. ♪ thriving and unregulated.> right now the bay area is home to a thriving medical marijuana industry. thriving and a bit unregulated. mark shows us how one city is now trying to reign it all in. >> isha is a breast cancer survivor and medical marijuana user who ask that we don't use her last name. any limits on medical marijuana access will harm her and other patients. > helps with the nausea, bone pain, appetite, anxiety, stress, depression. >> the san jose city council estimates there are currently 110 collectives operating in the city without any regulation at all. >> i do think it's important that we move forward. >> tonight the city council preliminary approved a plan to cut the number to just ten and keep them in industrial and business districts. chuck reid said it was a big first step. >> not going to ban them all together. that we will allow them in certain restricted areas where they are appropriate, like a medical office building. >> the cost of medical marijuana could go up, along with new fees being

they're unregulated. they're flying off the shelves.he times." >> reporter: the hip-hop music video formula, catchy hooks -- check. sexy dancing -- check. and anti-energy drinks? in a world of fast, sometimes it's hard to keep up. perhaps an energy drink is in order. mm. for years, we've been swigging this stuff. packed with sugar and caffeine. helps us get through the hustled an bustle of our everykday live. you can't keep going like this. you simply have to slow down. woo. well, now there's a drink for that too. several of them actually. they call them anti-energy drinks. liquid relaxation in a can. for those times you want to slow down. take it easy. unwind. relax. >> i just saw everything going to an extreme. i saw americans getting more stressed out. i saw economic times, people being more and more stressed. >> reporter: peter is the self-described father of the anti-energy drink movement that includes brands like unwind, dream water and bulldozer. drawing on his past experience as a professional studio musician, he developed a pur

thriving and unregulated. mark the bay area is home to a thriving medical marijuana industry. thriving and unregulated. mark thayer reports one city is now trying to reign it in. >> reporter: a breast cancer survivor and medical marijuana user who asks we do not use her last name. she says limits on medical marijuana access will harm her and other patients. >> nausea, bone pain, appetite, anxiety, stress, depression. >> reporter: the san jose city council estimates there are currently 110 cannabis collectives operating in the city without regulation at all. >> i do think it's important we move forward. >> reporter: tonight the city council approved the plan to cut the number to ten and keep them in industrial and business districts. chuck reed says it was a big first step. >> we are not going to ban them altogether. we'll allow them in certain restricted areas where they are appropriate. >> reporter: but collective operators are concerned and say the cost of medical marijuana could go up, along with new fees d

a regulated party can be shut down, and unregulated one can be happening. it is my note important thought -- it is important that they are not shut down. thank you. note president newlin: next speaker, please. >> thank you. i am honored and humbled to be here. my name is -- and i was introduced to music and dance when i was a child. including hip hop in the 1980's. i went to the school of the arts in san francisco. music that made me feel, touched my soul, and let me see what could be created. this is electronic music, and it has never left my heart. this is a part of my role that i share with people. the music i chose. it was the whole experience, and we fell more in love with it together. i became part of the scene over one decade ago. the moment i walked in, i knew it was made for me. peace, love, unity, respect, and responsibility is our mantra. i have witnessed a lot, the good, bad, and the ugly. this is our culture and way of life. we come together in peace. we share our love. we enjoy our differences, and we take care of each other. i have had the ho

banning these events will drive them underground and unregulated venue, which will cause more death amongst our generation. i have been to these events since 2003. what we need is harm reduction. we need to require promoters to provide air conditioned and news and free water to prevent heat stroke overdoses. at times, they charge $5 a water bottle. i do not endorse the use of illicit mind-altering substances. however, we cannot turn away from these issues and ignore them. i am concerned for my generation. i am concerned for the safety of the generation to come. it is impossible to completely stop the legitimate drug use. but we can decrease the amount and harm done through these events which do not practice harm reduction measures. we need to require air conditioning and free water at these venues. beening electronic dance music events will be counterproductive. let us not move backwards through policies. we need to provide it harm reduction information to all attendees. i am from students for sensible drug policy. it is not successful to shut down these events. i wish you would reconsider

