and the real the economic expansion. this is a terrific it simple of the sort of static short-term and thinking that got us into this mess in the first place. there is a lot of recent research that shows higher capital requirements in the range we are talking about will have a very modest effect on the cost of credit. will create a large net improvement in the long-term economic growth by having more capital, less frequency and more severe in the financial crises. if your time has anything more than six months or so i think that is a pretty good trade-off. the fed does cut capital requirements u.s. banks now face a

institutional school all the way. oh i how did did you get so bad you saw about one out of three we should have indoctrinated in the other two we should let figure things out for themselves how did that happen well you know i guess you are right i all three of my children were in school because unschooling means you follow the child's lead and they choose what they want to do and she chose to go to traditional school i was given the option so what are some of so what are the legal challenges that homeschoolers face or on schoolers well i you know i'm not a good one to ask about that because i'm in texas which is probably the best place in the states to homeschool or on school because in texas we're considered a private school old schoolers aren't considered private schools and the parent or guardian is the teacher or principal administrator or whatever and. we are not required to report to the state or register or do anything like that we do have certain you know we work wired to. follow a bonafide program of reading

first institution to desegregate. when that happens on paper in 1948, in reality it takes longer than that for all of the military forces to desegregate and the pressure is always on african-americans in the service to make that happen. the pressure is not on whites but on blacks to continue to prove themselves but but white house is at the forefront of this because of the example the tuskegee airmen said. when it desegregates the only national institution that is desegregated is major-league baseball. there are three african-americans playing major-league baseball, jackie robinson, larry dobie and roy campanella. i would argue -- i am a baseball fan but i argue the air force is a little more important national institution than major league baseball. coming out of the war african-americans' forced themselves into this through lobbying campaigns and threatening to march on washington. they forced themselves in and got the opportunity and proved they can do it and they forced the government -- important branches of the

only to the foreign institutional investors. [unintelligible] it has been enhanced considerably from the existing $15 billion. the original limit being available for the bond offerings. for this announcement also there will be a lockout. three years. introducing this subject, during the next five years from 2012 to 2017, our infrastructure investment will be very substantial. is about $1 billion u.s. 50% of that is to come from the private sector. we do expect that these immediate measures including the recent guidelines which we have issued, it will be possible for the present sectors to come and make investments. in order to make it successful, we are providing a funding mechanism which is quite effective. the last point i would like to emphasize, as i mentioned at the beginning of my observations, that in order to prevent the dissolution of growth, in 2008 we had to lessen the fiscal expansion. today with the problem of fiscal consolidation, while presenting the defense budget, with the mandate of the people, i declare that w

you know, don't know how it, and i think other institutions like adc, other institutions, i think they need to come forward, they need to come forward and find a way to help. and not only institution that belonged to arab and muslims, but i think again the question of coalition building is very critical here. we do not need to reinvent the wheel. basically they came here before us, you know, the jewish community went through difficulties. the catholic communities with the difficulties. the arab-americans community went through that, and so if we just need to use these experiences and help to integrate, i think that is very crucial. and we actually started doing that. i mean, having roundtable for them with a number of institutions to help them how to integrate, having a number of roundtables with governments, actually a couple of months ago i was in minneapolis with governments, with the federal government's and myth with somali lives. in fact, just to discuss how they could help them, but integrate and understand their rights as, you know, new immigrants. >> the past few years i've be

only to the foreign institutional investors.le] it has been enhanced considerably from the existing $15 billion. the original limit being available for the bond offerings. for this announcement also there will be a lockout. three years. introducing this subject, during the next five years from 2012 to 2017, our infrastructure investment will be very substantial. is about $1 billion u.s. 50% of that is to come from the private sector. we do expect that these immediate measures including the recent guidelines which we have issued, it will be possible for the present sectors to come and make investments. in order to make it successful, we are providing a funding mechanism which is quite effective. the last point i would like to emphasize, as i mentioned at the beginning of my observations, that in order to prevent the dissolution of growth, in 2008 we had to lessen the fiscal expansion. today with the problem of fiscal consolidation, while presenting the defense budget, with the mandate of the people, i declare that we shall come b

part of that is institutional issue. with us, building the apparatus to be able to sell this case for effectively and part of it is an issue that is part of secretary and tom nies and are focused on in the coming months as we hit these budget battles but then there is the third substantive answer to your question that we're going to have to make tough choices. we, our esf account got hit, i'm not a budget guy so don't quote me on the numbers but on order of a couple billion dollars. that is a huge cut when you're talking about a relatively small esf account and it has an impact on countries around the world. and so, it is forcing us to make very difficult choices about where we invest our dollars and where we, where we have to cut back. and, it doesn't just have the impact on money that goes out into countries around the world. it also has the impact on our efforts to rebuild the capacity of state and aid that have been a roading over. the growth rates that we were looking for. other institutional needs that we had. . .

