a conversation with the outgoing head of the fdic sheila bair. she has done and therefore one of the most tumultuous eras in u.s. history. banks were deemed too big to fail. a conversation with longtime basketball executive pat williams on the labour situation in the nba that could lead to a lockout has week's end. the collective bargaining agreement is set to expire. he is out with a new look gang of about john wooden. sheila bair and pat williams coming up right now. >> a he is james and he needed extra help with his reading. >> i am james. >> to everyone making a difference, you help us all lived better. >> nationwide insurance supports tavis smiley. with every question and answer, nationwide works with tavis to have an economic empowerment one step at a time. >> and by contributions to your pbs station from viewers like you. thank you. [captioning made possible by kcet public television] captioned by the national captioning institute --www.ncicap.org-- >> sheila bair is the chairman of the fdic that has served under presidents bush and obama

i'd like to engage the honorable sheila bair. so many practices and considerable amount are flawed, surfaced in the industry of the financial crisis, and regulators could have been quicker and stronger. i was dissatisfied with the foreclosure review reliced by regulators in april, and since you led the charge for sustainable loan modifications, i think the fdic was likewise disappointed. let me read their press release. "the inner agency review was limited to the management of foreclosure practices and procedures and was not by its nature a full-scope review of the loan modification or other loss mitigation of these services. a thorough regulatory review of loss mitigation efforts is needed to ensure processes are sufficiently robust to prevent wrongful foreclosure actions and to ensure services identified to the extent of which individual homeowners have been harmed." first, you believe that another regulatory review is needed? is that what we need to do with this? >> well, i just wanted to make sure it was clear what the scope

sheila bair gave her final speech as f.d.i.c. chairman today. bair played a key role in regulating banks during the financial crisis. as she leaves, bair fired back at bankers who argue requiring banks to keep more cash on the sidelines will hurt lending and the economy. >> this is a terrific example of the sort of static, short-term thinking that got us into this mess in the first place. there is a lot of recent research that shows higher capital requirements in the range that we are talking about will have a very modest effect on the cost of credit. it will create a large net improvement in the long-term economic growth by having more capital lessens the frequency and severity of financial crises. if your time horizon is anything more than the next six months or so, i think that's a pretty good tradeoff. >> tom: the federal reserve is in the process of deciding how high to set capital standards for banks that are so big their failure might jeopardize the entire financial system. the f.d.i.c.'s number two, vice- chairman martin gruenberg has be

sheila bair of the insurance corp.and you will be leaving, so we wish you well in your new endeavor. our next witness is the hon. mary schapiro of the securities and exchange commission. our fifth witness is gary gensler of the futures trading commission and the last witness is john walsh, acting comptroller of currency. we welcome our panelists and we will start with undersecretary brainard. >> thank you, chairman bachus and ranking member frank. i appreciate the opportunity. some would argue the united states is moving too fast on financial reform, that we should slow down and see what other countries implement. i don't agree. by moving first and leading from a position of strength we are elevating the world standard. with financial markets that are more globally integrated than ever we need financial reforms that are more globally convergent than ever. we don't need to synchronize across all issues there are a few key reforms that must be global in scope if they are to proceed. the risk of regulatory arbitrage carri

i would like to engage the honorable sheila bair. chairman bair, as you know so many bad practices and a considerable amount of fraud has proliferated throughout the market servicing industry and the years following the financial crisis. to be honest, i think of response of regulars could've been much quicker and stronger. for example, i was dissatisfied with the federal and agency foreclosure review released by regulators in april. and since you've been leading the charge for the loan modifications, i think the fdic would likewise disappointed let me read from the fdic, that press release. the inner agencies review was limited to the management of foreclosure practices and procedures, and was not by its nature a full scope review of the loan modification or other loss mitigation efforts of these services. a thorough regulatory review of loss mitigation efforts is needed. to ensure processes are sufficiently robust, to prevent wrongful foreclosure action and to ensure services have identified the extent to which individual homeowners

remarks from sheila bair.

r chairwoman sheila bair again if view the federal reserve view is if t there's no legal review toome require that it does become more t problematic. g the two-tier system isn't goingatoraid it to work every regulators it is imp not going to work. the impacts will be small, the the wall street boys, they are fine. we agree on that.we agr on but the community banks and to credit unions are going to have twe're incredible impact.o the small businesses, we are trying to help get us out of this recession that we are in. this is not a bailout. this will ensure regulated did c it change in her system and i ichange don't believe in bailouts. i don't believe in the t.a.r.p.gainst t bailout, i voted against thegainst auto dealers bailout, i don'tstry bailo. believe in the bailout. i wouldn't be supporting this if this is a bailout.anks wall street banks are going to do just fine. jus they will be fine regardless what happens but the fact is if the the exemption for banks undernot $10 billion will not work that's why i'm here. it is as simple as that.ow i want to close for now with a by stateme

