I urge the Committee to take seriously the need to improve accountability in our higher education system to better protect students and taxpayers.

You know, it is clear to me that these banks do pose a risk to the economy, and that is the reason that Congress said they should be on a watch list.

During the Cold War, we succeeded in convincing the Soviet Union that our extended nuclear deterrence was credible.

I am a little surprised that as the head of FSOC and the Secretary of the Treasury that you would support a bill without knowing how much you are actually reducing the regulation on it in this giant financial institutions.

To better protect students and our taxpayer dollars, I introduced the Protecting Our Students and Taxpayers (POST) Act.

It is powerfully important.

Actually, let me drill down just a little bit more on that.

For-profit colleges are different, and when the Federal Government pours billions of dollars into these colleges, we should put some restrictions on the money that recognize those differences.

If we are truly interested in accountability and risk to taxpayers, the Higher Education Act reauthorization should embrace the Gainful Employment and Borrower Defense rules finalized under the Obama administration.

So two of the largest college collapses in the history of American higher education occurred recently when Corinthian and ITT imploded, ruining the lives of hundreds of thousands of students.

Mr. Miller, are for-profit colleges different, and should the Federal Government have rules that acknowledge that difference?

I think part of what we're talking about here is about incentives, and I think that most schools are acting rationally within the terrible system of incentives that we've set up.