mehdi, new standards are being applied without banks having a clear understanding of where they are. this will only discourage investment and create job loss. thank you. the speaker pro tempore: the gentlewoman's time has expired. the gentlelady from california. ms. waters: thank you, mr. speaker. i yield to mr. perlmutter of colorado three minutes. the speaker pro tempore: the gentlelady yields three minutes to the gentleman from colorado. mr. perlmutter: and i thank the gentlelady, mr. speaker. i come after a couple of members of the financial services committee with whom i like to work and i admire, but i got to say, what's being proposed here today is that america forgets what happened on wall street two years ago, four years ago, six years ago. it's a request to have collective amnesia and forget that giant ponzi schemes were perpetrated on hundreds of thousands of people, pension funds, firefighter funds, people all across this country. and let's just start with one guy named madoff. the reason you have regulations, the reason you want to regular -- want a regulatory body is to