. >> i want to join you in saying goodbye to sheila bair. my working relationship with chairman bair has been a beneficial one to me. she will be miss even by people who don't know that now but i think that her tenure will stand out as an extraordinary example of the right kind of public service. i do -- i'm not sure i'll be able to give back -- i like to give credit where credit is due to. mr. zube -- mr. zubrow. on page three, he as a quick -- recent initiative designed to reduce risks taken by u.s. financial firms. margins reporting in supervision derivatives. risk reintelligence. here is what he says. as a result of these post financial crisis changes, lehman brothers would have been subject same as jpmorgan chase including capital tramplings. a.i.g. would -- tranched. a.i.g. would have been subjected to federal supervision. countrywide would have been subject to the same as national banks. these are important changes. i appreciate this acknowledgment. both of all things in this bill and as he notes would have lessened the likelihood of t

on june 24, sheila bair will reflect on her tenure during a tumultuous time of the nation's financial sector. after garrett -- actor gary sinise will announce the formation of his own foundation to raise funds supporting military. on the first of july, charles bolden will speak a week before the final scheduled space launch. separately, but not least important, we would like to present to the token of our appreciation, the traditional npc ug. >> i love it. thank you. [applause] >> and now i would like to ask the final question. if you could still appear for a moment, general. [laughter] >> i tried. >> unlike to end on something like a brain teaser. given the fact that we are here to celebrate the legacy of president ford, and just wonder if you could close with one of your favorite stores, one of your cherished memories about him that you might be able to share with our audience, whether it was a humorous moment or something that you found quite endearing about president ford. >> well, one of the things i had the most fun with but had the most difficulty coping with was his goal strin

on june 24, sheila bair will reflect on her tenure during a tumultuous time of the nation's financial sector. after garrett -- actor gary sinise will announce the formation of his own foundation to raise funds supporting military. on the first of july, charles bolden will speak a week before the final scheduled space launch. separately, but not least important, we would like to present to the token of our appreciation, the traditional npc ug. >> i love it. thank you. [applause] >> and now i would like to ask the final question. if you could still appear for a moment, general. [laughter] >> i tried. >> unlike to end on something

we have before us today the 19th chairman of the federal deposit insurance corp., sheila bair who has served honorably during some of our nation's toughest times and chairman bair we realize this is your last hearing before congress, and you have had quite a career in the service to our government and to our people and i want to thank you for that. and, it is through some of the most challenging times in our nations history and you have also served on capitol hill. we appreciate your service there. what's that? well, we forgive you for that. serving on the senate side, but certainly understanding capitol hill as you do, we thank you or your time. and, it has been the tradition of this subcommittee to read the oversight and government reform committee's mission statement. the oversight committee mission statement begins, we exist to secure to fundamental principles. first americans have a right to know that the money washington takes from them is well spent and second, americans deserve an efficient effective government that works for them. our duty on the oversight and government refo

and then the outgoing head of the federal deposit insurance corp., sheila bair, talks about regulation. she is expected to be taught -- asked about greece's economy. >> the c-span networks -- providing coverage of politics, public affairs, nonfiction books, and american history. it is all available to you on television, radio, online, and on social media networking sites. find our content anytime through the c-span video library. we take c-span on the road with our digital content bus. it is washington your way. the c-span networks -- now available in more than 100 million homes, created by cable, provided as a public service. >> up next, "washington journal," with a look at today's news in your calls. the house gabbles back in this rn

under president ford bills began the annual gerald ford journalism award here on june 24, we have sheila bair, the chairwoman of the fdic talking about the federal response to the financial crisis. on june 30, gary sinise will announce the formation of his foreign-and -- of his foundation which will raise funds for charity supporting the military. second, i would like to present our guest with the traditional national press club mug. [applause] how about a round of applause? since you are a three-time speaker, you can hand them to your children when you have breakfast. final question, one of the bigger stories in recent weeks was the release of the my plate food icon replacing the food pyramid. it is a plate with different portions symbolizing grains, proteins, fruits, and vegetables. and barry on the side. -- and the debris on the side. next to that, there is this for. there is nothing assigned as a value for the fork. what is the symbolism of the fork [laughter] ? >> wellcomealan-- [laughter] >> is what we use that usda to lead with. [laughter] i don't know if you would use it for. [applaus

