GARY G. MILLER: “I think reform is needed in a different way and, in some ways, a much more fundamental way.”

I enjoyed your opening statement. You talked about empowering consumers, fair, transparent, and competitive marketplaces, and dealing with bad actors.

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.

NAFCU believes that any relief efforts should not bifurcate the industry by asset size and would not support such an approach.

While I strongly believe in coordination among international regulators, we must resist the tendency of pursuing a one-size-fits-all approach.