the impacts of dodd-frank, being burdensome, overburdensome. just two or three questions and you can answer, we'll move on. does the fed's independence in setting monetary policy mean that financial regulations are above the law? and has anyone at the federal reserve done an analysis of the cumulative impact of dodd-frank regulations on the broader economic availables, capital formation and perhaps most important job creation? now the cftc, s.e.c., these other agencies do this. why aren't you doing this? and can you shed some light on why you're not? and would you be open to doing it? >> well we do a great deal of analysis to try to understand the costs of regulations that we put in place and their benefits, for example, with respect to the basel iii capital requirements, we participated along with other countries in a very detailed cost benefit study of the likely impact of raising capital standards. we came to the conclusion that even though there might be a very modest burden, burden on raising spreads and the cost of capital to, to the econ

banks and lending institutions all over the country, the impacts of dodd-frank being burdensome, overburdensome, and does it mean financial regulations are above the law and has anyone at the federal reserve does an analysis on broader economic variables such as capital formation and perhaps most importantly, job creation? the cftc and s.e.c., the other agencies do this. why aren't you doing this, and can you shed light on why you are not and would you be open to doing it? >> we do a great deal of analysis to try and understand the costs of regulations that we put in place, and their benefits. for instance, with example to the basal 3 capital requirements, we participated along with other countries in a very detailed cost benefit study of the likely impact of raising capital standards. we came to the conclusion that even though there might be a very modest burden on raising spreads and the costs of capital to the economy that the costs of financial crisis had been so dramatic and so large that the impact that we would have of reducing the odds of a financial crisis passed the cost benefit test