GARY G. MILLER: “In just almost the half-an-hour that we've been in this committee, Louisiana has lost half a football field already.”

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…

On the recent ruling on Basel III, you acknowledge insurance companies are very different from banks, and you postponed any negative decision on that. I think that was a very, very wise move.

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.

Yet, by requiring this Davis-Bacon mandate, we are beating up the price of apartments and condos and townhomes by 20 to 25 percent.