back to theok crisis of 2000 date and the insurers that have problems, most of them were linked to financial projects and not the business. had fewer bigave problems. one of the reasons that they are less since stomach -- systemic risks at the end it inner conductivity between banks -- .nterconnectivity between banks unfortunately, today, you have governments and regulation that is copied from banking to insurance. >> insurers hold government bonds and they can hold liquid instruments. they are moderate-to-high yield products. importantold some products. >> of course. we have big assets on the balance sheets and we have an liabilities. we do not have the same volume of leverage that you have in banking. otherwise, you package them and sell them. he start doing business and it is easier. >> have the regulators got that? ceos is a group of lobbying. >> we are at the beginning of a new regime and it took a long time. longer than expected. the industry is not fully happy with the current model on the table. it is better than what we saw a few years ago. heard and there are local differences with

theok at the responses from other three on the next round. thank you. ms. bretos? i try to do that as well as the chairman. i don't think i succeeded. >> thank you. from the onset, my experience with the sba and score in particular has been wonderful. they have really committed to helping small businesses. i like the idea very much of micro-lending. through two and a half years of trying to get a loan from celtic bank in miami. disaster. i don't know whether it was backed by the sba. i assume so but i basically had to give my house as a collateral in order to get $100,000. there are major problems and i something like the mortgage guarantee loans. our problem is the revenues. we don't have sufficiently to back alone, they have to take your house instead. that is a problem. hugelyoloans are effective in this arena because in order to mitigate seniors' financial risk, we encourage them to start small. with global working programs. kiva is a local -- micro-loan program. we encourage people and if government could open access to information about places like kickstarte

theok forward to helping secretary to ensure that we are prepared to do just that. thank you and i look forward to your questions. >> thank you, ambassador. >> thank you, mr. chairman. it is a great honor to appear for you as the president's nominee. i am grateful to president obama and secretary of state kerry as well as to the director of national intelligence for support of my nomination. i want to thank my wife diane for joining me today and might a unique and valuable asset. the bureau has a long and celebrated history providing i'll assessand and that has helped guide our foreign policy. the reputation derives from the expertise and skill of its personnel. the bureau has some of the greatest regional and subject matter expertise anywhere in the u.s. government. it is less well-known, but we play a critical role and function ensuring intelligence related law enforcement activities are consistent with and support our foreign policy in national security objectives. and national security objectives. i have worked closely with members of the intelligence committee.