mr. wallaceson later. second, by suggesting that a major cause of the financial crisis was the wholesale failure of bank and financial institution managements, this section endorsed a policy foundation for more regulation, as well as the underlying rationale for the dodd/frank act. after all, the management's -- virtually all the financial institutions cannot be trusted to manage their firms, then the public must oversee them. he says, that is exactly the rationale that congress used in designing and enacting the dodd/frank act, and unfortunately, it's the implicit policy message of this particular section of the report. now, the relevance of that is that the section of the report that is being discussed here is the dissent by the three other republican commissioners. in other words, according to mr. wallaceson, the other three republicans whom he somewhat oddly refers to as the thh dissent, i actually was looking when i first came across that to see what disparaging initials those were. it turns out it's

mr. peter wallaceson, commissioner. and mr. brian georgio. so we thank the second panel. the first panel will be dismissed at noon. and without objections, your written statements will be made a part of the record, and you'll each be recognized for a five-minute summary of your testimony. at this time, mr. angelitis, i will recognize you. >> thank you, very much, chairman baucus, ranking member frank, members of the committee. thank you for the invitation to discuss the report of the financial crisis inquiry commission. first of all, i want to thank my colleague, vice chairman bill thomas, for his service to our country and to this commission. and i want to thank our dedicated and excellent staff who worked with us. this committee requested that i address three subjects. the commission's report, the inability to reach a consensus on some conclusions, and the dodd/fnk wall street reform and consumer protection act. in 2009, congress tasked the commission to examine the causes of the current financial and economic crisis in the united states. and to probe the collapse of ma