. >> what's your relationship like with sheila bair? is she as difficult to get along with as she might seem to be? [laughter] >> i think that she has served this nation very well. i think we are all going to miss her. her last day is july 8th, and i consider myself honored to be with her. speak to the dhaka >> the july 16th deadline speaking of july, you raised a magic wand there, so to speak, in terms of dodd-frank's deadline. but there are some legal experts out there who suggested deals going forward might be challenged. are you -- are you actually leaving the the rule making up to judges in this area as a result? >> well, congress gave us one year to complete the task of writing rules along with the securities and exchange commission for this 300 trillion-dollar market place. very proud of the cftc, with a little over 600 people, has substantially completed the proposal phase. we did that in about nine months. so, you keep budgets and time budgets and completed the proposals in nine months we are not going to complete the final rul

we have before us the 19th chairman of the federal deposit insurance corporation, sheila bair who served honorably and drinks of the nation's toughest times and the tramp bair, we realize this is your last hearing before congress and to have had quite a career in the service to our government and to our people and i want to thank you for that. and through, you know, some of the most challenging times in the nation's history and you also served on capitol hill, and we appreciate your service their. what's that? well, we forgive you for that. serving on the senate side, but certainly understanding capitol hill as you, we thank you for your time, and it has been the tradition of this subcommittee to read the oversight government reform committee is mission statement. the oversight committee mission statement begins we exist to secure to fundamental principles first americans have a right to know the money washington takes from them as well spent and second, americans deserve an efficient and effective government that works for them. our duty of the oversight government reform committee is t

also, remarks from sheila bair. she is stepping down as the head of the federal deposit insurance corp. in july. from the national press club at 1:00 p.m. eastern epic there are 11 and retired justices. this includes an interview elena kagan and with the enhanced books to add to your experience. >> to think a youtube rap video on economics to become popular? ♪ this weekend we will talk to the creators. >> we are trying to reach people who are interested in how the world works. that is everyone from a high school student whose curious about economics could personages tried to make a living and get along. >> sunday night and on c-span's q &a. >> john mccain and lindegren spoke on the senate floor about the strategy in afghanistan. they have search forces by september 2012. representatives will likely vote on a measure to limit the use of u.s. funding for u to only -- quote -- "nonkinetic activities." in other words, noncomb activities. so that no limited strike mission toss suppress air defenses or predator strikes ag

the accumulative effect of dodd-frank regulations and so on, capital, liquidity requirements and sheila bair in particular said that she thought the capital requirements were on the low end. and the governor from the fed, mr. tarullo, i spoke with afterwards, he suggested that he agree with. we had some back and forth on that. this question may not be germane to the discussion that proceeded my arriving. we have some expertise on the panel and i'd like your view on that question if i could. please. >> the answer to this question is not simple in part because of the exchange that just occurred. if your capital requirements -- if you are looking at risk-weighted capital requirements, and you get into the inter of that and risk weighting is being used to pretend that you don't have risks that you do have under basel ii around mortgage-backed securities, for example, then you may look like you have really strong capital requirements, but you don't. okay? with dodd-frank there are -- you know, some of this is still being put in place. there are some very important principals in dodd-frank that ar

would like to remind you of the oncoming speakers on june 24 if the outgoing chairman of the fdic sheila bair will reflect on her tenure during a tumultuous time for the nation's financial sector. june 30 if after gary will announce the foundation rather the formation of his own foundation, the charity dedicated to raising funds for charities supporting them of pottery, and on the first of july, the administrator charles bolden will speak about a week before the final schedule space shuttle launch. and second but not least important, we would like to present to the token of our appreciation and that is the traditional coffee mug. [applause] >> now i would like to ask the last question. typically if you will stay on here for a moment, general. >> i will try. [laughter] >> typically i like to end on something of a brain teaser or something like that. but given the fact we are here to celebrate the legacy of president ford, i just wonder if you can close with perhaps one of your favorite stories, your most cherished memories about him that he might be able to share with our audience whether it i

on june 24th, the outgoing chairman of the fdic, sheila bair will reflect on her tenure on a tumultuous time. actor gary sinise will announce the formation of his foundation a charity dedicated for raising funds supporting the military and on the first of july, nasa administrator charles bolden will speak, a week before the final scheduled space shuttle launch. and secondly, but not least important, we'd like to present you with a token of our appreciation and that is the traditional npc coffee mug. [applause] >> thank you. >> and now i'd like to ask the last question and typically -- if you'll just stay up here for a moment, general. >> i tried. [laughter] >> typically, i like to end on something of a brain teaser or something like that. but given the fact that we're here to celebrate the legacy of president ford, i just wonder if you could close with perhaps one of your favorite stories, one of your most cherished memories about him that you might be able to share with our audience, whether it's a humorous story or something you found endearing about president ford. >> well, one of th

