mr. luetkemeyer: roughly. mr. stumpf: i'd pick 80, for example. mr. luetkemeyer: ok. cfpb are in there as well, do they not? mr. stumpf: i don't know the number on that. mr. luetkemeyer: ok. just kind of curious. as a former bank regulator as well as a banker, this is a really, really disappointing situation for me. mr. stumpf: i couldn't agree more. mr. luetkemeyer: from the standpoint i tell people i'm shocked and dismayed. i'm shocked that the bank let this to happen and i'm shocked that regulators did nothing. while you're being find, which i think is appropriate, the regulators odd to be fined as well. for them to take the fine and keep it is a travesty. they need to be fined as well and let the money go back to the consumers because they were asleep at the switch. there is so much to blame it's unbelievable. a while ago you made a comment you have a good culture in your institution. that this shouldn't be happening. well, mr. stumpf, your own testimony says you're firing 1,000 people a year. 1,000 people a year. the only one way that can happen and there's a cult

mr. luetkemeyer: roughly. mr. stumpf: i'd pick 80, for example. mr. luetkemeyer: ok. cfpb are in there as well, do they not? mr. stumpf: i don't know the number on that. mr. luetkemeyer: ok. just kind of curious. as a former bank regulator as well as a banker, this is a really, really disappointing situation for me. mr. stumpf: i couldn't agree more. mr. luetkemeyer: from the standpoint i tell people i'm shocked and dismayed. i'm shocked that the bank let this to happen and i'm shocked that regulators did nothing. while you're being find, which i think is appropriate, the regulators odd to be fined as well. for them to take the fine and keep it is a travesty. they need to be fined as well and let the money go back to the consumers because they were asleep at the switch. there is so much to blame it's unbelievable. a while ago you made a comment you have a good culture in your institution. that this shouldn't be happening. well, mr. stumpf, your own testimony says you're firing 1,000 people a year. 1,000 people a year. the only one way that can happen and there's a cult

mr. luetkemeyer: ok. just kind of curious. as a former bank regulator as well as a banker, this is a really, really disappointing situation for me. mr. stumpf: i couldn't agree more. mr. luetkemeyer: from the standpoint i tell people i'm shocked and dismayed. i'm dismayed that the bank allowed this to happen because you did have a culture in place that allowed this to happen. and i'm shocked that regulators sit on their thumbs for so long and did nothing. while you're being fined, which i think is appropriate, the regulators ought to be fined as well. for them to take the fine and keep it is a travesty. they need to be fined as well and let the money go back to the consumers because they were asleep at the switch. there is so much to blame it's unbelievable. a while ago you made a comment you have a good culture in your institution. that this shouldn't be happening. well, mr. stumpf, your own testimony says you're firing 1,000 people a year. 1,000 people a year. the only one way that can happen and there's a culture there that

mr. luetkemeyer. >> thank you, mr. chairman. good morning, mr. secretary. i would like to have my questions in the areas of sifi designations in community banking. let me start out with an sifi designation stuff. dodd/frank calls for the automatic designation of any bank with more than $50 billion in assets to be an sifi. mr. secretary, we've had barney frank, the author of the dodd/frank bill, in this committee, sitting in that chair, who has testified to this committee that he told us that the $50 billion threshold is arbitrary and we should look at alternative methods for determination. we've also heard from other regulators such as chair yellen, and they support a different approach as well. would you agree that size should not be the only thing to determine what a systemic important financial institution is? >> congressman, i think ultimately the real issue is risk. >> do you agree that -- >> i think part of the challenge is that when people talk about what size bank is a big bank, the conversation is often unconnected to whether banks fall in terms of

mr. luetkemeyer: i thank the chairman of the rules committee for that ellgent introduction. also thank him for his hard work on his committee as well as bringing these important bills to the floor. i also recognize my colleagues, r. garrett, ms. wagner and mr. emmer. their efforts on behalf of our nation's investors and small businesses. mr. chairman, today and tomorrow, the house will consider legislation and allow small businesses and those investing to access needed capital without being subject to burdensome and unnecessary regulation. as we have seen throughout the financial services sector and across our economy, one size fits all rules are damaging our nation's businesses, financial institutions and as a result, american workers and their families. main street has been crushed under this administration's regulatory regime as even the ranking member admits. .r. 2357, three bills that passed the committee this year strengthens and facilitates access to capital. h.r. 5424, investment modernization act of 2016 eliminates requirements for investment advisers, allows for gr

mr. luetkemeyer: i first would like to thank the gentleman from virginia, mr. hurt, for his hard work on h.r. 35424. since joining this body, mr. hurt has been a tireless advocate for small business creation, capital formation, and working with families across virginia and throughout the united states. he's to be commended for his efforts. today, mr. speaker, we'll consider his legislation, h.r. 5424, the investment advisors modernization act. this bill makes long awaited nd sensible changes to a 76-year-old investment advisors act. h.r. 5424 streamlines requirements for private equity funds and sophisticated investors in private equity funds. as i said on the floor yesterday, there should be no room for regulation that serving only to appease bureaucratic demands. capital should be used to create jobs and further growth not fulfill meaningless and unproductive regulatory requirements. private equity plays a vital role in our economy. i have seen it first hand in my district and across missouri and hope my colleagues recognize private equity is responsible for

mr. luetkemeyer, chairman of our housing and insurance subcommittee -- stuart: split screen that our viewre watching. left-hand side of the screen, obviously, that is the hearing on capitol hill where john stumpf, the ceo of wells fargo, has been facing some very hostile questioning from politicians. not that many fireworks thus far. the senate committee hearings was much more rowdy, shall we say, last time around. that that hearing continues. right-hand side of your screen, the train accident in hoboken, new jersey. one confirmed dead, multiple critical injuries, up to 100 people ininjured. -- injured. the structural integrity of the hoboken train station in some doubt. the commute from new jersey into new york city, again, in some doubt later on today and, certainly, for the rest of this week. an ongoing situation there. back to wells fargo, and joining us now is john chang, he is the state treasurer of the state of california. mr. chang, welcome to the program. as i understand it, you have banned the state of california from doing business wells fargo for at least the next 12 months, i