mr. o'connor as well as mr. lord. one of the primary benefits of rail travel is the ability to move easily, efficiently, get on the train, get moving to your destination. how is it going to be as efficient, as rapid, or us to be able to balance the needs, the security needs, with a mode detailed review of whose boarding the trains? mr. lord, -- or mr. o'connor, let me ask you first because you've got the force out their. >> sure, center. it's critical that our systems remain open and free. it's part of who we are as americans. that being said, there are ways of secure data can be applied in the transit environment that reduce the vulnerability. and we are doing that by training our police officers in behavioral assessment, by training our employees in how to spot suspicious behavior and activity. and also, layering in random screening of bags, canines, both in the stations and on board the trains, as well as the use of technology. and technology is improving all the time and we're working with the tsa on new technolog

mr. o'connor. >> okay. mr. zubrow, is that your answer also? >> congress mapp, that is correct -- congressman, that is correct. i think that rule does not make sense. i would also point out, you know, i think that you're example of how it could lead to an increase in systemic risk, you know, was really predicated on the assumption that instead of having a firm engage with transactions with the affiliates, instead a firm might have to in effect do a three-legged transaction where it goes outside of its affiliates in order to layoff certain risks as a way of transferring risks within, you know, amongst its different entities that obviously increase, you know, the overall exposure to, you know, risk and credit risk, you know, across the system. in addition, i think, you know, as you're aware, you know, there's also proposals, you know, that are competing between what the u.s. has proposed and what it appears europe is likely to propose as to the types of collateral margin that could be posted for diff

mr. o'connor.>> okay. mr. zubrow, is that your answer also? >> congressman, that is correct. um, i think that that rule does not make sense. i would also point out, you know, i think that your example of how it could lead to an increase in systemic risk, you know, was really predicated on the assumption that instead of having a firm engage with transactions with affiliates, that instead a firm might have to, in effect, do a three-legged transaction where it goes outside of it affiliates in order to lay off certain risks as a way of transferring risks within, you know, amongst its different entities which would, obviously, increase, you know, the overall exposure to, to, you know, risk and credit risk, you know, across the system. in addition i think, you know, as you're aware, you know, there's also proposals that are competing between what the u.s. has proposed and what it appears europe is likely to propose as to the types of collateral and margin that could be posted for different transactions,

mr. o'connor. >> thank you. >> anything you would like to say? >> i guess the location most people are probably familiar with it. there have been a few different entertainment venues. some people think the location might be a bad location. i think it is a good location because it is in the middle of a lot of different neighborhoods. it is walkable and drivable from neighborhoods in the middle of the city where a lot of latin music goers live. i think one issue that might be worth addressing is the fact that there has been a lot of criticism of live music clubs with respect to honoring the food component and i'll be

mr. o'connor. >> thank you. >> anything you would like to say? >> i guess the location most people are probably familiar with it. there have been a few different entertainment venues. some people think the location might be a bad location. i think it is a good location because it is in the middle of a lot of different neighborhoods. it is walkable and drivable from neighborhoods in the middle of the city where a lot of latin music goers live. i think one issue that might be worth addressing is the fact that there has been a lot of criticism of live music clubs with respect to honoring the food component and i'll be partnering with one of my favorite restaurants in the bay area. it is in oakland. it is a top 100 restaurant and the chef there is going to do brick oven pizza at brick and mortar. it will be open for lunch and dinner. while we have seen many kind of supper club-type places fail, this will not be a supper club, it will be a very casual non-reservation, non-open table type of comfortable community seating for the earlier food component

mr. o'connor as well as mr. lord. one of the primary benefits of the truffle is the ability to move easily come efficiently, get on the train, get moving to your destination. how is it going to be as efficient as rapid or for us to people to balance the need, the security needs, with a more detailed review of who was sporting the trains. mr. o'connor, let me ask you first because you've got the voice out there. >> sure, senator. it's critical to systems remain open and free. it's part of who we are as americans. that being said, there are ways of security that can be applied in the environment that reduce the vulnerability, and we're doing that by treating the police forces and behavioral assessment by trimming employees and suspicious behavior and activity. and also the random screening of bags, canines both in the station and on board the train as well as the use of technology is improving all the time and we are working with the tsa on the new technology. i think it's important we keep the system open and free and

mr. o'connor. it's interesting at the end result here from not only dodd-frank but some of the things that are going on in basel in effect we are are -- we pushing risk out of the highly regulated, highly capitalized environment and into shadows and it's predictable that in the future that will be an issue. so as to your question, could it or will it increase systemic risk? it's entirely possible. >> should it be repealed? >> we're not pushing for any repeal of dodd-frank right now. the industry is really -- >> i mean the section. >> 716. you know, we were against it totally during the enactment of the statute. if it disappears, we'd probably be very happy. >> okay. then mr. zubrow, your testimony was -- made a lot of this morning. i would just -- on page two of the testimony you talk about the regulatory pendulum has swung to a point that our risk is hobbling in the financial system and economic growth. you say that u.s. policymakers should focus on how much the regulations they proposed collectiv

mr. o'connor about the work through the new york to new jersey through the train without being detected by security. others came walking through sit here and i don't know what measures amtrak has in place to prevent something similar from happening, but obviously it's got to be there. we need to know that these access waves are secure and we are not going to have people wandering through doing whatever they want as well as bringing terrible risk to the passengers of the system itself. >> well, they follow instructions without even getting them; right? thank you for joining us on behalf of myself, jim nussle, and the committee on the responsible federal budget. our co-chair is jim and charlie and the entire bipartisan board of our committee. i want to thank you for coming and welcome you to the committee's annual conference. i want to thank and recognize our president, maya mcguiness and her entire team and committee for the hard work and putting together the conference and for their tireless work throughout the year. our representation as a committee in very large measure is because of may

maureen o'connor, do youment to say what mr. jarvis said earlier about can this be a serious story, even for gawker? >> i don't think anybody is freaking out too much about a congressman tweeting his penis. it's sophomoric, yes, funny. i do take issue about the idea this is puritanical americans. for instance, if you look in italy, everybody's freak being berlusconi's sex life. for better and worse, our politicians are famous people so we're curious about the way he leads his private life, what he does in mediums that sort of put his private life and public life next to each other, like on twitter. i think, sure, it's ridiculous to talk about this when we could be talking about any number of important issue. but one thing doesn't always preclude the other. we can be curious about this without, you knowing giving up every other story in the news cycle. >> jeff jarvis, let me ask you about the college student who received this picture of somebody's -- somebody in their underwear. she says she doesn't know anthony weiner and she sa