best way will also utilize its positions indeed to national institutions where because of the g eight anyway trying to responsibility for results in a global security problems for the development of the poor states of the world and this part of the brics forums that russia is one of the fastest growing countries interest rate amongst other things in a much more stable financial architecture at least in bringing about us more than that matter and technology and making it be international commission more democratic and much more active application of your new novel r. and b. and other emerging in the currencies apparently will turn the international financial currency system into much more flexible and comfortable for investors that operate within the other thing for a mother being able to work within these two for one is what do we do to create an opportunity for russia to act as a breach to harmonize and would officials and for more. on the most influential right now you can make forum which is the g. twenty is that you look at it which which were proposed by russia already broadly be

awareness, morals, and institutions. the absence of any of those pillars will definitely lead to a deviation from its intended objective and will lead to failure from all the dangers and consequences. what some people are doing today have nothing to do the development, modernization or reform. with every act of destruction, we are taking away from our objective of modernization and development and from our aspiration. i do not only mean material destruction, for rectifying that can be easy. i rather mean psychological, moral come and behavioral pitch becomes difficult to correct as times goes by. they are gradually developing this respect. this will lead to a total of atrophy of the patriotic and national sentiment which are essential to the protection of the homeland. this is exactly what our enemies want us to do and the direction they want us to take. today, we have a generation of children with learning this lack of respect for institution, lack of respect for the law, on and later on, the price will be high. here, i

. >> i am from the institute on aging. we navigate people and we educate people how to use the social services. we advocate available services. also, we navigate for the care givers. this program was saved by the city about two years ago. >> thank you. >> i am a case manager. the budget cut is trying to get rid of one case manager. we are a small team of the case managers managing older adults, disabled, and seniors. i see more need, people asking to be on our wait list which has been put on hold. we have 80 or more people that were on the list and more people need to be on there. seeing sad to see the services -- it is sad to see the services being cut. we hope people will be able to stay in their homes and foster independence and enhance their strengths rather than looking at any disability that they have but rather encouraging them to take their strengths and become stronger people. we hope that you reconsider the budget cuts. thank you. >> thank you. next speaker. >> good afternoon. i am one of the care managers. i am

our regulators more likely to keep american financial institutions? >> the short answer has to be yes. if they have activities in the u.s., they are competing with u.s. banks. vinnie get a competitive distortion. how serious is this? how much of a concerned should it be to u.s. authorities we have a different response in retail banking, periods investment banking is very different. these activities tend to be tradable. they tend to travel a lot when they are on the opportunities. the cannot look at this. the bottom line is that it is not the only way to look at this issue. they have mentioned switzerland. switzerland has imposed what some call requirements on the two largest banks. it has to much at stake for its own financial stability. it shows a race to the bottom in terms of capital requirements. as i mentioned, this is very much linked in the case of europe. we have not sold our banking prizes. the concern is to manage a crisis and not to basically make -- build a system that would come. the actions are about managing this. >> isn't that pretty c

we also want to thank our partners and the insurance institute for home safety. this is our first forum and are pleased to be joined in our current efforts by our colleagues and co-sponsors, the engineering earthquake institute and the pacific engineering research center. i will try to be briefed today because we have two important people to speak, but i wanted to talk about the work of this forum and reflect on what we can achieve together in the next two days drawing on the disbursed knowledge base provided by each of you today. participating in this form are representatives and leaders of many disciplines within the field of earthquake mitigation. we hope there will be focusing on creating linkages between researchers and practitioners which will ultimately benefit policymakers, who will encourage safer communities in the face of catastrophic events. as with all forms of a sponsor, we do not charge anyone to attend or pay any of the speakers. all of the in speakers -- all of the speakers and informed delegates are here for an open and honest debate. we only as

our constitution instituted government that secures only these natural and pre-existing rights. so inventions created by the fruits of intellectual labor are the property of the inventor. these and only these first and true inventors then are entitled to public protection of their rightful property. are to remain true to the principles of liberty, we must preserve a system that protects the true and first inventor. with that i yield back. the chair: the gentleman's time has expired. does the gentlelady reserve? ms. kaptur: i reserve, sir, yes. the chair: the gentleman from texas is recognizesed. mr. smith: how much time remains on each side? the chair: the gentleman from texas has 2 1/2 minutes. 2 1/2. mr. smith: and -- the chair: the gentlelady from ohio has three minutes. mr. smith: ok. thank you, mr. chairman. mr. chairman, i yield two minutes to the gentleman from virginia, mr. goodlatte, who is the chairman of the intellectual property subcommittee of the judiciary committee. the chair: the gentleman is recognized for two minutes. mr. goodlatte: i thank the chairman and i v

