I believe that we must have a fair, open, and honest Air Force tanker acquisition process.

Thank you, Chairman Dodd.

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.

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

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…

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.

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

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.

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

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

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.

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