tayler to impose the least burden on society that take into account the cost of cumulative regulation maximize net benefits, that specify performance objectives, and that evaluate alternativeso direct regulation. in addition, this new executive der calls on agencies to review significant regulations that are already in place. expanding upon this requirement, the president aounced in a wall street journal op-ed that this aion, quote, ordered a government-we review of the rules already on the books to remove the outdated regulations that stifle job creation and make our economy less competitive. now this is incredibly important given that the federal register stance s an all-time high of over 81,000 pages. the 2010 alone several agencies added more than 3500 final rules to the book. i hope that mr. sunstein will share with us a number of examples demonstrating how this commitment put into action and how agencies will relieve small businesses of expensive and burdensome regulations to promote job growth. this morning's report of a 9.1% on an plan a rate was significantly less job creatio

. >> one of the things the executive said is that he wants to tayler -- the president wants to taylor regulations to cause the least burden on the society, and a lot of our concerns on both sides of the always the concern about regulatory burdens on small businesses. so i am wondering if you could talk to me about what you see all ready and not what you see coming ahead this summer to reduce the regulatory burden specifically on small businesses. >> on the same day that the president issued the executive order, he issued a memorandum on small business, protecting small business from justified regulation, and with the memorandum does is two things. first it reiterates and underlines the requirement of the bigot pachauri flexibility act an extremely important statute for small business. second, it goes further by saying if an agency is not going to have flexibility for small business such as a delayed compliance, they are partial or total exemption simplified reporting requirements specifically explain itself. now we have seen in the last months some prominent actions by capital all dep

tayler to impose the least burden on society that take into account the cost of cumulative regulation that maximize net benefits, that specify performance objectives, and that evaluate alternatives to direct regulation. in addition, this new executive order calls on agencies to review significant regulations that are already in place. expanding upon this requirement, the president announced in a wall street journal op-ed that this action, quote, ordered a government-wide review of the rules already on the books to remove the outdated regulations that stifle job creation and make our economy less competitive. now this is incredibly important given that the federal register stance s an all-time high of over 81,000 pages. the 2010 alone several agencies added more than 3500 final rules to the book. i hope that mr. sunstein will share with us a number of examples demonstrating how this commitment put into action and how agencies will relieve small businesses of expensive and burdensome regulations to promote job growth. this morning's report of a 9.1% on an plan a rate was significantly l

in response, the tayler rules to emphasize sound underwriting collateral and tested management. these criteria for the foundation of prudent lending. ncua has taken care to ensure the rules keep pace with of the evolving marketplace. like other loans, business loans performance are cyclical. a recent member business lending trends reflect the financial stress of the economic downturn. member business loan delinquencies stood at 53 basis points in 2006 peaked at 3.9% in 2010 and has since improved to 3.76%. member business loan delinquencies and charge-offs increased during the recent economic downturn those increases primarily resulted from a severe decline in the real estate values in the five states arizona, california, florida, nevada and utah. 40% of the delinquencies and 49% of the charge-offs are isolated in the five states. nationwide more than 2100 credit unions make member business loans. the figure has risen nearly 10% since 2006 despite the economic downturn. while nearly 30% of the union's underwrite business loans, these loans comprised of 1% of all commercial lendi

tayler received a bradley prize for his intellectual achievement and the alexander hamilton award for his overall leadership in the international finance at the u.s. treasury. dr. taylor is a renowned expert on monetary policy and the trader of the taylor rule for determining what the target rate for the federal funds should be priced devotee for the treasury international waters and first term president george liu boesh. previously served as a member of the president's council of economic of pfizer's during five ford and george h. w. bush administration and the economic advisor in hammill. dr. taylor has a long list of academic publications to his name and a recent book entitled getting off track government actions and interventions cause prolonged and worsen the financial crisis. he's a frequent contributor to the editorial pages to "the wall street journal" and other widely read publications on the state of the economy. he earned his ph.d. at stanford university. welcome, dr. taylor. sign and johnson is the professor of entrepreneurship at the sloan school of management at the mass

. >> one of the things the executive said is that he wants to tayler -- the president wants to taylor regulations to cause the least burden on the society, and a lot of our concerns on both sides of the always the concern about regulatory burdens on small businesses. so i am wondering if you could talk to me about what you see all ready and not what you see coming ahead this summer to reduce the regulatory burden specifically on small businesses. >> on the same day that the president issued the executive order, he issued a memorandum on small business, protecting small business from justified regulation, and with the memorandum does is two things. first it reiterates and underlines the requirement of the bigot pachauri flexibility act an extremely important statute for small business. second, it goes further by saying if an agency is not going to have flexibility for small business such as a delayed compliance, they are partial or total exemption simplified reporting requirements specifically explain itself. now we have seen in the last months some prominent actions by capital all dep