you also know that there are unregulated commercial rates. businesses and small business in san francisco are critically important. it is a relationship directly between recology and business. there is no interface, and this is a problem. i also would like to urge you to take a look at where ratepayer moneys have gone, which is also the brisbane facility. the brisbane facility has existed because of ratepayer costs, and i think the city should have some equity in that. please look at the one-stop complex at the port. barging from the port recologyport now is on a cost- plus contract. this is very unusual. not a fixed price per ton. it is difficult to monitor, difficult to articulate and difficult to really have an overview of any kind of financial problems. recology and department of environment -- i am troubled that they would say because they have this wonderful relationship that we should not have a competitive contract overview. i work for the city and county of san francisco. i had to deal with contracts every year. i had to deal with th

important that we have oversight in that the charter gives you a monopoly and you can't have an unregulated monopoly. we brought up training. when we get to the end of tonight in terms of where i am coming from, i don't think anybody should have a san francisco police patch and a gun unless they have a very high level of training. one thing we talked about is at least level three training. i think we owe it to the citizens of san francisco. and finally, and you broke into that, i think. and the rules need to be up indicated. you sound open to that as well. how do you address the concerns out there. and they are real concerns. >> when you say monopoly, basically i think we are a third choice. citizens in this city can either hire private security. they can hire off duty officers or they can hire the patrol specials. >> you offer something more. i have seen you folks on the street. i knew jane warner. that is where i come from. before i was a commissioner, i was just a citizen of san francisco. i think you provide a valuable, policing service to a lot of folks. i strongly support them. but we

we had an era of unregulation. millions of families are without jobs, millions lost their homes and trillions in retirement savings were lost. and as part of something else that congress did, congress has basically stopped fannie and freddie. they've put them under government receivership and they are dealing with the problem, which is not a democrat-only problem. fannie and freddie was a congressional problem. and who watches over the government? the public does. but more and more, with decisions of the supreme court saying that money equals speech, the public, you and me, have less power than the powerful corporations do. and that's why we need to change the law. that's why we need to fight back and that's why the public needs to watch congress. congress needs to watch the regulators. . . they didn't do that job of protecting has. who does the director report to it? the director the consumer financial protection bureau is nominated and reports to the president. host: how does it exist as a physical entity? guest:

unregulated or inadequately regulated capitalist systems tend to be unstable financially they tend to have brooms and busts we have a period of thirty years or so in which we had we avoided that and that clearly is what we should be aspiring to but it's impossible to get there if the government is not prepared to do its job of supervision and regulation in a serious and independent right yeah and in fact i've. correct me if i'm wrong but i believe the from the founding of the republican till one nine hundred thirty five we never went more than fifteen years without a major bank yannick and it's those institutions and regulations that that offered us for all those years those thirty or forty years that protected that i'm curious about your idea of the common good. the concept of the commons has been with us for a long time but you've written talk about the common good one when the majority of the people have adopted or agree with his notion that a common good is a desirable thing that we should all work toward it and that society works and that when the idea of a common good is discard

number one, it's largely unregulated sightings of the wells, patterns of violation from the marcella shale that show impact on water resources and finally, i think a very important issue that has been brought up a couple of times, the toxic substances entering the surface water sources from disposal of the flow backwaters through the treatment and sewage treatment plants. for someone to talk about the unregulated side of the gas wells in areas of the population density which also occurred near schools, critical infrastructure , this is shown a slight three of my presentation that i gave to the committees today. on conventional gas extraction wells or highly industrialized operations that very little resemblance to what we know in northeastern united states conventional oil and gas exploration. these are as i said, highly industrialized, and there can be risks of catastrophic blow outs, explosion, and or five-year and can create an immediate interest situation. the unregulated side of the unconventional natural gas wells and production facilities in residential neighborhoods and criti