institutions. dodd-frank requires fsoc to designate non-bank firms as systematically important and subject to fed supervision along with the $50 billion plus banking organizations which are already subject to fed supervision under dodd-frank. other countries are going through a similar designation process. different approaches to designation and different sifi surcharges could have a major competitive impact. thus we should have a global approach here. our national process should be tightly coordinated with the work of the financial stability board, the operational arm of g20. finally, resolution of failed financial firms remains an important and difficult issue with competitive implications. chief among these is that diverge ability positions on bailouts will alter of cost of capital. countries more willing to bail out banks will lower their cost of capital. we learned this from our competition with japan before its lost decade. furthermore, many large banks have significant cross-border operation

financial and institutions. just yesterday acting, comptroller general -- unsury comptroller of currency john walsh stated additional capital requirements for large firms should be, quote, modest, noting, quote come capital levels are now extraordinarily high by historical standards. he specifically cautioned that come up with, higher capital fosters a senior banking system but if carried too far, the economy suffers when banking activity is not sufficient to support the desired levels of real economic activity. i think we all share those concerns and finding that balance is of course part of today's hearing to understand your thought process on that. each member of the subcommittee hears from constituents and businesses that are struggling to access capital. thus before instituting a regulation compared that regulators can consider the flexibility is in the small and community banks need to serve our communities. i look forward to chairman bair's regulation to avoid one-size-fits-all regulations that would dete

chartered depository institutions. so there's this principle of national treatment that we start with and it's a principle that is embedded in the federal reserve act itself. and so we must treat the branch and agency of a foreign bank in the same and we treat our own. so that's the starting point. second is, new york is the money center of the united states. and with respect to foreign banks that intend to come to our country and invest in our people and form branches and agencies in the united states, many of those foreign banking organizations look to form those organizations in the money center which is in new york. >> so, the short answer to your question, chairman paul, is the law requires us to lend to branches and agencies, and with respect to new york in particular, that tends to be the place where foreign banking organizations enter our country. >> okay. proportionally it still seems to be out of whack. when this system invites foreign banks, you know, they're making most of their money overseas. let's just o

financial institutions. just yesterday acting comptroller general, i'm sorry comptroller of the currency, john walsh, stated that additional capital requirements for a large firm should be modest, noting that quote o. bulls are now extraordinarily high by historical standards and quote. he specifically caution that quote higher capital fosters a safer banking system but if carried too far, the economy suffers when banking activity is not sufficient to support desired levels of real economic activity. i think we all share those concerns and finding that balance is of course part of today's hearing is to understand your thought process on that. each member of the subcommittee hears from constituents and businesses that are struggling to access capital. buzz, before instituting a regulation it is imperative regulators consider the flexibility are small and committee banks need to serve our communities. i look forward to chairman bair's explanation is how out of the fdic and other regulators will work to avoid o

supposed secondary institutions have to have an institutional master plan on file with the department. part of the review of the abbreviated i.m.p., planning has the discretion to hold or not hold a hearing on the abbreviated i.m.p. staff concludes that all the necessary requirements are included and recommends that the commission not hold a hearing. commissioners, this concludes my reporting. i am available to answer any questions. president olague: thank you. project sponsor? ok, is there any public comment on this item? seeing none, public comment is closed. commissioners? >> no action. president olague: there is no need for an action here. the hearing is closed. >> thank you, commissioners. commissioners, you're now at general public comment. we have a time limit of 15 minutes. at this time, members of the public me address you on items of interest to the public that are within the subject matter jurisdiction of the planning commission, except agenda items which may only be addressed at their place on the calendar. with respect to agenda items, it is your opportunity to address th

it's racist to its institutional racist to the drug politics institutional basis. it's jim crow revised. like the sister pointed out. nothing has changed. just like between 1865-1875 we went right back into slavery. that's the same thing they did after the '60s, put us right back where we started. and we are sitting there, continue to do this. one thing like she's talking about, it's the community. we need to stop putting these white names on this crap. we need to call it what it is and understand this is a war on us. and just use it as some kind of a boehner spent you have a specific question? >> i just appreciate what you did. i really do. [applause] >> thank you. and in the course of responding to these questions, somewhat hopefully will address the drug policy, where we go from here at all like this. thank you. >> i entered with a racial justice. i want to push back a little about what we talked about today because a certain extent were speaking to the quiet. none of us here specifically any kind of disagreement, but train to mention when he to change the narra

