We have also examined problems that resulted from regulators simply failing to use the authority they had.

This Subcommittee has held several hearings in recent months to focus on gaps in our financial regulatory system.

Today's hearing will focus on corporate boardrooms and try to help us better understand the misaligned incentives.

I hope today's hearing will allow us to examine these and other proposals, and take needed steps to promote corporate responsiveness to the interests of shareholders.

I hope that if we do anything on corporate governance, I hope that it is modest and we realize that at the end of the day, a lot of factors led to the failures that we have had today.

This hearing will help determine where the corporate governance structure is strong, where it needs improvement, and what role the Federal Government should play in this effort.

I think you have said that you look at these matters case by case and you make a very specific fact-intensive determination based on the particular circumstances of each case, correct?

The fact that over and over and over again career prosecutors resigned rather than pursue prosecutions under the military commissions as they previously existed is a sign that something really was wrong.

But certainly since Congress is not interrogation experts, it would be a mistake for us to foreclose your ability to apply Miranda warnings where the case-by-case and fact-intensive determination made by the professionals suggested that it…

That is not a great track record.

Colin Powell has never been a Member of Congress, and he is a person who I think America has confidence in on national security matters.

I would urge you to take a look at the way in which the counsel for folks at Guantanamo are treated.

I share Senator Sessions' high opinion of the JAG Corps.

This is wrong. We know this material. This is wrong.

We do not need it and it is causing us far more damage than any good we get for it.

We need to be thoughtful and deliberate in our approach, but we need to act soon.

Yes. That is true in politics, also.

As the President's plan evolves, if it is not modified, the Federal Reserve essentially would be the direct regulator of most of the major financial institutions of the country.