well i got to put you on the spot here for the second scene because you're not for a completely unregulated market but in the case of the internet you are and there are people who would have to say well where do you draw the line if you say that there should be no regulations whatsoever on the internet era but there should be some in the economy at large what is the role of government in the economy in general and why do you cut out the internet well i don't cut the internet what i what i don't want is any internet specific laws like net neutrality and there are plenty of laws on the books right now to deal with someone like that in a sort of water blocking content which is the allegedly problem which doesn't exist . for net neutrality due to exist is going to stop you guys piece going to sort of rise from blocking content well there's all kinds of unfair trade practices laws all sorts of things like that at the f.t.c. the federal trade commission at the department of justice there are existing statutes that deal with bad business practice you don't even the internet specific laws you just

the hedge fund is unregulated. wild power with wild amounts of money. there was a pentagon report that came out recently that said that there are sovereign funds, or huge pools of wealth, that they have seen -- for instance, they almost collapsed on the last one there is an unexplained amount of wealth being sucked out of the system quickly. when we had our financial collapse. and somebody did a report for the pentagon and said that was unusual. there is something wrong there. they think that was a test run. somebody was trying to collapse our system. and they haven't found them. they're still trying to do it. is this something that a hedge fund, the size of the one that you know could do? is there, is there something that we as americans should be looking for? any tell-tale signs or is this just something that is saying, well, they might be giving money to terrorists here. like that's not bad enough. they might be funneling money off to terrorists? >> this is what i'd say on that. i don't think there is evidence that particular hedge funds -- >> glenn:

but -- >> i've always had a bit of concern about any of these products because their contents are unregulatedthat are put into them have not been tested. there's very little that we do to relax people that doesn't also sedate them. >> reporter: and remember, even when trying to relax, safety comes first. >> if you're going to test out one of these products i would say that it should be done somewhere far away from an automobile. >> reporter: the anti-energy drink market is anything but relaxed with peter and his investors expected to drink in $5 billion in sales in the next three years. >> look at times square. that's the center of the universe. do you see one smiling face here in times square? anybody excited to be happy? at the crossroads of the world? >> no i don't, actually. >> neither do i. that's showing you people are stressed out in life and they need to take a little time-out and take a break. >> you're a good salesman. you make me want to buy a case. he also sees his legacy through purple-colored glasses. >> my claim to fame is relaxing with world, that's not too bad. >> and i'll dr

number one, it is largely unregulated citings unregulatediting of these wells. patterns of violations from marcellus shale well selling impact on resources, and i think an important issue that has been brought up a couple of times, the toxic substances that are entering surface water sources from disposal of flowback waters. through grind treatment and sewage treatment plants. first of all, i will talk about the unregulated siting of natural gas wells in areas of high population density, which also occurs near schools, critical infrastructure. this is shown in slide three of my presentation that i gave to the committees today. unconventional gas extraction wells are highly industrialized operations that bear little resemblance to what we know in the northeastern united states of conventional oil and gas exploration. these wells are highly industrialized and there could be risks of catastrophic blowouts, explosions, and/or fire. any of these can create an immediately dangerous to life and health situation. the unregulated siting of unconventional natural gas well

number one, it's largely unregulated sightings of the wells, patterns of violation from the marcella shale that show impact on water resources and finally, i think a very important issue that has been brought up a couple of times, the toxic substances entering the surface water sources from disposal of the flow backwaters through the treatment and sewage treatment plants. for someone to talk about the unregulated side of the gas wells in areas of the population density which also occurred near schools, critical infrastructure , this is shown a slight three of my presentation that i gave to the committees today. on conventional gas extraction wells or highly industrialized operations that very little resemblance to what we know in northeastern united states conventional oil and gas exploration. these are as i said, highly industrialized, and there can be risks of catastrophic blow outs, explosion, and or five-year and can create an immediate interest situation. the unregulated side of the unconventional natural gas wells and production facilities in residential neighborhoods and criti

most insurers are not engaged in significant unregulated interconnected off-balance sheet, highly leveraged activities. so designations such as systemically important would appear to be on warranted in this industry. overlapping and conflicting roles between state and federal regulators adds a layer of regulation that would disadvantage these insurers and their customers. as you know in the event of another large financial company failure, companies with assets over $50 billion could be on the hook to pay for the resolution of these failed firms even though they exhibited no bad behavior of their own. insurance companies who will continue to be resolved in the existing state system are never resolved by the orderly liquidation process and yet have to pay to resolve banks and other bad actors in the financial industry. these costs will inevitably be borne by the consumer. if insurance companies are regulated at the state level, and if it is clear they do not participate in systemically risky behavior, why do they have to bail out other failing financial service companies that do participate

