While we may be able to make some reforms that will promote good long-term performance and responsible behavior, we will not, I say, be able to prevent bad decisions or failures.

In general, pay should promote good long-term performance, and shareholders must share in the gain, not just executives and traders.

This is not a discussion between--we have to ask the questions.

It won't sell.

Every 3 years?

Of all the proposals we have seen, the one outlined in Chairman Bair's testimony today makes the most sense so far.

Do you think the Federal Reserve would do a better job at monetary policy if its only mission was keeping a stable currency?

I doubt we can create a regulator that will be able to see and stop systemic risk.

A more practical and effective way to limit the damage firms can do is to limit their size and exposure.

When they came to us, when they asked for the TARP money and said, this is going to be as transparent as anything that we have ever dealt with, and they have completely stonewalled who they lent the money to, how much money they printed…

The Fed needs to be reformed so it can get monetary policy right and not create future bubbles through easy money.