The point, Congressman, as I see it, is that it is all about disclosing them.

I strongly support the concept of an independent agency that concentrates solely on consumer financial services issues.

It is essential that this new agency have real power, that they have flexible rulemaking authority, that it be adequately funded, not subject to the starvation by Congress, and that it have real enforcement authority.

What I have suggested is an agency that offers plain vanilla products that provide a safe harbor on regulation.

I am tired of it, too.

the consumer credit market is broken.

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

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.

This creates a floor, and it creates a floor.

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

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