>> i have always had a bit of a concern about about any of these products because their content unregulated the combination of product that are put into them have not been tested. there's very little that we do to relax people that doesn't also see date them. >>reporter: and remember even when trying to relax safety comes first. >> if you are going to test out one of the products i would say that it should be done many somewhere far away from an automobile. >>reporter: anti-energy drink market is anything but relaxed with peter an his investor expecting to drink in 5 billion dollars in sales in the next three years. >> they are in times square. center of the universe. one smiling face here in times square? do you see anybody happy in the cross roads of the world. >> no i don't. >> no. neither do i. so it is showing you that people are stressed out and need to take a little time out and take a break. >>reporter: you are a good sales man. this is new york. >> that could be but drank might not be the answer. wal-mart is looking to grow small intersilicon valley. retail broker tell the business

that would be unregulated areas. i would like to say my colleague on the other side wants to reduce the size of government yet they want to change a senior director bureau into a five member commission. president obama having difficulty finding a director he can get performed by the senate. one senator can hold up the confirmation. if you have five you would have more difficulty in moving forward. my question i would like to begin with, mr. sheldon, use a predatory lending was in your opinion a civil-rights issue. it is believed by many that the old system reacted too slowly during the sub prime mortgage bom end that helped bring the economy to near collapse which is why from cfpb was included in the overall dodd frank financial reform. too often consumer concerns were not thought about. as a second fraud or a third thought or not thought about at all and it is believed that if we had an agency like the cfpb they would have reacted more quickly to the screams and cries to help. with the cfpb help to have prevented th

it is important to keep that in mind by an unregulated private market. we created incentives around hadn't assistance, incentivized innovations. subsidized basic research. we talked about comparative effectiveness research and the public good it is. we also have public good aspect around basic science. we have been talking about both of those things and they are in need of these incentives to improve innovation. how do we measure value? difficult to do. we developed methodology with a lot of limitations. you will see that that is currently the main tool we have at the moment. important to recognize limitations and we start thinking about how we can improve that to stimulated novation. we have to think about how to modify that methodology. that methodology is called cussed utility analysis. we are concerned about health outcomes and reducing costs in the short run. the outcome is a measure you have probably heard of measures length of life and improvements in patient morbidity with a single index and allows us to compare outcomes for technologies. this is

this is unregulated price fixing by visa and mastercard. it's a sweetheart deal for the banks, too. according to the federal reserve, banks make about about $1.3 billion each month, as i mentioned, in debit interchange fees, and the fee rates keep going up, even though the costs of processing continues to drop. last year, congress decided that we should place some reasonable limits on visa and mastercard. we did this to ensure that they can't use their market power and price-fixing ability to funnel excessive fees to the nation's biggest banks. congress said if visa and mastercard are going to continue fixing interchange rates that merchants pay banks, the rates ought to be reasonable and proportional to the actual costs of processing. it's a narrowly targeted reform, and we made a major exemption of small banks and credit unions if they had assets of less than than $10 billion, they were exempt. you wouldn't know that. they are arguing that this is going to apply to them. i would commend to them reading the law, which specifically exempts them. there are two arguments which have be

