Meanwhile, our ports of entry are aging and their infrastructure can no longer accommodate the volume of trucks, vehicles, and pedestrians that cross every day, resulting in increasing wait times.

Thank you very much, Madam Chairwoman. Let me first of all thank you for this continuing oversight that has been so very effective dealing with concerns of border security, but also the importance of the need for the infrastructure…

As a Member from a border State, I understand how important appropriate infrastructure and staffing at our ports of entry are to not just border communities, but our Nation as a whole.

CBP previously estimated it would need $6 billion over 10 years to modernize existing ports of entry to meet its current security and facilitation missions.

Credibility has to be established, and as we do that, of course, we will make mistakes.

Congress did this in an immense rush, and I do not think it was a very thoughtful solution.

It strikes me that parts of Title II are problematic in the way they are written, problematic in doing a slow process.

I do oppose the overall framework of Dodd-Frank, but it seems to me a couple of the most egregious laws are subjecting financial institutions that are not, in fact, systemically risky to these very onerous regulations imposes a real cost.

But what I understood you to say is that you agree with the premise that the actual activities of the bank ought to be given more weight than an arbitrary dollar value of assets?

I would really seriously question the competence of the FDIC to run JPMorgan Chase or to run Lehman Brothers.

There are direct costs of compliance, and then there are all the indirect costs of a reduction in innovation and dynamism that comes when regulators have the power to run these financial institutions like public utilities.

I share that view, but rather than trying to guess what the right number is, because, frankly, I do not think $75 billion is the right number either.

Management has to be all fired regardless of which managers are actually at fault.

One of the major ways is through the SIFI designations, which I would argue then precipitate the micromanagement of these financial institutions by a host of regulators in what will, in my view, ultimately be a futile attempt to make…

I would just point--their work very significantly informed my judgment as we developed our legislation.

The bank gets executed. I mean, that is the purpose as a practical matter.

The regulators themselves, as we know, are not omniscient. They are not going to be perfect. They are not going to always get it right, and in the end, eventually institutions will fail anyway.

Meanwhile, staffing shortages continue to be a problem as CBP remains several thousand officers shy of what its staffing model indicated is necessary to properly staff our Nation's ports of entry.