I believe this Committee should examine what caused this financial crisis, develop solutions to the problems identified by that examination.

Good consumer protection, therefore, makes good economic sense.

We do learn from those mistakes, and sometimes those mistakes are quite costly.

Well-regulated and transparent financial markets have been and must continue to be one of the central goals of our financial regulatory system.

Well, I hope we are going to have a lot of hearings on this, Mr. Chairman.

To move away fast and furious from a classical model of regulation, we had better be really careful.

We have tried to let the market work, let the consumer, an informed consumer, make decisions, not a bureaucrat make the decisions.

I believe we need a system where we can accommodate both.

Are consumers protected when they cannot buy products and services that are available to others?

I must say candidly that I was shocked when I realized how this legislation will actually work.

Every single law you have ever passed, every regulation on the books is trumped by this.

I hope you don't go too far here, or we don't.