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mr. gutierrez, are we doing a good enough job of listening to policy reform instead of listening to the politicians that are not talking about it at all. >> you bring up a good point and i don't know what amnesty is. any time that somebody has proposed a solution, that doesn't sound like amnesty to me, someone calls it amnesty, it has become the one word that can kill an p ideidea. it confuses people and people don't then know how this should feel about a certain issue. at one time they were calling the fence a wall -- >> just a couple of minutes left in this event, you can see it in its entirety on our website. we have the senate banki ining committee, richard cordray will be delivering the first semiannual report to congress. in it the cfpb said it received more than 13,000 complaints related to mortgages, credit cards and other financial products. mr. cordray previously served as ohio attorney general. >>> good morning. i'll call this hearing to order. before we begin, i'd like to send my best wishes to senator mark kirk for a speedy recovery. he is is a ranking member of the sub committee in ap

mr. gutierrez. >> thank you. i am going to talk a little bit about the impact on the economy.nd at a time when we're talking about competitiveness and how do we get more competitive against the rest of the world and china is rising and what are we going to do, one of our biggest advantages lies in the demographics and immigration. every developed country in the world has a demographic problem. japan is a country that is getting old very quickly. even china is going to good old before it gets rich. russia's population decline last year. it actually declined. and throughout europe -- italy, portugal, you name it, spain -- spain, i remember when they used to have 12 kids. today, the average family is not having enough to replace the people who are passing on. so this is a big problem for their economy. we grow our economy on the base of two things. productivity and the number of people in the work force. if you do not have enough people in the workforce, you have to do a really good job on productivity to grow gdp. the key thing is to have enough people in the work force that all

mr. gutierrez for his efforts in these areas as well. i am very concerned about your indications that you were homeless but he did not want anyone to know the you're homeless. i understand why. you have all spoken quite well, and let me compliment you. it took a lot of courage to do it as well as you have, and i think you for the courage they have exhibited today. but you all said that you didn't want people to know. was there on any of the school campuses a counselor or someone who had some degree of responsibility to work with you and help him from the campus, from the school campus? did anyone have a counselor or anyone on the campus the you were able to work with? >> there were councilors on staff at school, but i didn't speak to them until i had a connection from someone who did no work at the school. >> until you had -- did you say a connection? >> yes. >> she helped me get scholarships and introduced me to the coalition for the homeless. from that point on, that's when i talked to the council, mr. murphy, at my high school. he did

mr. gutierrez asked you a question about the cost of the fdic entrance fund over the last soviet. you get a $30 billion cost investors. what proportion of that what you say would be as a result of the kind of activity that we're talking about this morning as the volcker rule would affect? >> i don't know that you can discern from the failed institutions that we have had the relationship to proprietary trading activity. >> well, can you, i mean, out of the banks to 200 banks until the last couple of years but i'm sure a lot of those are community banks but you just testified were not part of the problem. of the bigger folks that have cost some difficulties for other things, the big banks were consolidated and a lot didn't go, a result of the too big to fail doctrine. no figures on that? >> in terms of tying into the proprietary trading activity, i think speed i think our hedge funds and private equity funds because of what the volcker rule that was addressing a. >> at me, i think the proponents, and that includes mr. volcker, have indicated they do the proprietary trading restricti

mr. gutierrez for his efforts in these areas as well. am very concerned about your indication you were homeless but did not want anyone to know the you were homeless. and a understand why. yellow spoken quite well, and let me compliment you. it took a lot of courage and to do as well as you have, and that thank you for the courage they you have exhibited today. but you all said that you did not want people to know. was there a new on any of the school campuses whatever for someone who's had some degree of responsibility to work with you and help you from the campus, the school campus, did anyone, a counselor anyone on the campus that you were able to work with. >> there were counselors on staff at school, but i did speak with them until i had one exit from someone they did not work at the school. >> until you had -- the dca connection. >> yes. rhonda per one help me get scholarships and introduced me to the coalition to the homeless. from that point on, that's when i helped to the counselor and my high-school. but he didn't tell. >> was

mr. romney, former commerce secretary gutierrez, who raised some interesting issues about medicare aroundhe romney candidacy in the state of florida, which has so many, as you know, older voters, your father's campaigning the gingrich campaign, has been very tough on mr. romney on the issue of medicare. is the contention of your father's campaign that mitt romney should not be trusted to protect medicare the way that he says he will? nch>> well, i think it's very interesting, we talk about entitlement reform, because it is a very hard thing to do whether it is social security or medicare, anything entitlement reform, it has to be done very, very carefully. as you know, my father is the only candidate in the ray including president barack obama, who has successfully reformed an entitlement. and i really think that put him ahead of the others because he knows to do that you really have to move the country forward, you have to get a consensus buy in and do it in the way people will accept. he believes in the reagan premise that you have to first win the argument and then win the vote and tha