tarullo? >> i think, senator, that it's a journey and not a single point where you can say we've addressed the too big to fail sho issue. i think a lot of progress has been made but resolvability without a disorderly major disruption to the financial system on the one hand. and on the other the failure of a firm that entails substantial negative externalitieexternalit. it's about bringing the whole system to crisis on the one hand, not doing so on the other but still imposing lots of costs. and i do think that there's complimentarity between the rules, the fdic resolution process, and the other rules in trying to make sure we're dealing both with resolvability and negative externality. >> i hear what you're both saying. i would assume, though, that a big part of your role is to ensure that there's no institution. i know that you guys have regulatory regimes that try to keep them healthy. and i assume -- and if i'm wrong -- that you want to ensure that there's no institution in america that's o

tarullo?>> i think, senator, that it's a journey and not a single point where you can say we've addressed the too big to fail sho issue. i think a lot of progress has been made but resolvability without a disorderly major disruption to the financial system on the one hand. and on the other the failure of a firm that entails substantial negative externalitieexternalit. it's about bringing the whole system to crisis on the one hand, not doing so on the other but still imposing lots of costs. and i do think that there's complimentarity between the rules, the fdic resolution process, and the other rules in trying to make sure we're dealing both with resolvability and negative externality. >> i hear what you're both saying. i would assume, though, that a big part of your role is to ensure that there's no institution. i know that you guys have regulatory regimes that try to keep them healthy. and i assume -- and if i'm wrong -- that you want to ensure that there's no institution in america that's op

curry, tarullo, heller, anything to add to that? >> e q r m risk retention rulemaking process is an important one with q m in place, looking forward to adopt appropriate regulation as quickly as possible. >> as quickly as possible defined as when? >> we expect to wrap up most of the dodd-frank rulemaking this year. >> i would hope that would be sooner than the end of the year. >> the sooner the better. >> the q m coming out doesn't allow us to go and finish. most of the other issues, the latest processes work at a staff level people go through various issues and they try to work them through or present them to the commissioners or governors for resolution. most of that process has already proceeded. there are a couple things that have to be considered, it is having q m final which lets us go to completion. >> under secretary miller, at the request -- o f r has been studying the asset management industry and the study is intended to help to determine what risk if any this industry poses to the u.s. financial system and whether any su

the thing that i found most significant about this is when the federa federal reserve gove, dancdan tarullo composed of the governor of the fed for implementing systemic risk provisions of dodd-frank, and he gave a speech by connect over and said basically we don't how to measure it. we don't want to do that. congress, do it again. for the lead fed governor appointed by president obama who worked for president, to say we don't know how to measure systemic risk come we'll have to address it here when that was the core function of dodd-frank, i think the law has been a failure at addressing the underlying cause of the financial crisis. >> dr. romer is trying to say something on that point. >> too big to fail is a huge issue, and i think something that in the i've heard to say before it is, as a good market economist your very nervous with just saying let's shut down at a certain size or whatever. so it is a hard issue for which there isn't an obvious solution. i think you are selling dodd-frank short and fun since which is the capital requirements and all those things that were designed to pr