. >> mr. dugan, good to see you again. i want to just ask you if you are in the words of tim dwightner defending the traditional prerogatives of your agency by arguing against some of these reforms that the administration is proposeing? >> we're speaking our mind on what we think makes the most sense and the points that we made, first of all, on the issue of federal preemption and uniform national standards for national companies providing national products, that's not really an agency issue. in terms of the agency's authority we have a system that works fine in terms of enforcement and examinationch consumer protection issues for banks. >> but you're also opposing the occ and the o'ts emerged into a single agent. >> i no, i'm not. that's not true. >> i thought i saw this in your testimony? >> we're fine with that and support the way they decided to do that, phase out the thrift charter. >> the spirit of steve's question is whenever you tell an agency to go away they would say no, no, no, we shouldn't and it raises this qu

dugan, office of the comptroller of the currency. >> thank you, mr. kanjorski. ranking member bachus, members of the community, i welcome the opportunity to discuss the regulation of financial services. the occ supports many elements of the proposal including the establishment of a council of financial regulators to identify and monitor systemic risk. we believe that having a centralized and formalized mechanism for gathering and sharing systemically significant information and making recommendations individual regulators makes good sense. we also support enhanced authority to resolve systemically different financial firms. the fdic currently has broad authority to resolve systemically significant banks in an orderly manner, but no comparable resolution authority exists for systemically significant holding companies of either banks or nonbanks. the proposal would appropriately extend resolution authority like the fdic to such companies. we also believe it would be appropriate to designate the federal reserve board as the consolidated supervisor of all systemical