I thank you for inviting me to today's hearing on implementing the Dodd-Frank Wall Street Reform and Consumer Protection Act.
I think that through the financial reform package, it appears Congress will add some of that.
I think the market-wide circuit breakers... are going to take a close look.
I was encouraged, Senator Collins, by what you said on that.
Our system today does not just have 'too big to fail.'
I would advocate we not have those exemptions for financial entities.
I have advocated for no exceptions.
The more transparency we bring, it lowers risk as well to the public.
Transparency leads to lower cost, lower bid spreads. It does shift the information advantage away from Wall Street.
We published proposed rules in January and asked for public comment.
What we need in our society, I believe, is that the large swap dealers should be able to fail.