questions from congressman al green, democrat of texas to michael gibson of the fred and lance auer of the treasury department. >> was aig a non-bank financial institution? mr. gibson? >> yes. >> thank you. i tend to ask questions that you can answer yes or no. and was aig into many different kinds of products, exotic products, if you will, credit default swaps, derivatives. was aig into exotic products? >> well, with the caveat that the federal reserve was not the supervisor of aig i'm sure the answer to your question was yes. >> i understand the federal reserve was not and i'm not going there. i am going here. was aig the type of institution that fsoc would be designed to have an impact on? you want to pass, mr. gibson? i'm still with you. >> i would say that looking at the quantitative screens in stage one aig would trip many or all of those. >> of course, it would. it was over $50 billion, wasn't it? >> yes. >> elaborate. tell us why aig would come under the auspices of fsoc. >> under the fsoc rule the category, the characteristics which make up systemic importance some of the most

michael gibson, board of governors of the federal system. >> thank you for the opportunity to testify today on implementation of the dodd-frank act as it relates to the designation, supervision and regulation of systemically important nonbank financial companies. the recent financial crisis. showed that some financial companies. including nonbank financial companies, not historically subject to consolidated. had grown so large, so leveraged and so interconnected that their failure to could pose a threat to the financial stability. the major collapses of major companies were the most destabilizing events of the crisis. the dodd-frank act addresses key gaps in the framework for supervising and regulating systemically important nonbank institutions. the establishment of the financial stability oversight council which has the authority to designate nonbank financial companies that could pose a threat to financial stability. second, a new framework for consolidated supervision and regulation of nonbank financial companies designated by the council. and third, improved tools for the resolut

a deputy assistant treasury secretary testified with the federal reserve board's michael gibson. they explained the designation process of the financial stability oversight council and how to avoid a one size fits all approach. this is about two hours. >> this hearing is called to order. i want to welcome everyone. this morning the financial institutions and the consumer credit subcommittee will examine the impact of being designated as systematically important financial institutions, specifically for nonbank financial entities. but i couldn't begin the hearing without talking about the most topical subject of the day or of the week there is no doubt that this week's news of jpmorgan's trading loss has raised significant questions about the supervision of risk within an institution. the story is still unfolding. and although it appears that the -- and seems to be that the firm had sufficient capital to absorb the significant loss, one of the questions i would ask is would a less capitalized institution survive a similar loss. are other financial firms that are deemed systemically

. >> nancy gibson and michael duffy from time magazine, a group called the president's club. unemployment' curious your thoughts on president obama and president clinton's relationship. in public they look social and friendly. if this happened him calling him amateur it couldn't be quite that cozy. >> this little scene has clinton saying of his two successors he has gotten a lot more calls from george w. bush asking advice when bush was in the white house than he has gotten from president obama. there have been reports that president clinton feels like president obama has not called on his expertise and experience are enough. no doubt there is tension in there. the kind of thing perhaps later on when they are both former presidents they will do things together but right how to there seems to be a lot of competitiveness. >> greta: never sure if we are getting the whole story on this. love to be the fly on the wall. >> does the obama campaign have an enemy's lift? frank insists he has had a target on his back ever since the obama campaign singled him out as a major romney donor

. >> our second witness is michael gibson, board of governors of the federal reserve. welcome. >> sherman -- chairman capito, thank you for the opportunity to testify today as it relates to the designation and regulation of systemically important companies. some financial companies had grown so large, so leveraged, and so connected that there the year could pose a threat to statement -- overall stability and the collapses of the companies were among the most stabilizing events of the crisis. the dodd-frank act addresses gaps in the framework for supervising and regulating non- bank financial restitutions through a multi pronged approach that includes the establishment of the stability oversight council, which has the authority to designate non-bank financial companies that could pose a threat to stability. a new framework for consolidated supervision and regulation of non-bank financial companies designated by the council. and improved tools for the resolution of failed companies. with respect to the first part, the financial stability council was created to coordinate

michael duffy and nancy gibson on the private and public relationships of the american presidents. >> this week on "the communicators, a look at the to the communications commission as two new commissioners prepared to join the agency that regulates communications by radio, television, phones, satellite, and cable and that overseas aspects of the internet. >> for the first time in nearly a year, the federal communications commission will have a full complement of commissioners. as it pie

gibson's "the "passion of the christ"." you have on the one hand abraham foxman of the antidefamation league saying it's dangerous, going to produce antisemitism, michael met vet, dennis prayinger, lapin, they say it's a good film and jews and christians should go and see it. and this translates into a tremendous kind of schedulessia, like i have -- schizophrenia, like i was saying and what is creating a backlash to the reclamation of jesus is an inordinate fear of the christian right and i think that's part of the problem that we face of trying to answer the question that jesus asked who do you say that i am? >> there's something else that could added here and that's the involvement of ann katharine emmer rich 1774-1824. a german miss stick and a stick maddic. why do i bring her name up? >> she was a major influence on mel gibson in terms of her making the atmosphere of the. the claim has been it's based on the gospels but the gospels aren't really a screenplay or a treatment of a screenplay, they're a very, very brief outline for such a movie and he took a lot of the scenes directly from her vision. >> summarized a an awful lot, brentano published he