we need to have some mechanism in a sense of a prefunding of resolution so that we do not end up as taxpayers being caught basically footing the bill

The big question we have, we have no resolution authority for the whole nonbank half of the financial world that in many ways caused our problem.

I apologize, Mr. Chairman, for going on so long.

But somebody still has to define whether you are a riskier firm by your product line.

we ought to have a mechanism to allow that entity to go ahead and fail and not simply be propped up by taxpayer funds

Buyer beware.

We heard that before, and it was not like the U.K. was spared.

Thank you all.

The economic crisis introduced a new term in our national vocabulary: 'systemic risk.'

What all of us want is to figure out what works best, what makes sense for us here.

Systemic risk is going to be an important factor in all of this.

I concur with his approach and that our goal ought to be allowing these institutions to actually fail in an orderly process and not be simply propped up ad infinitum.

I share the overwhelming view of the panel that systemic risk ought to not be placed with the Fed and ought to be empowered with a new independent council that includes the Fed.

I have got another--I am just going to make one quick comment, because I do not want to interfere on Senator Martinez's time.

We do not have a bill ready at all. There has been a lot of talk at this point.

I strongly, as I made clear, believe that the council is the right approach.

Senator Webb is sponsoring it in the Senate.

I just am concerned with these kinds of stories that we are all hearing, and Lord knows you are hearing them directly, as well.