I do not believe we should be bailing out foreign banks. I believe other governments should bail out their own banks.

Quite understandably, the American people want to know if the insurance industry is well run and well regulated.

When the government tries to manage and run these large corporations, no one wins.

I really appreciate your indulgence. I had intended to be here a little bit earlier so I would not be as disruptive.

Violence in Mexico is on the rise and is spilling over our border.

We are now back facing the G20 meeting coming up where, once again, the proposition is going to be put on the table by Europeans, of all people, that we ought to be more serious about transparency and regulation of shadow markets on a…

Angela Merkel, the Chancellor of Germany, came to Hank Paulson in 2007 and suggested that perhaps we ought to have more regulation of hedge funds.

It is a very important subject, and I appreciate the Committee's consideration of it.

I think we are going down the road of looking at a very comprehensive regulator for all our financial system.

I agree with everything that you and your colleagues said, for whatever my humble opinion is worth, that those bonuses should not be paid to Financial Products division employees of AIG.

Even before the start of the present financial crisis, there were legitimate questions about whether our insurance regulatory system was adequate for the 21st century.

There is no system that is built to withstand an insolvency the size of the notional value of the credit default swaps AIG was invested in.

The circumstances that permitted AIG's securities lending operation to potentially threaten the solvency of several of its insurance companies and their counterparties suggests that our regulatory system has not been keeping up with…

Does it really make sense to open areas where there is no existing oil and gas infrastructure?

I think we had a distinguished panel here today and I think everybody knows what our challenges are.

Given the importance of insurers in our markets and overall economy, I believe we should at least consider whether additional Federal oversight is needed.

I hope that you as Chairman of the Committee will bring up the Inspector General of TARP, Mr. Barofsky, again, as he is doing his work, because I believe the American people want transparency and accountability on where all this TARP money…

Today, the Committee will once again consider insurance regulatory reform.