Elizabeth Warren

Does anybody else want to weigh in on this?

What would you change in Federal and State requirements, policies, to drive us in that direction?

We need to have patient friendly labels on prescription drugs.

We are as concerned about safety as finance.

I think it's a shocking number. We should be doing everything we can to drive that to zero.

I am. This time I'll introduce Dr. Gandhi.

Well, that goes without saying.

It is unquestionably true that, on average, larger banks are involved in riskier activities.

We cannot imagine this happening to a $2.4 trillion institution.

I would not draw any lessons and apply them to all banks.

I want to hit the very last part of this, and that is the intersection of size with risk with cost.

I am a little skeptical on the point, but I want to open it up to the panel.

So we cannot win the battle against too-big-to-fail just by attempting to make banks safer.

I find that hard to believe, particularly for banks in the United States.

The Fed must act prudently and protect the public.

Can you honestly say that JPMorgan could be resolved in a rapid and orderly fashion as described in its plans with no threats to the economy and no need for a taxpayer bailout?

I hope you would urge greater transparency by these large financial institutions that are required to submit these plans.

I remind you, there are very effective tools that you have available to you that you can use if those plans are not credible, including forcing these financial institutions to simplify their structure or forcing them to liquidate some of…

I think the language in the statute is pretty clear that you are required, the Fed is required to call it every year on whether these institutions have a credible plan.

I am not quite sure whether you are saying the plans are not credible and you are continuing to talk with them and asking them to change their plans.

One of the tools that Congress has given the Fed to combat too big to fail is Section 165 of Dodd-Frank.

I do not think we can overstate the importance of investor confidence, and that means investors have got to believe that these markets work.

When a company can claim to be trading on stocks and come out ahead 1,237 days out of 1,238 days, you can see why some people think the game is rigged for the big buys to make money and everybody else to lose.

Fifteen percent is not a good number. And this matters because people are not going to invest in the stock market if they do not trust it.

All right. I am out of time. Thank you, Mr. Chairman.