I think it is one of those moments where the kind of cooperation of some of our major media outlets could really be of help at a time like this.

The safe harbor, I think, is critical.

Thank you, Mr. Chairman.

Senator Schumer and others have raved about you and the tremendous work you have done in New York.

We need to get as much information because... it would be very, very helpful.

Can you imagine if your Social Security were tied into the stock market today, what it would be like?

I noted in my opening comments that housing and autos have historically led us out of recessions in many ways.

The announcement of the stress itself has, I think, created stress in a sense in terms of how the private sector looks at the institutions.

had we not acted, we would be having a very different conversation in this room today.

Thank you very much, Senator.

I believe the authority exists under the Congress for you to be able to do that under TALF with municipal issues.

Clarity is very important, the transparency you are talking about.

I would hope there is no additional authority that you need at the Fed in order to be able to exercise that authority.

I wish we had done that a year ago. It might have made the situation less dramatic than it is today, but I welcome that move, as well.

The public-private partnership idea is one that I think has some value.

Deregulate, fast, before everyone runs to London.

As this Committee works to modernize our Nation's financial regulatory structure, the question is whether we should be giving you a bigger plate or whether we should be putting the Fed on a diet.

I think part of this is that, remember, we do have a legal procedure.

Mr. Chairman, you have an extraordinarily difficult task ahead of you.

It would seem to me you have all the authority in the world.

AAA-rated bonds out of municipalities for schools and hospitals has got to be at least as creditworthy as a student loan.

We need to be careful to make sure we are not going to contribute to the very outcome we are trying to avoid.

I don't welcome that at all, but I can see how it's possible that may happen. I think that's unfortunate, but it may come to that. I'm concerned that we may end up having to do that, at least for a short time.

I rise today to mark the 75th anniversary of the Export-Import Bank of the United States, this country's official export credit agency. Its mandate is to create and support jobs here in the United States by financing U.S. exports that…

This hearing this morning will give us a chance to reengage in that debate and discussion.