mr. ludwig one more question and i want you to or two improvements. d finish with that's as again they wanted to thoughts of improving dodd-frank in ludwig richard cordray the former attorney general of ohio came to quite known the new, i won't say the new director of confirmation is probably. you said quote at the newly minted consumer financial protection bureau does not have the senate approved later by the first anniversary last the consequence kicks in the cfpb will be take action against banks with more than $10 billion of assets but that which are end quote. are you saying traditional banks are hurt by efforts to block the appointment as you know mr. chairman a huge supporter of consumer and low moderate income issues and i think it odd anomaly if not confirming mr. cordray is that of consumer rules, but they there want be an imposition of those rules on the the shadow banking out a good thing. i think we have to get a balance moving forward here. >> in conclusion let each of you start one or two improvements would you make to hard to stay at ju

mr. ludwig made the point that research is one of the parts of dodd-frank. missing today is the director of the office of financial research and it's been placed under a very complicated 17-member committee. so i think that we really have to adress the need to measure and publicize the cost taxpayers incur in supporting national and international safety nets. this will be the job of the office of financial research but it needs to be assigned to them in this way. i think also the authorities to do this conscientiously in the long run, governments need to train the -- change the way they're trained and incentivized. >> mr. ludwig. >> three things. one, i lament the fact that we don't have a single prudential supervisor. dr. stiglitz advocated for that early on in the clinton administration and it has not yet -- the countries that have done better, australia, canada, and japan had a single focused and professional prudential supervisor, i think that would advance the cause in this country markedly. i agree with dr. kane that education for financial soup visors

mr. ludwig is vice chair and senior control officer bankers trust deutsch bank. earlier he served for five years as comptroller of the currency, as comptroller of the office of the control of the currency the federal agency responsible for supervising their preponderance of bank estimates of the u.s.. prior to being controlling it was a partner in the law firm of -- specializing in banking law. and last paul pfleiderer received ph.d. degrees from yale and economics. has been teaching at stanford for some 30 years. his research much of which is jointly pursued with another professor of finance is generally concerned with issues that arise when agents acting in financial markets are differentially informed. his current research concerns corporate governance and in addition to his academic research he is consulted for various companies and banks and has been involved in developing risk models and optimization software for use by portfolio managers. dr. stiglitz if you would begin. >> thank you for this opportunity to address the question of the financial structure t