We certainly believe that we need to keep FHA in a position where our new books of business are producing substantial revenue for the taxpayer.

I think it is time for FHA to face facts. We have to.

I appreciate your remarks. I have been on this Committee 26 years, ending it, but I am not ending being on.

today I wish to pay tribute to Paul Davis, who passed away in his home on Sunday, September 23, 2012, at the age of 74. He was an award-winning journalist whose contributions to the journalism industry him the deepest respect from his…

today I wish to pay tribute to Dr. Taylor Lawrence, Jr. who, on Friday, October 12, 2012, was honored as one of four ``Hometown Heroes'' at the City of Montevallo's 2nd Annual Mayor's Breakfast Honoring Hometown Heroes. Taylor, who grew up…

I think it is very, very important.

The poor record of Basel I, II, and II.5 is that of a system fundamentally flawed. Basel III is a continuation of these efforts, but with more complexity.

Unfortunately, one of the clear lessons of the financial crisis is that bank regulators set capital requirements too low.

The Bank of England Governor, Mervyn King and several other prominent economists in the world have said that the Basel III capital standards are insufficient to prevent another crisis.

I think this is a worthy goal as strong capital requirements are essential for a safe and sound banking system and also to protect against taxpayer-funded bailouts.

The Basel framework has spawned startling degrees of complexity and an over-reliance on probably unreliable models.

I do not believe you can change that by a rule.