mr. sunstein.uld like to talk about the importance of regulations on protecting the economy and an advance of the hearing you wrote german upton and chairman stearns sharing our concerns of burdensome regulations and investment and chasing jobs overseas. i have an industrial base and i share that concern. although i am concerned about some of my republican colleagues that the regulations regardless hurt the economy, and let me give you an example of the years of deregulation brought the market to the point of collapse in 2008. the federal reserve had the authority to stop the practices that fueled thus the prime mortgage market and chairman greenspan refused to regulate the industry. the security exchange commission relaxed its that cattle will in 2000 for aligning investment banks to increase the ratio to 33 period one. the treasury proposed legislative efforts for the transparency and oversight concerning foot trading in energy derivatives. the office of thrift supervision and control remained fo

mr. sunstein this was a primary cause of the financial crisis. my first question is do you agree with the findings of the t.a.r.p. oversight panel, and was this is case where the lack of regulation harmed the economy and caused the nation to lose these millions of jobs? >> i'm in general agreement with that. >> okay. and in the view of president obama that increase of government -- that any increase in government rules and regulations, do they hurt the economy? >> depends on the rules and regulations. some do, some don't. >> well, and hopefully we learned our lesson, although sometimes we have to keep learning our lesson. we saw during the financial crisis targeting effective regulation provide important safeguards for our economy, and we hope we remember that government regulations can play an important role in protecting our country and our citizens, but also on the other hand, i see a lot of what i think are really silly regulations coming out and think, okay, how did they get to that point? i tell people, congress is the only stiewtionz known

mr. sunstein. i would like to talk about the importance of regulations on protecting the economy and an advance of the hearing you wrote german upton and chairman stearns sharing our concerns of burdensome regulations and investment and chasing jobs overseas. i have an industrial base and i share that concern. although i am concerned about some of my republican colleagues that the regulations regardless hurt the economy, and let me give you an example of the years of deregulation brought the market to the point of collapse in 2008. the federal reserve had the authority to stop the practices that fueled thus the prime mortgage market and chairman greenspan refused to regulate the industry. the security exchange commission relaxed its that cattle will in 2000 for aligning investment banks to increase the ratio to 33 period one. the treasury proposed legislative efforts for the transparency and oversight concerning foot trading in energy derivatives. the office of thrift supervision and control remain

mr. cass sunstein back. the last hearing devolved into a criticism of individual regulations that individual members might disagree with, but i'd think it is worthwhile for this committee to continue to focus on the regulatory reform efforts of the administration and see if we can make real progress. i know we are taking away, once again, from your efforts to implement the program, but it is important for us to hear it babies since our first hearing in january from what i have heard is executive branch agencies have developed preliminary regulatory review appliance that the administration has provided and posted on the white house website. my initial review reveals a range of efforts. agencies are streamlining and modernizing to save industry and government time and money. a more precise detailing in regulation to save money for industry, creating a broader opportunities for public participation in the design and implementation of regulation and are improving their review process. so i hope that we can hear

mr. sunstein. i would like to talk about the importance of regulations on protecting the economy and an advance of the hearing you wrote german upton and chairman stearns sharing our concerns of burdensome regulations and investment and chasing jobs overseas. i have an industrial base and i share that concern. although i am concerned about some of my republican colleagues that the regulations regardless hurt the economy, and let me give you an example of the years of deregulation brought the market to the point of collapse in 2008. the federal reserve had the authority to stop the practices that fueled thus the prime mortgage market and chairman greenspan refused to regulate the industry. the security exchange commission relaxed its that cattle will in 2000 for aligning investment banks to increase the ratio to 33 period one. the treasury proposed legislative efforts for the transparency and oversight concerning foot trading in energy derivatives. the office of thrift supervision and control remain

mr. cass sunstein back. the last hearing devolved into a criticism of individual regulations that individual members might disagree with, but i'd think it is worthwhile for this committee to continue to focus on the regulatory reform efforts of the administration and see if we can make real progress. i know we are taking away, once again, from your efforts to implement the program, but it is important for us to hear it babies since our first hearing in january from what i have heard is executive branch agencies have developed preliminary regulatory review appliance that the administration has provided and posted on the white house website. my initial review reveals a range of efforts. agencies are streamlining and modernizing to save industry and government time and money. a more precise detailing in regulation to save money for industry, creating a broader opportunities for public participation in the design and implementation of regulation and are improving their review process. so i hope that we can hear

mr. cass r. sunstein you are aware that the committee is holding an investigative hearing and when doing so had the practice of taking testimony under oath, and do you have any objection to testifying under oath? the chair then advises you under the rules of the house and the committee, you are entitled to be advised by counsel if you desire to be advised by counsel during your testimony. in that case, if you would please rise and raise your right hand, do you swear to tell the truth, the whole truth, and nothing but the truth so help you god? you are now entitled and may give a 5 minute summary of your written statement. >> [inaudible] >> i think you need to put the mic on. there you go. >> thank you so much, mr. chairman, and thanks to you and members of the committee not only for your strong commitment of the reduction of unjustified regulatory burdens, but also for your generosity and kindness to me and my staff over the last months as we try to work together on these issues. my focus on these opening

mr. cass sunstein back. devolved into a criticism of individual regulations that individual members might disagree with, but i'd think it is worthwhile for this committee to continue to focus on the regulatory reform efforts of the administration and see if we can make real progress. i know we are taking away, once again, from your efforts to implement the program, but it is important for us to hear it babies since our first hearing in january from what i have heard is executive branch agencies have developed preliminary regulatory review appliance that the administration has provided and posted on the white house website. my initial review reveals a range of efforts. agencies are streamlining and modernizing to save industry and government time and money. a more precise detailing in regulation to save money for industry, creating a broader opportunities for public participation in the design and implementation of regulation and are improving their review process. so i hope that we can hear about some of tho