The banks are in good shape. But they were not. They were undercapitalized and in a lot of instances not well managed.

Will you as the regulators implement Basel III capital?

However, for millions of Americans, the 1-year anniversary of Dodd-Frank provides little comfort as they continue to deal with the harsh economic reality marked by little to no innovation, anemic, economic growth, and virtually no job…

The truth is that there was as great deal of agreement on a number of issues until the White House decided that the only issue that mattered was the creation of a massive new consumer bureaucracy.

It is my understanding that the Inspector General of the Federal Reserve recently revealed that the Fed's internal written policy for rulemaking procedures is more than 30 years out of date.

Like we have stood behind it before?

We hope, working with Chairman Johnson, that sooner or later--the sooner the better--that we can do something comprehensive.

We pushed hard--hard--for a reform of Fannie and Freddie. We got it out of the Committee.

Dodd-Frank fits this pattern, it seems to me. Because of Dodd-Frank, regulators have seen their powers grow over the American economy and their budgets also grow.

What are the CFTC's plans with respect to financial institutions engaged in activities that are designated by the Council to be systemically important?

I do agree with Congressman Frank that there is a heck of a lot of difference between managing risk and speculation.

I believe it is important to note, however, that we have not and are not proposing--this is very important--not proposing any changes to the Bureau's authority.