welcome to the heritage foundation at the louis lehrman auditoriulewis lemonauditorium e who are joining us on all these locations and alsoccasions and n network. for those in house we would ask that the devices have been turned off and for those watching online you are welcome to send questions or comments by e-mailing speaker at mac heritage.org and of course we

welcome to the heritage foundation at the louis lehrman auditoriulewis lemonauditorium e who are joining us on all these locations and alsoccasions and n network. for those in house we would ask that the devices have been turned off and for those watching online you are welcome to send questions or comments by e-mailing speaker at mac heritage.org and of course we post following today's presentation. leading the discussion is the senior research fellow financial regulations and monetary policy in our institute for economic freedom. studies and writes about the monetary policy, the reform of fannie mae and freddie mac it focuses on the best way to address difficulties in large financial companies under the rubric of the too big to fail problem. the joint heritage and 2013 and was a tenured professor the collegcollege of business teachg finance economics and statistics and served as the tax policy analyst in the center for data analysis and he holds a doctorate degree in financial economics from new orleans. please join me in welcoming norbert michel. [applause] >> thank you. joining me he