. >> additional funding for "washington week" is provided by prudential financial, norfolk southern. nean annenberg, the corporation for public broadcasting and by contributions to your pbs station from viewers like you. thank you. once again, live from washington, moderator gwen ifill. gwen: good evening. this has been a week of standoffs between the president and congress, in congress between the house and the senate, among the g.o.p. presidential candidates, and at the united nations. the president was first up with a proposal to tax the rich and use the money for stimulus spending and deficit reduction. >> we shouldn't balance the budget on the backs of the poor and the middle class. for us to solve this problem, everybody, including the wealthiest americans and biggest corporations, have to pay their fair share the gwen: the republican response was swift. >> i don't believe that class warfare is leadership, and, you know, we could get into this tax the rich, tax the rich, but that is not -- that's not the basis for america. and it's not going to get our economy going again and i

. >> corporate funding is also provided by prudential financial. additional funding for "washington week" is provided by the annenberg foundation, the corporation for public broadcasting, and by to your pbss station from viewers like you. thank you. once again, live from washington, moderator, gwen ifill. gwen: good evening. there were a lot of gauntlets thrown down this week. one thrower was president obama who pitched a jobs bill to congress last night and went on the road to richmond, virginia, to sell it today. >> i was glad to hear some republicans, including your congressman, say they see room for us to work together. they said that they're open to some of the proposals to create american jobs. look, i -- i know that folks sometimes think, you know, maybe i used up the benefit of the doubt, but i'm an eternal optimist. i'm an optimistic person. gwen: it's no accident that he was in richmond. that's house majority leader eric cantor's home district. this was his response to the president's pleadings. >> i've already said there are plenty of ar

rethink possible. >> corporate funding has also been provided by prudential financial. additional funding for "washington week" is provided by the annenberg foundation, the corporation for public broadcasting, and by contributions to your pbs station from viewers like you. thank you.

rethink possible. >> corporate funding is also provided by prudential financial. additional funding for "washington week" is provided by the annenberg foundation, the corporation for public broadcasting and by contributions to your pbs station from viewers like you. thank you. >> be more. production was produced in high definition. ♪ ♪ ♪ >>> every single bite needed to be -- >> twinkies are in there! >> wow! >> it's like a great, big hug in the cold city. >> that food is about as spic

financial protection bureau. mr. cordray, welcome to the senate banking committee and a warm welcome to your family and friends who are here this afternoon. the cfpb was born out of the failure by prudential regulators to hault financial companies accountable for complying with consumer protection laws. congress graded the cfpb to be a robust and independent agency focused on protecting consumers like military families and older americans from abuses -- maccabees of financial products. the cfpb was also created to streamline disclosure so consumers can make the best financial choices for themselves and their families. in fact, one of the cfpb's first projects is to simplify the mortgage disclosure forms. the cfpb is an agency that the american public wants. recent bipartisan surveys showed that americans strongly support the creation of the cfpb. the director of the cfpb will play an important role in maintaining the agencies independence and equitable consumer financial marketplace and exercise enforcement of consumer protection laws. on july 18, president obama nominated mr. cordray to be the first ever director of the cfpb. the purpose of today's hearing is to consider whether mr. cord

financial regulation. then you can have functional regulation as well as prudential regulation. i don't think we'll ever get there, but i think it would be great to imagine that. and it would be great to try to achieve it. >> mr. katz? >> congressman, unlike my brethren on the panel plans to work for a living, i am retired. so i'm free to think about some of these issues. in the last five years i ask we do a fair amount of work for the world bank and the imf in these technical advisers. which means i'm working with people who are starting from a clean state -- clean slate. and two or three points that i think go towards this direction. the first one is, what harvey just mentioned about the regulatory philosophy, there was prudential regulation and there is business conduct regulation. the sec is historic live in pretty good at business conduct. sound practice. as a prudential regulator during examinations. it's never had the resources and it's never done it very well. and i think working on a clean slate, maybe the time is now to look at what is referred to as international as a