. >> >> no, i am not -- >> but -- >> i just feel that the unregulated should be regulated. >> but overburdensome regulation increases costs, doesn't snit. >> correct. >> and it makes it more difficult for a small bank or credit union to compete against the big banks, doesn't it? >> yes, it does. >> you don't have the economies of scale. >> right. >> and in the end it drives up costs for your consumers, right? and you didn't have anything to do with the financial crisis or anything to do with predatory lending? >> no, sir. >> but your consumers are faying the price for -- paying the price for it. >> yes, they are. >> in regard to what we're talking about with predatory lending, mr. shelton, i agree with you. it's atrocious what happened in the marketplace, and you and i are on the same page with that, and it has to be addressed. you'll find no argument from me with regard to that. i want to talk about how the cfpb has been set up, however. you know, i look at, you know, the review process. and to have a situation where, basically, the only way fsoc can review a rule from cfpb is if we have a syst

number one, it's largely unregulated sightings of the wells, patterns of violation from the marcella shale that show impact on water resources and finally, i think a very important issue that has been brought up a couple of times, the toxic substances entering the surface water sources from disposal of the flow backwaters through the treatment and sewage treatment plants. for someone to talk about the unregulated side of the gas wells in areas of the population density which also occurred near schools, critical infrastructure , this is shown a slight three of my presentation that i gave to the committees today. on conntional gas extraction wells or highly industrialized operations that very little resemblance to what we know in northeastern united states conventional oil and gas exploration. these are as i said, highly industriazed, and there can be risks of catastrophic blow outs, explosion, and or five-year and can create an immediate interest situation. the unregulated side of the unconventional natural gas wells and production facilities in residential neighborhoods and critical

. -- i just feel that the unregulated should be regulated. >> in the end, it drives up costs for your consumers, right? ok. you did not have anything to do with the financial crisis or anything to do with predatory lending. >> no, sir. >> but your consumers are paying the price for it? >> yes, they are. >> it is atrocious what happened in the marketplace. dire on the same page with that and it has to be addressed. you will not find any argument from me with regard to that. i want to talk about how the cfpb has been set up. i looked at the review process. to have a situation where the only way outside cabinet review a rule is if we have a systemic rest in the marketplace -- brisk in the marketplace. the burden is incredibly high. would you agree with that? >> i am still not seeing the problem. >> you would agree that you are ok with the incredibly high burden? >> i would love to hear the argument. >> if at some point consumer protection is an affront to safety and soundness, shouldn't we revere those situations as well? even though it does not create the systemic risk in the whole fina

and restrictions on hedging in the united states are already driving business overseas and into unregulated markets. the threat that margin control will be used to influence prices of commodities will be more disastrous. abroad undefined prohibition and destructive trading practices and strategies will not only drive liquidity providing u.s. markets but impair hedging and price discovery. we are strong proponents of a budget for regulators and support funding to modernize this technology. we strongly object to the expansion of commission steps to enforce regulations that are uncalled for by dodd frank or duplicate the duties now being performed by as our owns that are self regulatory organizations. this is no cost to the government. chairman gensler talked about the size of the market. the commission justified budget demands with the notion value of the contracts that oversee regulated futures market and the notional value of the slot market that will be responsible for under dodd frank but there is no valid relationship between the notional value and regulatory -- the swap market and cftc

regulating otherwise unregulated information services is not reasonably ancillary to the section 257 osama bin laden gation to issue reports on barriers to the provision information services. there are a number of issues here that bring us to the rule we have today on the congressional review act that would repeal the rule that the f.c.c. put in place at the end of the year and notified us on. why are we using congressional review act? it is a very specific, very narrow, very targeted bipartisan created process. the leader, current leader of the senate, harry reid, was an advocate and supporter of the congressional review process because it allows congress to step in when an agency has overstepped its bounds on a major rule and say, no. that was -- you don't have the authority or we disagree with the rule. so we chose this c.r.a. process to overturn this rule that a partisan group of un-elected officials chose to enact. exceeding their authority. now, congress whether you are for net neutrality regulation under title 1 or title 2 or no title at all, you should not stand idly by when

