our proposal includes the fact that they would not have regulatory authority is the fact that if the nifi]had to do the analys and act on the analysis, its ability to report clearly, its findings would be compromised. the example i would like to give is a provision in law that i was involved in which requires the treasury department to make an annual report to the congress on foreign countriesç that manipulate trade rates for a trade advantage. those with filed this issue know that over the years a number of countries have a clearly he most obviousç exampe value of the chinese currency. despite all of the evidence that has been there, i do not believe the treasury department has been able to conclude that any country was using its rate for their -- for another country's the advantage. i like to say that if systemic regulators use the data and analysis appropriately, that t(regulator would only be subjet to criticism. if he or she is successful, we would never see the next systemic event, and the actions would have taken some progress away from someone and would have slowed down the goo

çwithout having that decided by the end i asked itself, -- n aideeby the nif itself. >> thank you.bly worth hearing -- moral dilemma. i think this is what it is all about. again, my esteemed panelists have brought up the concept of what i think is a moral dilemma. if you are inside of an agency whose job is to support the financial markets in terms of being directly involved and assist in and begin growing and expanding, and at the same time regulate them, there is a moral dilemma. if you are in spite -- >> the issue that we haveç andi can only speak for my company, i work " is that if we did not get the date to correct, we are dead in the water because people will stop buying it. our moral dilemma is getting the facts correct. we either do it right or wrong. if we get it wrong, we are out of business. part of the issue that i have is that i do believe there is the need for an independent agency outside of the government to deal with these issues without having to face the moral dilemma. i believe there are issues that must be faced by congress but this will take a while to come t

there could be substantial cost savings from such a location of the nif.e international effect of this are extremely important and the location of the national institute of finance what necessarily be very important that it be able to collaborate and share data and analytical tools with sister agencies around the globe otherwise we only see a partial picture of this financial system, and then one final comment. the security of the data is extremely important to preserve what i think that an ultimate goal would be to make as much of this data in a delayed and abrogated a form available to the public as possible. transparency and financial target's is a great supplement to the regulation. it's cheaper and it may be more effective in many ways than much of the regulation we consider, and so an ultimate goal i think the national institute of finance would be to disseminate as much of this information as possible, and that would require congressional guidance. >> thank you, very much. mr. horne, please. >> thank you, senator reid. senator corker, thank you for

was chosen as a sensitive alternative until it became an insult in the '50s and increasingly offense nif past decade. >> many people are disabilities are profoundly impacted by that word. i can see on a personal level that's true for me, too. i'm lucky enough to have two wonderful sisters, one who has down syndromes. >> reporter: after protests met the release of "tropic thunder." the dvd carries this message of tolerance. 44 states have recently renamed their departments of mental retardation, and a bill known as rosa's law, named for this little girl, would strip that word from all federal language, replace it. but there are defenders of the r-word, and rahm emanuel's use of it. >> i think that if it's one democrat calling another democrat an idiot, a moron, retarded, it's fine. there's a create song, "crazy," do we not sing that anymore? of course not. >> reporter: it's usually the offended group that gets to control its label. gay leaders dlibryly embrace the word year, the n-word was taken from common to taboo in a single generation. >> another one is going to pop up in its place. i

çwithout having that decided by the end i asked itself, -- n aideeby the nif itself. >> thank you. whose job is to support the financial markets in terms of being directly involved and assist in and begin growing and expanding, and at the same time regulate them, there is a moral dilemma. if you are in spite -- >> the issue that we haveç andi can only speak for my company, i work " is that if we did not get the date to correct, we are dead in the water because people will stop buying it. our moral dilemma is getting the facts correct. we either do it right or wrong. if we get it wrong, we are out of business. part of the issue that i have is that i do believe there is the need for an independent agency outside of the government to deal with these issues without having to face the moral dilemma. i believe there are issues that must be faced by congress but this will take a while to come together. i did not think you canq contine to move forward with the state of the economy as it is in the current system of bubbles that are occurring all across the country without having the inform

ifomne ss, aa count,f u s, o im fascis thi d -th iolie a design te oosio t e nif ltulrasmsha iis yorgen noinmaer e's no dfenc bwe ytng t o hd,ngsh, , o thotran sri t oneanwon's rht onhethanon llgsndabous rae o clorecmylics wh ith dfenc th a eal,s a ivsi pfeor says, vad. evo nto dat t reecveerss p yourlfn e wngid caef t ce li o ltulrasm ihe i nointoalbond erhi ini aluy, thenrgen b s b denion oth erest de. w onn r ow cplof argo, a pnt o th treerve free slocti. d e llai wt y me tha -- byha eendairleio, freom ectn,om' rht inpeen jicryansh sa,hi tt jt ur inn. an y t tpotutha es a wt sed toal ct d eay tnko're beg high-nd y'rempinyo vue o em yoreizhere aange ctulelivm is tt enrsrgenimssle founel rli iti t trend iha aayf asrtg se. o ar a, iid qck po othinrn aut sml b sryhacaht m ey etaanerrmcertt set o thihhero aan to thealtianerto t protwodea. shas dss a a bdean thpuosf rri was t owhaifnlyo p yr trusinuromn hany, at a wlde ll a nt lerhenad by waou i t bhe i rkey. e heeanrad d en ll. r luonmereit ths urra opotil rrtns. e d nesveo d. sh was 3hiea tt s ha bnarated iubc te- lica crene fo aost heen

think that the efforts of the group of academics and others who have been promoting the and i have -- nifn drawing attention to and moving the debate forward on the data needs that we really do have. to underscore something that i said earlier, theç absence of data from the shadow banking system was certainly problematic system was certainly problematic in retrospect. some of the names that i saw on the list of participants in that workshop were the names of scholars who have written on the substantive clauses of theok crisis -- causes of the crisis and the way in which adverse feedback groups began when things began to move into reverse. i think we need additional data sources. how to make suret( thatw3 every dollar ofç the governmental fus spent on this7s are spent most wisely and how to make sure that we do not demand private expenditures that are not going to useful purposes is the kind of question that we confront alç the timeç in any government regulatory or data collection effort. çi would say that that is where some of theç principles we suggested in my written testimony wou