lieberman-- leibowitz, excuse me.uncertainty is one of the key factors behind the perpetuation of our current economic crisis and granting a new and unknown regulatory agency with this broad scope of power plays is a dangerous, could place the dangerous level of uncertainty into the financial markets. do you think that might be better to have an experienced regulator such as the ftc with a long entrusted history of working with business at the helm with these new powers? >> as you know i am very fond of the federal trade commission, as you are. i would say this. as you know i testified here a few months ago that we thought we could do the consumer protection mission involving predatory financial instruments. the proposal that has been developed though is one that is broader than that. it has, it has bank examiner components. it has, it has compliance compliance so those are not things that record compensated. you know, again we are an independent agency and so, when you willed into whatever you tell us we are going to

lieberman-- leibowitz, excuse me. uncertainty is one of the key factors behind the perpetuation of our current economic crisis and granting a new and unknown regulatory agency with this broad scope of power plays is a dangerous, could place the dangerous level of uncertainty into the financial markets. do you think that might be better to have an experienced regulator such as the ftc with a long entrusted history of working with business at the helm with these new powers? >> as you know i am very fond of the federal trade commission, as you are. i would say this. as you know i testified here a few months ago that we thought we could do the consumer protection mission involving predatory financial instruments. the proposal that has been developed though is one that is broader than that. it has, it has bank examiner components. it has, it has compliance compliance so those are not things that record compensated. you know, again we are an independent agency and so, when you willed into whatever you tell us we are going t

lieberman-- leibowitz, excuse me.uncertainty is one of the key factors behind the perpetuation of our current economic crisis and granting a new and unknown regulatory agency with this broad scope of power plays is a dangerous, could place the dangerous level of uncertainty into the financial markets. do you think that might be better to have an experienced regulator such as the ftc with a long entrusted history of working with business at the helm with these new powers? >> as you know i am very fond of the federal trade commission, as you are. i would say this. as you know i testified here a few months ago that we thought we could do the consumer protection mission involving predatory financial instruments. the proposal that has been developed though is one that is broader than that. it has, it has bank examiner components. it has, it has compliance compliance so those are not things that record compensated. you know, again we are an independent agency and so, when you willed into whatever you tell us we are going to

annie leibowitz did the photos.as a wonrful iece, in part because it s e story of motown told from theeople who made mown. you and all the people around you. as many times as we've talke er theear, i've alws ha a sense, and i got that through the magazine tt will's a story about motown that rubs you raw. there's something abo the telling of the sto of motown that you were unhappy with and yowere always intent on lling the story the way you think the story was tbe tol at is that thing about the tellg of the story thatou don't like whic makes it so important ich -- for you to te the story? well, you know, motown s alwayseen like aathery tail. we didhings differently at motown. it started out -- it's ahole big story. what happeneds -- you're going to need lot mre te. but -- [laughter] >> because every story that tell it'sike a branch. it goes out lika brah and it spreads out. andhere's another story d there's a sto of diana. there's a storyf the temp taons. there's a story of the fun brothers. when y simplifyt,t was ju

open enforcement mechanisms in the bill are excellent, however i agree completely with chairman leibowitz that the 120 days restrictions on the ftc is way too cumbersome. we it needs to be streamlined and made more efficient. secondly, and this i think is a very important one, in the bill, the ftc is given the authority to enforce federal consumer credit laws but not the regulations passed by the cfpa privacied fda regulations over time will become much more important then the consumer credit regulations. it is really critical that the ftc get the authority to enforce the regulations that are passed by the cfpa. there's also a consulting power in there. a requirementok and that is correct, and i hope on an informal basis the agency takes account of the fact that the ftc, which enforces unfair and-- gains a particular type of experience in understanding that is vital, vital to setting those rules. secondly, the state ag's have authority but that mechanism for remedies needs to beç clarified because right now the section 1055 powers, it is unclear whether those are bootstrapped into the en

. >> reporter: he started with this ad, shot by famous portrait photographer annie leibowitz. >> it wasy to say something important that nobody was saying. >> reporter: hold on a second. you were taking a huge risk. >> i didn't see it that way. >> reporter: but you're not just gambling your livelihood when you address an issue like that. you're gambling the livelihood of all of your employees. you didn't think about that? >> but, you know what it is? i felt in many ways i was elevating our collective purpose. i found a place to make what we did really relevant. i was prepared for some feedback. the back lash i got but i got none. >> he was putting everything he had into this because he believed in it. because he believed it was the right thing to do. >> reporter: kevin frost is ceo of the american foundation for aids research. where cole donates his creativity and millions and serves as chairman of the board. >> he's prepared to take the kind of risks that i would argue very few businessmen take today. i'm sure it's partly responsible for his success. but unquestionably it is responsibl

bayh and chairman leibowitz and the chair recognizes himself for five minutes for the purposes of openingments. i would like to thank all of my colleagues and all of the witnesses who diligently worked to prepared testimony over the fourth of july holiday, so that today's hearing would be as meaningful as possible. as we commence our examination of the administration's proposal to create a new financial-- a new consumer national protection agency. my view on the matter is fairly straightforward. i believe that the ftc should remain intact as it is currently constituted and that this committee and subcommittee should continue to oversee and authorized the ftc. the commission, which was established in 1914 during our nation's progressive era, was designed to be a regulatory agency with disinterested expertise to ensure compensation and to promote free enterprise and those prescient concerns are as vital today as they were almost a century ago. the commission operates best as a lone eagle from high above the agency can survey the marketplace and swooped down on predators that to receive an u