systemic institutions became a reality. it became almost $14 trillion by the spring of 2009. direct assistance to financial institutions east confidence in the market. our financial system began to function again. the policy makers failed to effectively attack the root cause of the problem, which was the enormous -- backlog of unaffordable mortgage loans i continue to slow the recovery of the housing markets and the economy. bailouts have resulted in a host of consequences for our system in the long term. the undermine the market's and private risk-taking. they keep sub management in place. the bailouts of 2018 -- the bailouts have affected the reputation of anyone in the industry. the cost of earning assets is only about half as high for banks with more than $100 million in assets, as it was for community banks with assets under $1 billion. that is why the fdic was so determined to prepare for a more robust framework as the centerpiece of the legislation enacted last summer. it authorized the creation of just such a red --

and you have witnessed the workings of an institution that's endurred well over 200 years. no one has seen congress and members of congress as close up as have you. and i am sure that you will consider your time spent in washington, d.c. to be one of the most valuable and exciting experiences of your lives. and with this experience, you all move ahead to lead successful and productive lives. and before yielding, mr. speaker, i'd like to thank the members of the house page board who provide such service to this body, congressman rob bishop, not only a member of the board, but a dear friend. diana degette, also a very good friend. and my good friend on the other side of the aisle, virginia fox. -- virginia foxx. i don't think we've ever had a disagreement on the page board. we've reached unanimity there. the clerk of the house, karen haas and the sergeant at arms, ben livinggood, lynn silver smithkline, i want to thank them for their service on the house page board and thank all our departing pages and yield back. the chair: the gentleman from utah is recognized. mr. bishop:

second to urge my colleagues, to urge the lending institutions, the real estate industry the consumer interest groups the housing advocacy groups to have their input with these regulators on the proposed qualified residential mortgage rule because if left unamended as it currently is proposed by the regulators, it will make affordability of housing less affordable in america the access to conventional credit less available to america, it will decline the demand that exists already which is historically too low, it will protract the continuing decline of housing values in america and it will cause our economy to continue to slide in an even deeper deeper depression. it is critically important that what the gentleman from kansas said be recognized. don't -- be sure that when you pass regulation, the unintended consequence doesn't cause a bigger problem than the problem you're trying to correct. i admire our regulators, i appreciate the hard job we have given them to do. i appreciate the fact they have extended the comment time. i hope now they will also listen to the comments that are b

best way will also utilize its positions in the international institutions to see where part of the g eight anyway track the responsibility for results in a global security problems for taking the development of the poorest states of the world and this part of the brics forums that russia is one of the fastest growing countries will interest it amongst other things in a much more stable financial architecture at least in bringing about ten years more than with men and technology and in snake came to be international crime which is a more democratic and much more active application of your nubile r. and b. and wish there were larger emerging the currencies apparently will turn the international financial currency system into much more flexible and comfortable for investors that operate within of it i will now do another thing for the market being able to work within these can afford what is what are we going to create an opportunity for russia to act as a breach to harmonize different motivations when for more people you are no more the most influential right now the economic forum whi

are we looking at within the institute? well, a couple of things that we are really excited about is, we are about to hold our 21st annual leadership forum and at that conference, which is a really large conference of people who are involved in this work in their communities, we are going to be recognizing communities that have done an exceptional job of doing what we talked about earlier, which is putting together strong community coalitions. so i'm very excited about that. i am also excited about the fact that we've been working really hard to bring community coalitions and the research community together and do what we call community-based participatory research. i think, as everybody knows, there is lots of really good research out there about what works and what doesn't work but that doesn't always filter down to communities. well, the communities need to know about it. it is useful and helpful so, by combining researchers and communities working together where they're working in partnership, we really increase the lik

policy because we have stayed away straight away from the path of institutional normal diversity which is laid down in the treaty and overnight on the ninth and tenth of may under french influence of the european economic. community and particularly in the monetary union has been redesigned without any vote by the populations have consented to giving up the money most of the germans under and very bitterly are free don't you think though that saving of the euro would be to germany's benefit because if you're going to save countries like greece for example going back to the benefit of germany who who exports to or out of the countries in the world. let's focus on the sober facts greece represents about one point two percent of the gross national product of the community this is really peanuts i say this with great respect but it's economics taking longer and therefore country and these have been fueled over the years not only from here on but from one thousand nine hundred two hundred ninety nine. seventeen the billion a year without having homes and increased presence it is very easy t