GARY G. MILLER: “But you have lenders right now who are really keeping capital out of the marketplace because they don't know what is…”

I have always had a problem with the way they were fundamentally flawed. You had a hybrid situation where the private sector made all the profits, and the taxpayers took all the risk, which was problematic from the beginning.

That is a tremendous concern from the insurance industry today, that they are getting into an area the Feds were never authorized to get into.

If we are concerned about empowering consumers, we really should be concerned about their safety.

But, Mr. Secretary, this conversation is not just about the vulnerability of LIBOR to manipulation, but, in fact, an admission that it was, in fact, being manipulated, that there were false reports being filed by someone who was involved…