chairman when chairman powell stepped down, and more recently became acting chairman when chairman sheila baer stepped down last july. so he's certainly a person with broad experience in the legislative branch. obviously for the last several years has been deeply involved in the regulatory policy arena. the fdic has been at the center of efforts to contain the financial crisis, certainly very much at the center of legislative drafting efforts with the dodd-frank act has certainly picked up new systemic responsibilities under dodd-frank so we're delighted to welcome chairman gruenberg to speak to us today. i suspect he'll be telling us something about the fdic's new responsibilities under dodd-frank and how those are being implemented. he's findly agreed to take a few questions after his prepared remarks. please join me in welcoming chairman gruenberg. [ applause ] >> thank you for that kind droe duction. art is an old friend and served as an adviser to us on any number of bills that we considered on the senate banking committee while i was there. this is a bit of an old home week. i know steve

if you go to "the economist" there are letters by sheila baer, by dodd, by frank, all of them defendingodd/frank. >> this is much more than political. >> what i'm saying is true. >> but i would argue something else which is tim geithner and the administration have been -- their rhetoric, their bark has been much harsher than ultimately their bite. >> none of the rules have gotten past at this point. so many of them haven't been implemented. >> more broadly, i think, the rules are not as harsh as some people expected. >> that's probably fair, too. >> there are a lot of rules that need to be written. i've been doing some research for this speech. at the chamber. and did you know that there are nine different reimbursement rules in obama care for being injured by a parrot? >> what? >> nine different reimbursement rates -- there's three different for being injured by a flaming water-ski in case that were to happen. >> you're lying, right? >> what's a flaming water-ski? >> it's a water-ski that somehow is on fire. >> specifically written for that or if you happen to have -- >> no, there's 14