This is a very important meeting and I thank you all for being here.

I think that's what I read in your testimony.

There was a broad democratization of financial products to consumers throughout the 20th century, and student loans were one of those.

Don't eliminate the loans. Keep restrictions in place.

I am told that debt collectors, not infrequently, will ask if people have a 401(k) and recommend that they tap the 401(k) in order to stop the debt collection calls.

Fair point, although we might just say you need a comprehensive solution here that watches where the money is going.

We need a strong, effective consumer agency. We need an honest consumer credit market, and that happens when we get a Director confirmed.

I actually looked at some of those things--are complicated, very difficult to read and understand and to evaluate the risks associated with transactions there.

It's a God-awful idea.

I don't know with a new baby and another baby on the way whether or not you're going to grow another generation of pension experts.

I just want to express my very strong support for that, and I assume strong support from our panel.