chairman of the federal reserve when he was talking about the unintended consequences and here's what sheila bair said from the fdic. "we are concerned that these institutions may not actually receive" -- she's talking about small banks under $10 tbhl aassets -- "we're concerned that these institutions may not actually receive the benefit of the interchange fee limit exemption explicitly provided by congress, resulting in a loss of income for community banks and ultimately higher banking costs for their customers." john walsh, the interim controller of the currency, he says this, "we believe the proposalation an unnecessarily narrow approach to recovery of costs that would be howable under the law and that are recognized and indisputably part of conduct ago debit card business. this is long--term safety and consequences for banks of all size." they think they have a job here. their job isn't to be the lap dog for financial institutions. their job is to regulate financial institutions. i have gone back here trying to think about some times when we had abuses to clean up and how do we go about doin

sheila bair testifies about financial industry regulations.he expected to be asked about greece's economy and the stability of the european banking system. live coverage gets underway at 1:30 p.m. eastern. >> mr. president, i thank you very much. i feel deeply honored to be nominated to become the 12th director of the central intelligence agency. >> with the senate confirmation hearings scheduled for this thursday, if learn more about general david petreaus through his nearly 50 appearances online at the c-span video library. with more than 115,000 people and every c-span program since 1987, all searchable and free, is washington your way. >> earlier, how secretary kathleen sebelius and food and drug administration margaret hamburg and as new warning labels for cigarettes. then the labels include more information on the dangers of tobacco use and show images of the side effects. this is the first time that the fda has changed labels in 25 years. years. >> good afternoon, ladies and gentlemen. thanks for being here. i have with me today two spe

sheila bair at the national press coverage. live coverage on c-span2 at 1:00 p.m. eastern time.you missed it, you can also check it out on our website at c-span.org. next is a caller from new york, outside of buffalo. good morning. welcome to the program. democrats' line. caller: i appreciate you taking my call. when president obama data into the tax reforms -- president obama they've been to the tax reforms, that was his first mistake. we have these lobbyists reforms. and fund raising, that lady made an excellent point about fundraising. the republicans are doing the same thing. they are fun raising billions of dollars. host: at last count, 30,000 registered lobbyists in washington, d.c. caller: exactly. where are we represented? we are not. i'm a grandmother. i'm very concerned for my family and for my grandchildren. we are, once again, doomed to repeat history. president obama has to make a stand and so do democrats. thank you very much. have a wonderful fourth of july, america. host: thank you. the house is in session this week. congress will be out late last week and into t

i would say just for a moment to also talk about sheila bair. think you've done a wonderful, wonderful job in the row in this financial crisis and they know that whatever you do next is going to be very important and i know that will also help all of us in this country. we thank you so much for all you've done. thank you. >> mr. scott for two minutes. >> thank you, mr. chairman. welcome, panel. i'd like to also conveyed my deep appreciation to ms. beyer for her excellent work. i want to talk about the international aspects of this. there is no more important deal for us and our financial system to take care of a pricing issue at home. i want to start off by putting on the table hopefully your comments will reflect i'm assuming against question on our failure of our financial system right here to deal with this extraordinary problem of home foreclosures in a downward turn of home values. our standing in the world is going to go down for failure to address this. we have a problem with phone servicers and banking establishment. they are two people,

chairman of the federal reserve when he was talking about the unintended consequences and here's what sheila bair said from the fdic. "we are concerned that these institutions may not actually receive" -- she's talking about small banks under $10 tbhl aassets -- "we're concerned that these institutions may not actually receive the benefit of the interchange fee limit exemption explicitly provided by congress, resulting in a loss of income for community banks and ultimately higher banking costs for their customers." john walsh, the interim controller of the currency, he says this, "we believe the proposalation an unnecessarily narrow approach to recovery of costs that would be howable under the law and that are recognized and indisputably part of conduct ago debit card business. this is long--term safety and consequences for banks of all size." they think they have a job here. their job isn't to be the lap dog for financial institutions. their job is to regulate financial institutions. i have gone back here trying to think about some times when we had abuses to clean up and how do we go about doin

. >> next month, sheila bair steps down from her position as chairman of the federal deposit insurancespeech before an audience today at a national press club, she criticized government and leaders for what she called short-term policy for preventing a crisis. she also warned congress and the administration on the need to get serious for -- about entitlement reform. her comments along with a question and answer period, are about 50 minutes. >> i started to take a question. the first question was who was number one? [laughter] >> they are tough to impress these days. it was angela merkel, if you all were wondering, and i did drop to 15 this year, behind lady gaga. i think the banks are healing, but not as much i would like. before i would like to begin the speech, i would like to thank some of the staff there with me. rich, our chief economist, who was also been drafted as chief speech writer, he has done some wonderful work and had a big hand in this speech today. i want to thank him for this and all of the work you have done over the last five years. and, andrew gray is out here somew