it needs to have absolute credibility.

We need better data. We need better analysis.

If we don't achieve it in the next several months, the bubbles that might be out there percolating... will once again catch us by surprise.

too big to fail is the first chapter, but the second chapter is too interconnected to fail.

Without objection.

I want to welcome Governor Tarullo also. I want to thank you for holding this hearing at the suggestion of Senator Corker.

I believe that Director is appointed for a term of 5 years.

I think it is important that we begin here.

I personally think it is an affirmative good.

I just wanted to make sure that there was no doubt in anybody's mind here that climate change is happening, and it is happening as a result of human emissions, and that the consequences are adverse for our planet and species.

Madam Speaker, I rise in support of the statutory PAYGO act. This bill, which I'm proud to cosponsor, will help restore fiscal discipline by enacting into law the most basic principle of responsible accounting, that every dollar spent must…

Mr. President, today I introduce the National Institute of Finance Act of 2010, which would create an Institute to provide our financial regulators with the data and analytic tools needed to prevent and contain future financial crises. By…

On February 4, 2010 Sen. Jack Reed introduced S. 3005, 'The National Institute of Finance Act of 2010.'

You certainly need regulation. You need the right regulation. And you need a strong regulatory structure, but it is not in itself, I believe, sufficient.

we sort of ganged together, papered it over, and went on having learned nothing

I think that over the years, I probably have thought more about interconnectedness and the plumbing of the financial system, as I like to call it, than most everybody.

the entire structure a 'doom loop' because it is a repeated cycle of boom, bust, bailout.

My honest belief, having experienced it and having lived with it for years, is that the system would be stronger if we could provide for some separation.