in so many ways is only the beginning of the effort to oppose transparency and accountability in unregulated derivatives markets. it's pretty clear in newspaper reports that the opponents of transparency and the opponents of oversight lost their first fight but they're working on budget issues to try to restrict a lot of things that you're trying to do and trying to handcuff your efforts. in just listening to your testimony today and looking at the magnitude of the regulatory effort that you're undertaking i think really illustrates the importance of that. thank you. chairman gensler, my questions are directed at you. i sent a letter to you back in january about gas price speculation and the importance of the cftc's position limits rule in curbing excessive speculation. i'm concerned that excessive speculation can once again perhaps seriously hurt our economy every time there's a pipeline outage or refinery fire or trouble in the middle east it seems that one reaction of that as speculators and oil companies move in to spike prices up, using that as a technical excuse for that happening. the

trigger an avalanche of regulatory requirements that burden hundreds of thousands of previously unregulated sources, including many small entities. i ask that you reject the amendment. the chair: the gentleman's time has expired. the gentleman from wisconsin. mr. kind: madam speaker, i'd like to yield two minutes at this time to the co-author of this amendment, my friend from new york, mr. owens. the chair: does the gentleman from wisconsin -- the gentleman from wisconsin has only two minutes remaining. would the gentleman like the gentleman from new york to close? mr. kind: i'd like to yield a minute and a half. the chair: the gentleman from new york is recognized for a minute and a half. mr. owens: thank you, madam speaker, thank you, mr. kind. i'd like to point out that my press seder, -- my predecessor, a respected member of the other side of the aisle, was very supportive of regulation of mercury and acid rain because it negatively impacted the new york 23rd. i think we need to act responsibly in each of these situations and we need to make sure that we are working off good, not the sc

the banks are back into the unregulated derivatives markets. they never corrected that.ur oil prices are going sky- high. that is due to speculation in the futures markets, which was deregulated under bush in 2001, which created and run and we know where that went-- enron and we know where that went. why can we not regulate these markets and let oil prices be dictated by the cost at the wellhead -- well head, not by speculators? host: thank you. philip klein, mideast oil anand banks. guest: he was a democrat who voted for obama and now he is frustrated because obama did not deliver. it gets to one of the problems why obama will have a difficult reelection. not that republicans have a good candidate, obviously. it is more complicated than that. one problem is, when you are running for office without much of the governing record, as obama did, it is easy, through rhetoric, to convince a wide swath the people that you're with them. that is one of the ways that obama was able to cobble together this coalition of independents and liberals and make them both feel that he was s

cuna has consistently stated that consumers of financial products, especially those served by unregulatedentities, need greater protection. we believe a consumer protection agency could be an effective way to achieve that protection provided the agency does not impose unnecessary regulatory burdens on credit unions and takes an active role in approving disclosures for customers. in order for such an agency to work, consumer protection legislation must be consolidated and streamlined. it should not add to the burden of credit unions that had been regulated for decades and performed very well. the subcommittee has given consideration to several of our concerns concerning dodd-frank. we appreciate the opportunity to testify today regarding the construction of the consumer protection bureau. we have had a number of conversations with the staff of treasury. we are encouraged by the staff's outreach and by the establishment of the office of community banks and credit unions. still, credit unions remain concerned that regulatory change could work to the detriment of our members. we have been ask

we have an unregulated health insurance industry in this country exempt from antitrust law unlike any other business in america and over the last 10 years premiums for people who buy health insurance have doubled in my state, pretty much the same all around the country. some places more than doubled. other places a little bit less. but that's over 10 years. but in paul ryan's view of the world that's a success. why is it a success? well, because insurance company profits are up very dramatically. so what if people are paying twice every year? there is no problem with his proposal but this is not a private industry. they are allowed to collude red line people. they are allowed to collude and drive up prices. they are allowed to get together and say which states to get out of and help their brothers and sister companies. that system would continue. then, there's the little problem of he would repeal so-called obamacare. well, one of the things i think most americans liked about that legislation was it prohibits insurance companies from refusing to sell you a policy because you were sick

