marty greenberg is the acting chair of the federal department insurance corporation. and richard is the director of the consumer financial protection bureau. i thank all of you again for being here today. i would like to ask the witnesses to please keep your remarks to five minutes. your full written statements will be included in the hearing record. secretary wallen, you may begin your testimony. >> chairman johnson, members of the committee, thank you for the opportunity to appear today to discuss the implementation of the dodd-frank act. it will help protect americans from the excessive risk and poor consumer protections that played leading roles in bringing about the financial crisis. that crisis and the recession that accompanied it cost nearly 9 million jobs, erased a quarter of household growth and brought gdp growth to nearly negative 9%. today our economy has improved substantially. more than 4.3 million private sector jobs have been created over the past 27 months. and since mid-2009 our economy has grown at an annual rate of 2.9%. as part of our broader eff