Elizabeth Warren

I think that--thank you, Mr. Chairman. I think it is a good question.

I believe that what we ought to be doing is saying to the regulatory agencies... that we give them the charge to do it.

We need to end bailouts, return the money to the taxpayers, not recycle the funds back into more bailouts.

I think that is probably the only valid option.

This is the American taxpayers' one opportunity to participate in the upside.

In order to be more transparent, in order to have greater accountability for these banks, why not run the stress tests again under more difficult circumstances?

If one offered a very gentle stress test and the consequence were that the stock market responded positively to the good news that emerged from that, surely you wouldn't say that that changed any underlying reality.

If the facts suggest that that part of the problem is growing larger by the day, I want to ask the structural question.

The only tool in the toolbox was the bankruptcy proposal and that was passing the cram-down bill

If we make the real point about disclosure, can the consumer accurately understand what you have just done?

Excuse me, Congressman. They are not interested in consumer protection.

It seems to me if we were talking about rate caps, that would be an appropriate place for Congress to set the larger policy question.

Congress will set the standards for this agency, and then ask the agency to go and use its rulemaking authority.

That is right, that is what is proposed.

What this agency does is it picks up all of those regulatory burdens that are there now.

I will start by saying the person who was talking about banning products actually wasn't me; it was Mr. Yingling who embraced that notion.

I think that this is an area where a per account fee makes a lot of sense.

No. It is the customer who will make that decision.

If we get that right, the need for the States to write additional regulations, in my view, becomes much less.

This creates a floor, and it creates a floor.

We are trying to say that more legal mandates of ineffective disclosure is not helping the consumer.

Regulation must shift in the financial services area from who issued it to what the product is.

Congressman, I can't understand this without seeing what the paperwork is that accompanies them and what the disclosure is that is given to the consumer.

I am completely in favor of making these products transparent enough that people can read them, understand them, and make smart financial decisions.

I am tired of it, too.