ads 50 trillion unregulated industry came upon the american scene and those securities ended up in every financial institution around this nation and this great house of cards, which corrupted the fundamental value of primary wealth for most americans, the humble, fully amortizing prime loan -- subprime mortgage, was turned into an instrument of mass financial destruction. and that financial destruction that was brought down on our house in 2008-2009 added another $4 trillion to the debt. 10 we went from $5 trillion to $14 trillion. and that process continued just this last december with a compromise that added another $500 billion to the debt. a compromise i could not support because it added $500 billion additional to the debt. i had a lot of hope just january, three months ago, that we had a new group come in and we had a new congress, 112th congress, and now we were going to be able to proceed to create jobs and to do so by ending some of those really frivolous giveways, those massive oil and gas give aways that line the bottom line of some of the deepest pockets in our nation. those

of ed markey during our hearing on this was, quote, we need to regulate the internet to keep it unregulated. i don't get that. but it is kind of the thought from the left side of the aisle that you have to regulate it in order to prevent anything that they may disagree with. so what we have here is an instance where now the freedoms of the internet and the marketplace driving it now have to be under a regulatory scheme decided by a group of appointees of the president. if not to be free, it has to be built in relation to their image. listen to his words. it's going to be built on their image. the analogy of communist china regulating the content can't happen today. they talk about politicing these i.s.p.'s will stop us from going to our websites. there have been a handful of those situations. and every time public marketplace chastised them openly, there were a few times the f.c.c. called up and said you can't do that under the principles that were adopted. can i have an additional minute. mr. woodall: i yield the gentleman an additional minute. the speaker pro tempore: the gentleman is rec

that's very important to keep in mind in public goods by economic theory are undersupplied by an unregulatedprivate market so, hence, we create incentives around, you know, pool incentives like the patent systems incentivize systems and nih and nif and we subsidize basic research. as an aside, we talk about comparative effectiveness research as a public good and it is and we also have public good aspects around the basic science and we've been talking about both of those things and both of those are in need of these incentives to really improve innovation. now, how do we measure value? well, it's difficult to do. you know, in the field of pharmalogical economics that i've worked in, we developed a methodology with a lot of limitations. and i think you'll see that that -- that's currently the main tool that we have at the moment. it's important to recognize the limitations, but if we're going to start thinking about how we can improve that to stimulate innovation, we're going to have to think how we're going to modify that methodology. so the methodology is called cost utility analysis. as pe

chemicals is grossly underestimated and warns that americans face grievous harm from the largely unregulated chemicals that contaminate our air and water. i was born and raised in a very simple, beautiful lifestyle in kansas. i happen to be raised by a very strong republican and military man who actually worked for industry and the united states government as an engineer. he is the very person that taught me the value of clean water, good land, good health and respect of one another. it always amuses me when someone believes i have a certain party affiliation. i find it disturbing for those who assume the environmental activist is antibusiness. i always felt a growing up but caring for the environment and public health was a conservative thing to do. i have leader learned it is just the right thing to do. we all need to come together on this issue, republicans, democrats, independents, businesses and communities. we need a government, business and respective communities to join together as one for the betterment of the whole and begin to clean up our message. we should ask no more of ourselv

it was these unregulated areas. i would like to say that my colleagues on the other side of the aisle say they want to reduce the size of government, yet they want to change a single director bureau into a five-member commission. prsh is president obama is having difficulty finding a director who can confirm by the senate. one senator would hold up a confirmation. if he had five, he would have more difficulty in moving forward. but my question i would like to begin with you, mr. shelton, pending a civil rights issue and it is believed by many the old system reacted too slowly during the subprime mortgage boom and that helped bring the economy to near collapse. too often consumer concerns were not thought about as a second thought or a third thought or they weren't thought about at all. it's believed by me and others if we had an agency such as the cfpb, they would have reacted more quickly to the screams and cries for help coming in, in communities across america. i would like to ask every member of the panel if you

yes, allowing trillions of dollars of derivatives, unregulated market -- mortgage products and exotic trays to bed with lack of oversight. corporate welfare. contrary to the republican budget talking points, this budget would bring back in time to 2008 with huge financial institutions to big to fail. at the dog-frank act ended too g to fail by requiring financial institutions to cover the cost of winding down of failing firm. i vividly recall the panic in the street when the other side prevaricated about their being death panels in the health care bill. well, in dog-franc we do