I want to welcome our witnesses to today's hearing, the Federal Government's Role in Empowering Americans to Make Informed Financial Decisions.

I think that will make an enormous difference in making progress in the future, and the new agency, the Consumer Financial Protection Bureau that the Dodd-Frank bill authorizes, will have full authority to improve disclosures across the…

I was greatly disappointed that a harmful provision was included in the Dodd-Frank Wall Street Reform and Consumer Protection Act Conference Report that will exempt equity index annuities from securities laws.

I am absolutely convinced that an unbiased study supports the imposition of a fiduciary duty on brokers.

It is essential that we continue to improve education, consumer protections, and economic empowerment activities for individuals and families through economic and financial literacy.

I am disappointed that separate funding was not included in the Department's request for fiscal year 2011.

We as the securities regulators were greatly dismayed when we saw the opportunity to police that particular product leave our radar screens.

But there will be, I think, some need for the Senate, Members of Congress, to keep an eye on that process.

I'm happy that culture is brought in this, as well.

Thank you very much, Mr. Chairman.

I appreciate your conducting the hearing today and all of your extraordinary efforts to improve the lives of our constituents, and really the lives of all Americans.