is someone who is building an office of financial research. and i hope we'll hear about that. and also, the perspective of being on wall street as well as now on the other side. >> nelly has made my job, and that has made my job easier. to talk about the office of financial research, goals and objectives and what we're trying to accomplish. and i can assure you that it's not just me alone here we have a number of people, not just in the treasury but in the financial stability oversight council including nellie who are contributing to that effort. and as nellie said, we need your help. i'll talk about some of the partnerships that we want to try to forge to realize our objective. let me talk a little bit about some of the aspects of the macroprudential toolkit that i think are important that both matt and nellie alluded to. our criteria for success in big about macroprudential policy are much more diffuse than a offer monetary policy. monetary policy have the luxury of having some targets that are quantifiable. it's much more difficult as nellie implied to assess our criteria fo

the office of financial research, to enhance the analysis of financial data to policymakers and the public. the consumer of financial protection bureau, the help consumers make informed decisions and protect them from abuses in the marketplace. we are far along in standing up these institutions, and they had each begun to play their roles. as we move forward, we must continue to move quickly but carefully, taking the time we need to get things right. we must make sure our efforts are coordinated. we must make sure to take care to regulate firms in matters of her free to the risk posed to the system. we must be sure to work to improve the defect in this of regulation as we write a new set of rules. we must work with partners creigh level playing field with the high set of standards. we must make sure regulators have the funding they need to do their job. a year ago, dodd-frank was enacted. these reforms were an obligation, not a choice. without them we could not build a system we need. a financial system with the stability and resilience necessary to support our economy and to protect it in

of the laws dealing with banks and wall street passed by the last congress he doesn't like that dodd frank bill that created the consumer financial protection bureau and the office of financial research here believes that these government agencies are evil because they're looking out for the consumer and not wall street and big banks the way he is right now basically these these agencies the two girls that i just mean richard a little dictatorships i mean do you support this person and they dictate what they can do to you how much they can charge you for. it if you don't want to you true there's really not much you process to do you don't think that's the real the toughest thing to do to bark or see. yeah he called the new agencies little dictatorships but this is not unique from the g.o.p. crowd when it comes to trying to rein in banks business and wall street since the new congress was sworn in not about our and some of his fellow republicans have worked to defund the new financial regulations so they can be a forced effectively and mind you many analysts and economists that i've interviewed say that these new regulations are even tough enough to begin with to end too big to fail s

the office of financial research, to enhance the analysis of financial data to policymakers and the public. the consumer of financial protection bureau, the help consumers make informed decisions and protect them from abuses in the marketplace. we are far along in standing up these institutions, and they had each begun to play their roles. as we move forward, we must continue to move quickly but carefully, taking the time we need to get things right. we must make sure our efforts are coordinated. we must make sure to take care to regulate firms in matters of her free to the risk posed to the system. we must be sure to work to improve the defect in this of regulation as we write a new set of rules. we must work with partners creigh level playing field with the high set of standards. we must make sure regulators have the funding they need to do their job. a year ago, dodd-frank was enacted. these reforms were an obligation, not a choice. without them we could not build a system we need. a financial system with the stability and resilience necessary to support our economy and to protect it in

the office of financial research, to enhance the analysis of financial data to policymakers and the public. the consumer of financial protection bureau, the help consumers make informed decisions and protect them from abuses in the marketplace. we are far along in standing up these institutions, and they had each begun to play their roles. as we move forward, we must continue to move quickly but carefully, taking the time we need to get things right. we must make sure our efforts are coordinated. we must make sure to take care to regulate firms in matters of her free to the risk posed to the system. we must be sure to work to improve the defect in this of regulation as we write a new set of rules. we must work with partners creigh level playing field with the high set of standards. we must make sure regulators have the funding they need to do their job. a year ago, dodd-frank was enacted. these reforms were an obligation, not a choice. without them we could not build a system we need. a financial system with the stability and resilience necessary to support our economy and to protect it in

