Recent events--most prominently, the stunning collapse of insurance giant AIG--have only further demonstrated the pressing need for a review of our insurance regulatory structure.

It looks to me like they would be intertwined some.

Thank you, Chairman Dodd.

It's clear that the level of scientific knowledge needed to proceed with rational decisions about the plan OCS leasing on the Atlantic coast in my view are sorely lacking.

Federal Reserve Chairman Ben Bernanke has discussed publicly the inadequacy of our insolvency regime for large global financial conglomerates, such as AIG.

I want to start off by commending you, Mr. Secretary for acting quickly to extend the public comment period on President Bush's administration's hastily constructed 2010/2015 year OCS oil and gas leasing program.

You often talked about the energy moon shot as one of the things that you hoped to be able to achieve. I think that is desirable.

Finally, you know, my understanding is that the Department's 5-year OCS drilling plan does not consider the potential economic impact on a State's tourism industry, for example or its fishing industry.

Governor, over the past year, our largest bond insurers have teetered on the edge of collapse due to imprudent bets on the value of mortgage-backed securities.

I think that as we hold more hearings, we are going to see that this is very complex.

I look forward to joining you in New Jersey when you come to hear from people along the New Jersey shore about what drilling off the Outer Continental Shelf would mean to them in their lives, in the economy of the State and in coastal…

I believe we ought to be drilling most of the Gulf of Mexico. I mean, I'm for drilling.

If you project forward what we've done in the past.

The previous President kept zeroing out the $75 million for drilling research, oil and gas research. As chairman of the committee, I kept putting it in.

Those of us that believe we need to be able to maximize renewable energy, solar energy in the South across the South and West--wind energy from Texas north to North Dakota in the Heartland.

If oil and gas companies are not using the leases they have now, I'd like to know why they need more leases in environmentally and economically sensitive areas.

Listen, somebody is going to earmark all of these dollars. The question is it downtown or in the State governments.

I'm going to put it in again because we lead the world in unconventional drilling and deep well drilling.