This is an important hearing. I know that looking at the STEM money for higher education grants last year that almost 50 percent of the STEM money that was appropriated laid on the table and no one accessed it.

I contacted the White House when I was on Guam, trying to make the point that this isn't simply a transportation issue; it's a national security issue.

We cannot remain as a viable balancing force in the Pacific without these bases.

I made it very clear at that time that this survey was going to be vital in terms of evaluating whether we should move forward on this law.

I don't believe, quite frankly, that the DOD budget should be sacrosanct when it comes to looking at the constraints and the examinations that we ought to be putting on different programs.

This is obviously quite an emotional issue, but it's also a legislative issue.

That's not the military I grew up in. That's not the military you and I served in, Admiral.

What we're looking for here is an examination of the present law, what is the most damaging aspect of the present policy?

I salute both of you for very careful statements.

it has come to my attention that three critical health and safety projects at Fort Monroe, VA, remain unfunded, in spite of the Army's plan to transfer ownership of that installation's property to the Commonwealth of Virginia in 2011.

I do have a good deal of empathy for that area of Florida for the fact that they have lost ships due to retirement.

I think we're going to have to start talking more realistically about what those timelines are and calm people down.

If they wanted to retain the banking license, they would have to live within the rules of a bank.

I would concur with Secretary Volcker, that having been pitched by some of those firms along my career, those Chinese walls disappear oftentimes when you are being pitched as a potential client, the value of being able to kind of commingle…

I thank you and Senator Shelby for having this hearing.

Most of the initial folks who got us into this downward spiral were not the commercial banks but were investment banks.

The legislative language I think has to be pretty clear, to tell the supervisors that if somebody is getting around the obvious intent of the rule, the supervisor can do something about it.

What a better use of our funds.