the fsoc has access and access to the market place and a new office of financial research is empoweredo collect data from any financial firm and develop and enforce standardization for such data collection. before dodd-frank, the derivatives market grew up in the shadows with little oversight. credit derivatives to diffuse risk concentrated it. since securitization with embedded derivatives magnified the security market and major firms used derivatives to increase credit exposure to each other rather than to decrease it. we should never again face a situation where the potential failure of a virtually unregulated capital deficient major player in the derivatives market such as aig can impose devastating risk on the entire financial system. the o passty of the market means the market and market participants did not have enough information about the location of risk exposures in the system or the extent of connection in the large firms. when the crisis began, regulators, financial firms, and investors had an insufficient understanding of to which the degree of one firm spelled trouble fo

the office of financial research, to enhance the analysis of financial data to policymakers and the public. the consumer of financial protection bureau, the help consumers make informed decisions and protect them from abuses in the marketplace. we are far along in standing up these institutions, and they had each begun to play their roles. as we move forward, we must continue to move quickly but carefully, taking the time we need to get things right. we must make sure our efforts are coordinated. we must make sure to take care to regulate firms in matters of her free to the risk posed to the system. we must be sure to work to improve the defect in this of regulation as we write a new set of rules. we must work with partners creigh level playing field with the high set of standards. we must make sure regulators have the funding they need to do their job. a year ago, dodd-frank was enacted. these reforms were an obligation, not a choice. without them we could not build a system we need. a financial system with the stability and resilience necessary to support our economy and to protect it in

the office of financial research, to enhance the analysis of financial data to policymakers and the public. the consumer of financial protection bureau, the help consumers make informed decisions and protect them from abuses in the marketplace. we are far along in standing up these institutions, and they had each begun to play their roles. as we move forward, we must continue to move quickly but carefully, taking the time we need to get things right. we must make sure our efforts are coordinated. we must make sure to take care to regulate firms in matters of her free to the risk posed to the system. we must be sure to work to improve the defect in this of regulation as we write a new set of rules. we must work with partners creigh level playing field with the high set of standards. we must make sure regulators have the funding they need to do their job. a year ago, dodd-frank was enacted. these reforms were an obligation, not a choice. without them we could not build a system we need. a financial system with the stability and resilience necessary to support our economy and to protect it in

of financial aid and scholarship says, though, there is hope. >> i would say call us. see the financial aid. call the people, call the office to find out what are your options, how do i do the research, what are the scholarships that are out there? how difficult is the financial aid? i know for a lot of people they look at it and say this is worse than filling out an income tax return. i'm not going to do it. you know, that's what we're here for, to help them through the process. to help them find that money. >> many students we talked with say they're looking into taking out more in loans and hoping to pick up more shifts at work to make up the difference in tuition. >>> a swarm of angry bees have people living in one southern california neighborhood ducking for cover. neighbors in southwest riverside county say the bees have built large nests, and that exterminators are killing them but by the thousands. this labrador died after being stung so many times. the veterinarian actually lost count. exterminators say the main hive and queen bee need to be moved or killed if they want to stop the problem. >>> a pacifica man who was caught in an endangered animal's taxidermy sting will ser

of students are looking for help. the financial aid and scholarship office is packed with people in the same position stephanie is in. >> there is money, it requires research. >> reporter: the director says they have seen a huge increase in the number needing students through loans or scholarship. >> i know for a lot of people they look and say this is worse than filling out an income tax return. i'm not going to do it. that's what we're here for, to help them through the process and help them find that money. >> reporter: for many students figuring out how to get into college and pay is perhaps their first big test in higher education. >> i couldn't be prouder of her and i know she's going to get where she's going to go. it will work out. everything happens for a reason. >> reporter: students at cal state schools are paying nearly four times the amount in tuition they were paying 10 years ago. a recent survey found more high school students are concerned about how they are going to pay for college than about actually getting into one. and how successful they will be once they are there. live in san jose, kimberly tere, nbc bay area news. >> difficult situ