mr. calhoun is trying to make which is that accountability is important. no one debates that. i hope everyone on this panel would agree that we should seek more accountability for federal bank regulators. the question, though, is how do we do that. >> absolutely. >> and not every form of accountability is equally effective or equally appropriate. >> that's right. but accountability is important, isn't it? >> without a doubt. >> senator, i just wanted to make two points if i may in response to your question. i thunk first of all, i mean, there is sort of a fundamental question of government here about who ultimately everybody is accountable to, which is the people. i do think accountable to elected officials, although we might not all like everything that congress and the president do every time, ultimately the people in whom the people have proposed their trust and it seems to me that's a fundamental part of our government, and therefore, when somebody says, for example, it's an interference because in an appropriations bill there is a provision that says to the regulator you

mr. calhoun. know that you know that a lot of us try to figure out a way to cause this thing to have some checks and balances. i do not understand. there has been a major victory in having a consumer protection organization. it is going to be well-funded. i do not understand why people tried to press into an ideological divide to save this one entity should have no checks and balances. i would not confirm me as head of this agency. it is not an appropriate thing. i would ask you, why is it that we have taken this one issue? there have been some modest request. you have been involved in the creation of this. there have been some modest requests regarding checks and balances. there are going to be democratic appointees to this. there could be some ideological republicans appointed at some point that repeal it. i do not understand why you have done this and why you have -- why you have not been willing to say, maybe we should have some appropriate checks and balances? everybody would be united behind

mr. michael calhoun. he is president of the center for responsible lending, a non- profit, non-partisan consumer research and policy organization. market share for --improving the financial life of its members. the president and ceo of sprint bank based out of oklahoma. is also the chairman. and mr. pincus is a partner at the law firm here in washington d.c., and a member of the u.s. chamber of commerce. adam levitin, a professor of georgetown university, specializes in financial regulation. we thank you all for your time. mr. calhoun, you may proceed. >> thank you, chairman johnson, ranking member shall become and members of the committee. the center for responsible lending works to help families achieve and maintain financial success. we aren't at the lead of self- help, that nation's largest community lender. it has provided whole financing to more than 64,000 families along with charter school financing, small business loans, and other community developing financing. as we approach this anniversary of

mr. calhoun, had you seen that? >> yes, have . >> to my mind, it is something to simplify the mortgage disclosure forms. is the new form being performed -- proposed by the cfpb and going to consumer testing right now better than the existing forms? >> yes, and my understanding that it has received accolades from both those consumer advocates as well as mortgage lenders. we look at it for the lands of both, being affiliated with a substantial mortgage lender. it is a place where consolidating the authority, it is what you had for more than a decade. the federal and serve both having authority in that area and being unable to agree on even a simple disclosure form. it was a place where we see the value of the consumer bureau been demonstrated. we also see the care with which the consumer borough has moved forward with that proposal. this horrible agency has done something that prior to existence no one could create. so simplifying a clear opportunity for the consumer to understand what they are entering into and get t

mr. rosen, i noticed when you were discussing the background history that led to secession, you didn't mention the notification -- >> what no obligation? [laughter] that's why i'm asking. when calhoun was standing up against jackson, they were about to go to war and have it broken out then, the war would be over. i agree with you that the events in 1861 were about slavery, that they were about states rights and the right they were talking about was, unfortunately slavery. and in 1861, these folks were several hundred years after the beginning of the horrendous african slave trade, started by the spanish and portuguese, which the french and english didn't like, and which bring elizabeth took a personal. is an extreme the kabul get a topic as far as what started the war. and as someone, they did sign orders of secession and fought on the losing side, do you think we will ever be able to sit down as a country, educated, thoughtful people, and look at what really did happen and come to some consensus? even the celebration of this year, i have seen raise a lot of tempers on both sides of the issue and were a long time after. >> i'm happy -- one of my jobs that i volunteered for as presi