the adequacy of the strategy and identify areas for improvement.

the improvements be considered by the new administration as it begins to make decisions on our Nation's cybersecurity strategy.

First of all, let me thank you, Chairman, for holding this hearing. This is a very important piece of legislation of those who have lived through it.

The Fed does not have the authority to simply expend taxpayer dollars.

this omnibus we are debating contains an additional $38 million for the Securities and Exchange Commission and the proposed budget of the President is around a 13 percent increase over the 2008 marks going forward.

I share your concerns about Basel II. I think that is clearly part of the causal fabric here for our crisis.

Mr. Chairman, I am very interested in hearing the witnesses assembled. We have an impressive panel.

I want to thank Professor Coffee for his kind words about our credit rating legislation.

You say that the biggest fault of OTS was not recognizing the magnitude of the situation developing with respect to credit default swaps.

I am alarmed, because if the Fed has that position, it seems to contradict exactly what Mr. Polakoff said he did.

It is distinctly in the public interest for this information to come out.

Looking back, do you believe it was prudent as a Nation to have run up, as I calculate it, the $7.7 trillion in debt during those 6 one-party years?

maximizing the effectiveness of competition

I am heartened that after 8 long years we finally have an administration that remembers that it reports to Main Street, not to Wall Street.

I think that point has to made over and over again, because frankly, people, they are struggling and they are doing their best.

Thank you very much, Mr. Secretary.

I think there is another message that has to be continually communicated, not just by yourself but by the President.

One of the fundamental aspects, I think, of our recovery is stabilizing housing prices and then beginning to get people to go back to work.